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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka: Finance Minister Ravi K becomes Cashier of Harry J, appointing Dirty Harry's friend 'Tanky' as NDB Chairman?

Sri Lanka: Finance Minister Ravi K becomes Cashier of Harry J, appointing Dirty Harry's friend 'Tanky' as NDB Chairman?

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DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka's Top Investment banking cluster owning National Development Bank (NDB Bank) that was once started after 1977 regime of Junius Richard Jayawardene (J.R.) with lalith Athulathmudali's vision is now falling into then Athulathmudali's Cahsier turned Ravi Karunanayake's goons. Accordingly without the knowledge of even Softlogic group founder and Chairman Ashok Pathirage who is the NDB Deputy Chairman now former Dankotuwa Porcelain Chairman and Ajith Nivard Cabraals' relation Sunil Wijesinghe is quitting NDB Bank due to pressure from Finance Minister Ravi Karunanayake according to sources.


Insiders from NDB Bank says former Lalith Athulathmudali' Cashier (Lalith Athulathmudali  first became rich by playing Golf and marrying Parsi origin Sri Lankan Billionaire Sohli Captain's sister Perin Captain who was the Immediate Past President of the Sri Lanka Cancer Society, Later Lalith Athulathmudali married Srimani)  turned Ravi Karunanayake has now become the 'Cashier' of Sri Lankan 'Ruthless' Business Tycoon Harry Jayawardena-Harry J as Ravi has received a large pile of Money from Harry J to appoint and control Sri Lankan's financialsphere with Dirty Harry J's goons. 


As a result Ravi Karunanayake is now appointing his goons to country's financial sector while slowly appointing Dirty Harry J's goons to country's banks and state controlled financial arms of economy.Consequently Ravi Karunanayake has asked Sunil Wijesinghe to resign from NDB Chairmanship whilst early nesxt week Ravi Karunanayake is appointing Tanky the Best Buddy of Harry J, the Tanky the N.G. Wickramaratne as the NDB Chairman.


Ravi Karunanayake has appointed his Baggage Carrier and Coordinating Secretary Laththuwahandi Chandrasiri De Silva (another Ravi K Goon) to Merchant Bank of Sri Lanka (MBSL) from 18th March 2015.


NDB Bank Profile

Legal Form

Tracing its origins to 1979 as a state-owned development bank set up under the National Development Bank of Sri Lanka Act No. 02 of 1979, National Development Bank PLC ('Bank') today operates as a Licensed Commercial Bank under Section 5 of the Banking Act No. 30 of 1988. The Bank is listed on the Colombo Stock Exchange, and comprises 19% individual and 81% corporate shareholders, both Resident (70%) and Non-Resident (30%).
The Bank's Registered Office and principal place of business are situated at No. 40, Navam Mawatha, Colombo 2, Sri Lanka.

Group Structure

The main activities of the Bank, its subsidiaries and associate companies ('Group') encompass retail banking, Small and Medium Enterprises (SME) banking, corporate banking, project & infrastructure financing, investment banking, leasing, housing finance, investments advisory and securities trading, wealth management, property management and bancassurance. They are delivered through the core banking activities of the Bank and the Group companies of which, the principal activities are listed below.


















Name of Group companyDomiciled inBank's 
direct 
holding, %
Bank's 
indirect 
holding, %
Principal activities
NDB Capital Holdings PLCSri Lanka99.6%Full Service investment banking
NDB Investment Bank Ltd.Sri Lanka99.6%Investment banking
NDB Securities (Pvt) Ltd.Sri Lanka99.6%Investment advisory and securities trading
NDB Wealth Management Ltd.Sri Lanka99.6%Wealth management
NDB Capital Ltd.Bangladesh77.8%Investment banking
Development Holdings (Pvt) Ltd.Sri Lanka58.7%Property management
Maldives Finance Leasing Company (Pvt) Ltd.Maldives35%Leasing
Ayojana Fund (Pvt) Ltd. (Under liquidation)Sri Lanka50%Venture capital
NDB Venture Investments (Pvt) Ltd.
(Under liquidation)
Sri Lanka50%Venture capital

Markets Served

The Group's significant operations are located within Sri Lanka, with services delivered through locally domiciled entities.
The Bank operates a network of 78 branches (2012: 69) that are categorized into eight Regions. They cover 22 districts in the nine provinces of the country, and serve a broad spectrum of clientele ranging from individuals, micro enterprises, SMEs, emerging and large corporates to state-owned enterprises and multinational companies. In addition, the Bank reaches out to its customers through automated distribution systems such as ATMs, Internet banking, telemarketing, call centre, a mobile commerce application (MPOS) and a unique Feet on the Street sales force.
(Refer Customer Capital section under Management Discussion and Analysis for further details).

Scale of Operations

Total operating income of the Group for the year ended 31 December 2013 was LKR 11,549 mn, with a Profit Attributable to Shareholders of LKR 2,642 mn. Total assets of the Group grew by 19% to LKR 206,817 mn during the year, driven largely by a commendable growth of 18% in Loans and Receivables and a 47% increase in the Investment Portfolio.
The Bank's market capitalization stood at LKR 26,433 mn as at 31 December 2013, and was ranked No. 20 amongst the 289 listed companies on the Colombo bourse.
In terms of market share in the Banking industry, the Bank claimed a 3.8% share in Loans and Receivables, 2.9% share in Customer deposits and 3.2% share in Total Assets within the industry while being ranked 9 in each of those three segments. The industry comprises of 24 Licenced Commercial Banks and 9 Licenced Specialized Banks, 33 players in total.
The Bank's staff strength increased by 13% to 1,583 persons by end 2013 to support business growth, with the corresponding figure for last year being 1,389.
Although the Bank does not have any employees covered by collective bargaining agreements, it encourages an open door policy and has in place many mechanisms to encourage employees to discuss their grievances.

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