Sampath Bank expands operational excellence to Myanmar
On October 7, 2015, Sampath Bank PLC opened its first representative office away from the Sri Lankan shores in Myanmar. With the obtaining of license from the Central Bank of Myanmar to operate a representative office, the bank commenced operations in Yangon, the largest city in Myanmar.
The soft opening of the representative office was declared by Sampath Bank Chief Operating Officer Nanda Fernando, together with Sri Lankan Ambassador in Myanmar Nimal Karunaratne.
The representative office is located in the modern office complex, Novotel Hotel Max, Room No 314,459, Third Floor Pyay Road, Kamayut Township, Yangon. Accordingly, Lakkhana Gooneratne assumed duties as the Manager of the representative office.
Myanmar is a country blessed with jade and gems together with oil and many other natural resources. It also possesses a culture very close to that of Sri Lanka with the vast majority of the 51 million population of Myanmar consisting of Theravada Buddhists.
In keeping with the vision of Sampath Bank, the bank carefully selected a country in which the conditions are somewhat similar to Sri Lanka, but has a vast potential to develop in the industry of banking with mutual benefits to both Sri Lanka and Myanmar. Sampath Bank identifies Myanmar as a location of great potential with which it could share the experiences of high-tech banking pioneered by the national bank for the last 28 years.
The primary functions of the representative office would be to provide advisory services and assist the Sri Lankan customers who would be engaged in a bilateral trade between the two countries. Further, the opportunities would also help Sri Lankan customers with their trading activities in the near future.
With the gradual removal of existing sanctions on Myanmar, Sampath Bank is confident that this move into the new markets in South East Asia will open a new chapter in the history of Sampath Bank in order to take the bank to the next level. As a growing force in Sri Lanka’s finance sector, this novel expansion of service to foreign land is a strong depiction of Sampath Bank’s undying commitment and persistence to push barriers in order to reach new heights.