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Sampath Bank

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Sampath Bank PLC
Company typePublic
IndustryFinance
Founded1986
HeadquartersColombo, Sri Lanka
Area served
Sri Lanka
ProductsBanking, financial and related services
Websitewww.sampath.lk

Sampath Bank (Sampath Bank Public Limited Company) is a licensed Commercial Bank incorporated in Sri Lanka in 1986 with Over 160 branches and over 220 ATMs island wide. It has won the "Bank of the Year" award by "The Banker" of Financial Times Limited – London, for the second consecutive year and the "National Business Excellence Awards 2010".[citation needed] It has become the third largest private sector bank in Sri Lanka with Rs. 125,960,000 deposits as year ended 31 December 2009.

History

The bank was originally incorporated as "Investment and Credit Bank Limited" in 1987 whilst Mr. N U Jayawardhana became the Chairman of the bank. The bank became popularly known as "Sampath". In 1988, Sampath Bank start to operate multi-point network of automated teller machines (ATMs) for the first time in the country, and the service became popular as "Sampath Electronic Teller" or "SET". Then, with the popularity of ATM banking introduced MasterCard (in 1989), PBU (Personal Banking Unit) and Uni-Banking System. The bank was the first to introduced "Debit Card" in South Asia in 1997 and was the first in Sri Lanka to issue a debit card instantly at the time of opening an account. The first ever Cheque Imaging & Truncating (CIT) site in Sri Lanka was launched by Sampath Bank in 2004. Since 2009, the bank is the third largest private sector bank in Sri Lanka in terms of total assets. Recently[when?] Sampath bank won the "Bank of the Year" award by "The Banker" of Financial Times Limited – London, for the second consecutive year and the "National Business Excellence Awards 2010".

Awards

  • 1996 : "Best Commercial Bank" of the Year 1996 by "Asiamoney"
  • 1997 : "The Best Small-Cap Bank in South Asia" by "Asia Banking Digest"
  • 1997 : "Best Commercial Bank" of the Year 1997 by "Asiamoney"
  • 1998 : "Best Commercial Bank" of the year 1998 by "Asiamoney"
  • 1998 : "Outstanding New Business Venture Project in 1998" by "Asia Banking Digest"
  • 1999 : Listed under "300 Best Small Companies in the World" by "Forbes Global"
  • 2000 : "Bank of The Year 2000" by "The Banker" (First occasion to award to a Sri Lankan bank by "Financial Times Group")
  • 2004 : "Best HR Practice in the Service Category" at National HRM Awards 2004
  • 2005 : "Runner-up award in Best Presented Accounts" by “South Asian Federation of Accountants (SAFS)
  • 2005 : "Awards for Excellence in Annual Reports 2004" by “Institute of Charted Accounts Sri Lanka”
  • 2005 : "Best Corporate Citizen"
  • 2006 : "Best Economic Performance for the Year 2005"
  • 2005 : "Best Financial Application" by "Institute of Charted Accounts Sri Lanka"
  • 2005 : "Gold Award in Financial Category" by "Institute of Charted Accounts Sri Lanka"
  • 2005 : "Second Runner-up in Banking Sector for Business Excellence" by National Chamber of Commerce of Sri Lanka
  • 2008 : Placed among "The Top Ten Best Corporate Citizens" in Sri Lanka for the 4th consecutive year by "The Ceylon Chamber of Commerce"
  • 2008 : "Excellence in Best Performance Management Practices" by National Chamber of Commerce of Sri Lanka at "National Business Excellence Awards"
  • 2008 : "Brand Leadership Award" by "Asia Brand Congress, Mumbai, India"
  • 2009 : “Silver Award for the Overall Competition for National Business Excellence"
  • 2009 : Winner in Excellence in Business & Financial Performance Award
  • 2009 : "Bank of The Year 2009" by "The Banker of Financial Times –London"[1]
  • 2009 : Corporate Responsibility award for 2009 (Best Corporate Citizen 2009)
  • 2010 : "Bank of the Year 2010" by "The Banker of Financial Times – London"[2]

Growth

The first office of Sampath bank located at Wijewardhana Mawatha, Colombo 10 and later in 1997, it was moved to Sir James Peiris Mawatha, Colombo 02, Sri Lanka. At the end of the first year, the staff has 94 members.

The first ATM operated by the bank was installed in 1986 and at the end of year 2007 it crossed the 150 mark and now bank operating over 220 ATMs island wide.

In 1996, bank introduced the "Tele-banking" facility. This led to re-engineering of its IT induced banking technology in 1998 and "SampathNet" – Internet Banking facility launched on July 2000. Now bank operates with total of 199 branches and 248 ATMs including 8 off-site ATMs.

Technology

Sampath Bank was the first bank in Sri Lanka to operate with fully computerized database and technologies since its birth in 1986. Sampath bank was the first to introduce "Automated Teller Machines" to Sri Lanka branded as “SET”, MasterCard, Personal Banking Unit Facility, Uni Banking System and Debit Cards (Initially with Cirrus and Maestro and Visa). After the massive re-engineering work done by the bank for its IT induced banking technology, the bank was able to launch Internet Banking, Internet Payment Gateways and mobile banking services which are on-line 24x7. The Bank become the first in Sri Lanka to introduce "One Day Clearing" for all cheques drawn on any Sampath Bank branch, collected by any Commercial Bank in the islan & presented through Sri Lanka Automated Clearing House (SLACH). The first ever Cheque Imagine & Truncating (CIT) site in Sri Lanka was launched by the bank in October 2004. Sampath Bank won a Gold and Merit Award at the National Best Quality Software Awards 2008 for the in-house category for developing the "Credit Approval System" (CAS) and "Electronic Money Transfer" (EMTS) application. It also honored at the National Science and Technology Awards 2008 for the category of "Local Developed New Technologies" which have resulted in a successfully Marketed Product/Service for the product "Sampath eRemittance System".

Award for E-Content Application : Lanka Business Today Report
Best Corporate Citizen 2009 : Asian Tribune Report
Bank Of the Year: Invest Now Report

Sampath Bank Expansion : Report by Lanka Business Report

The Banker: Report

References

  1. ^ Sri Lanka Sampath Bank wins top award. LBO. http://www.lankabusinessonline.com/fullstory.php?nid=790737201
  2. ^ http://www.srilankamirror.com/old/english/business/39-business/734-sampath-bank-wins-banker-of-2010-award-for-second-time-
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