Sampath Bank PLC is delighted to announce the renewal of its partnership with the National Chamber of Exporters (NCE). This strategic partnership underscores Sampath Bank’s commitment to bolstering the growth of Sri Lankan exports on the global stage and builds upon the Memorandum of Understanding (MoU) signed between the NCE and Sampath Bank last year, signifying a shared commitment to fortify Sri Lanka’s export industry.
In recognition of w and outstanding contributions to international trade, Sampath Bank will also sponsor the coveted NCE Certificate of Ethical Trading.
Sampath Bank’s dedication to supporting its invaluable export clients goes beyond this partnership with the NCE. The bank has proactively engaged in various initiatives, aimed at facilitating their ventures on the global stage.
One notable action is the bank’s membership in USA, Canada, UK, Germany, China, Japan, Italy, and India’s Business Councils of the Ceylon Chamber of Commerce. These councils play a crucial role in facilitating and developing trade investment and business relations between key markets and Sri Lanka. These connections act as vital stepping stones for the bank’s clients, enabling them to explore new markets and establish meaningful international trade relationships.
Recognizing the paramount importance of access to information in international trade, Sampath Bank has set up its dedicated Advisory desks in the International Trade Department. This department comprises specialised personnel poised to assist clients in accessing a wealth of critical information, whether related to trade agreements or other indispensable resources, equipping clients with knowledge to make informed decisions.
In addition, Sampath Bank has made substantial investments in a cutting-edge digital compliance system. This system automates trade compliance procedures, offering an extra layer of protection for local exporters. Before any transaction is initiated, the bank’s system checks whether the receiving party has been flagged or blacklisted, thus ensuring the security of the local exporter and promoting ethical international trade practices.
In the wake of the COVID-19 pandemic, many of Sampath Bank’s clients have faced the challenge of rebuilding their pre-pandemic operational capacities. Prior to the pandemic, these clients were well on their way to achieving an impressive 20-25% year-on-year growth. Today, they find themselves operating at only half their previous capacity, grappling with survival in a challenging economic environment.
In response to these pressing circumstances, Sampath Bank has emerged as a strong pillar of support. The bank has extended additional financing to some clients, while others have seen their facilities restructured to better suit their current needs. Clients seeking to diversify or adapt to local markets have found steadfast support from the bank, ensuring their continued existence and growth in the market.
Furthermore, the recent Russia-Ukraine conflict presented unforeseen challenges. Several of Sampath Bank’s clients encountered difficulties in repatriating funds from Russia. Leveraging its extensive network of over 600 correspondent relationships, the bank has stepped in to ensure the seamless transfer of funds for its clients, demonstrating its commitment to their success.
Shashi Kandambi Jassim, Senior Deputy General Manager – International Banking, emphasised the bank’s dedication, stating, “Sampath Bank supports its local export customers in every possible way, even in the face of the challenging economic situation both in Sri Lanka and across the world, as long as they remain compliant with international trade regulations.”
Sampath Bank PLC’s partnership with the NCE and its ongoing commitment to empowering Sri Lankan exports are a testament to its vision of a prosperous and sustainable future for the nation’s exporters.
Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours, slip-less banking, and adaptation of block-chain technology to name a few. As part of its visionary approach, the Bank is steadily transforming itself into a ‘Tech company engaged in banking,’ from the traditional approach of a bank adopting technology.