COLOMBO, Dec. 4 (Xinhua) -- Sri Lanka's National Development Bank or NDB as it is known to locals has been at the forefront of providing innovating banking solutions to Sri Lanka's growing Chinese community.
"We believe we have a big role to play in facilitating relationships between Chinese companies, tourists and the local community. There are many synergies we believe can be tapped into and NDB has focused on spearheading financial services for the Chinese community," NDB Chairman Rajendra Theagarajah told Xinhua in an exclusive interview recently.
The bank, founded 30-odd years ago, has diversified itself over the decades to suit market expectations and has done so once again by accommodating Sri Lanka's growing engagement with China.
Under Rajendra Theagarajah's leadership, NDB has become the first bank in Sri Lanka to establish a "China Desk" to provide services exclusively to the Chinese community. Interestingly, the China desk is headed by a Sri Lankan who has worked in China for over 15 years and can bridge the two communities together with experience, care and aplomb.
The response from the Chinese business community is promising with about 25 companies signing up with NDB within the first three months of the new services being launched.
NDB has focused on providing financial facilities to companies that are not linked to international banks, with an aim of increasing their foothold with tailor-made solutions. So far the response has been enthusiastic.
With its sensitivity to how Chinese people and Chinese businesses conduct their financial transactions, NDB has established partnerships with four of the five biggest banks in China, including China Development Bank, China Construction Bank and the Industrial and Commercial Bank of China.
"We are considering new products with these banks. One idea is to provide Chinese tourists to Sri Lanka with a card ready loaded with rupees so when they land they do not need to change money. This also safeguards them from possible fraud," the NDB chairman explained.
Another possibility is for Chinese tourists to exchange information with their Chinese banks.
By October over 100,000 Chinese tourists had arrived in Sri Lanka and the total had exceeded one million.
NDB is also working with select inbound tour operators to provide financial services to their clients as a dedicated service.
For medium to long term residents, NDB also provides conventional bank accounts with a range of services. Chinese nationals working in Sri Lanka can also invest through NDB's competent subsidiary companies.
"We believe in the 'one stop' concept. This is why NDB has a range of subsidiary companies including wealth management, capital holdings, venture investments and NDB securities. The intention is to provide all services under one roof," the NDB chairman said.
NDB also plans to set up dedicated branches in at least two locations in the near future. One, obviously being in capital Colombo and the other at the proposed Chinese investment zone in the southern town on Hambantota.
China remains involved in large scale projects taking place in the country. Some of the biggest projects include a 1.3-billion-U. S. dollar coal power plant on the north western shore as well as a host of other investments in the south of the country including a 1.2 billion dollar harbor.
From : Xinhuanet http://news.xinhuanet.com/english/world/2014-12/04/c_133833137.htm
