Sampath links up with SDB Bank
Sampath Bank PLC recently entered into a strategic partnership with SDB Bank whereby customers of SDB can gain access to Sampath Bank’s branch network and cash/cheque deposit kiosks, enabling greater convenience and accessibility to new services, thereby driving greater financial inclusion. This partnership goes to show how the convergence of a licenced specialised bank and a licenced commercial bank can create synergies in line with the Central Bank of Sri Lanka and Government’s vision of consolidation within the banking industry.
The agreement, signed at the Sampath Bank Head Office in Colombo, seeks to develop a longterm partnership between both banks and their customers with Sampath Bank playing the role of a secondary participant to SDB Bank for SLIPS and CEFTS Settlements as the first phase of the Cash Management Solution (CMS). As a truly progressive financial institution, Sampath Bank has always sought to form key alliances that deliver value to Sri Lankans across the island and will seek to replicate this model across several industries and verticals. This forms the backbone of the Bank’s long-term vision for its Cash Management function, whereby optimisation of processes will be driven, leading to gains to its bottom line.
The key merits of this partnership are that SDB Bank customers will now have access to Sampath Bank’s branch network comprising 228 branches including 13 Super Branches, 465 cash deposit kiosks, allowing them to carry out specific banking services such as cash/cheque depositing and loan repayments, among others. SDB Bank will benefit by being able to offer its customers an entirely new portfolio of modern banking products and services, thus creating greater customer satisfaction and loyalty, while Sampath Bank will be able to reach hitherto untapped customer markets, helping businesses and individuals in those areas to grow.