Page 6 The Island News Tuesday 05th July, 2011 SriLankan Airlines CDB selects Intellect slashes air fares core banking solution !Polaris Software and MillenniumIT Join Forces to focus on Emerging Sri Lankan Market Polaris Software (POLS.BO), a Middleware, MIS and Analytics, enabled, will allow the Bank to rap- and Africa (IMEA) for Polaris said, leading global Financial Audit Trail and Access Control idly realize its growth and expan- “ CDB choose Polaris after a Technology Company and with Single Sign-on. sion plans. lengthy due diligence and this win MillenniumIT, a leading informa- This well developed application Speaking on the occasion is indeed prestigious to us! There is tion technology provider and part software will enable CDB to Mahesh Nanayakkara MD & CEO, a need for high quality CBS solu- SriLankan Airlines’ has elling beyond SriLankan’s of London Stock Exchange Group, increase its efficiency, performance, CDB said: “ Intellect will support tions in Sri Lanka that specifically announced an attractive, flex- online points to offline desti- today announced that Citizens security and transparency of its future growth plans of CDB in addresses the need of this segment ible air fare plan to provide a nations such as Scandinavia, Development Business Finance plc day -to- day operations allowing its terms of business scaling, product and we are indeed bullish.” more competitive range of Ireland, Portugal, Greece, (CDB), a leading financial institu- customers to enjoy a higher level of depth and meeting ever evolving Faiq Faaiz, Executive Vice fares for flights from Istanbul to name a few in tion in Sri Lanka, has signed service. Intellect CBS will also facil- customer expectations. Signing up President, MillenniumIT said: “As Colombo to many of its desti- Europe. New Far East fares Polaris’ Intellect Core Banking itate smooth integration to different with Intellect will pave the way for the local business partner of nations in its global network, announced by the airline Solution (CBS), a comprehensive initiatives and provide a platform CDB to have the competitive edge Polaris, MillenniumIT is excited to the national carrier apply to offline destinations core-banking product with multi- for ensuring risk control through over competition which is impera- play an integral part in the announced earlier this week. such as the Philippines, currency, multi-branch and multi- its various processes. tive for business growth. Intellect IntellectTM implementation at SriLankan currently oper- Korea, Vietnam and Papua banking capabilities to transform CDB opted for Intellect CBS will support the future growth CDB, which is a key role in deliver- ates approximately 175 flights New Guinea. their banking technology platform. because its advanced technology plans of CDB in terms of business ing technology to benefit the bank’s a week, out of Colombo to Flights out of Colombo to The Intellect product suite sup- offers high performance whilst scaling, product depth and meeting business expansion plans. We firm- destinations in Europe, the the SAARC destinations of ports a wide spectrum of banking enabling it to have a highly config- ever evolving customer expecta- ly believe that our experience in Middle East, Far East and the Dhaka, Kathmandu, Lahore, operations ranging from basic Core urable functionality which ensures tions. The implementation of this core banking technology and Sub-continent. Pune, Nagpur, Goa, Jaipur modules, General Ledger, that minimal customization is system will create the technological expertise in local banking and The fare structures have and Ahamadabad; plus pas- Operational Accounts, Deposits, required as most of the current and framework that will cater to all financial services will provide the been constructed to suit a sengers flying to Canada & Loans and Advances, future requirements including busi- requirements of CDB as we rapidly skills necessary to support this variety of passenger needs USA via Transatlantic points Leasing,Counter Operations, ness process changes, can be ful- expand our geographic presence.” implementation, including products and options which include of London, Paris, Frankfurt Remittances, to other more special- filled using configuration. This Commenting on the deal K and applications from IBM, Veritas special one-way fares for stu- and Abu Dhabi can also pur- ized modules such as, Pawning, together with its around-the-clock Srinivasan, Executive Vice and Oracle. The MillenniumIT team dents travelling to London, chase competitive tickets Debentures, Securitisation, Loan real-time accessibility and availabil- President & Geography Head, will also provide CDB with post go- Kuala Lumpur and through SriLankan Airlines. Origination, Integration ity and the fact that it is web Indian Subcontinent, Middle East, live support”. Bangalore; special one-way Passengers who purchase fares for Sri Lankan employ- tickets at least two weeks ees to the Middle Eastern prior to travel, will have the HNB’s to boost farming communities countries such as Doha, Advance Purchase advantage Dubai & Saudi Arabia ; of obtaining tickets at a Hatton National Bank has been Tissamaharama area were present attractive group fares for pil- lower fare. SriLankan has actively involved in rural develop- at the event. grimages to India, Jeddah also announced infant/child ment during the last four decades. Abeywickrema stated that the and Thailand; competitive discounts and the flexibility The bank has been in the forefront primary objective of “Ran Govi fares for business travellers to receive date and route by providing financial services to Saviya” is to make today’s unse- to the Far East; and special changes at a minimum fee, the rural community covering a cure farmer to get into a more Prepaid Ticket Advices than before. wide and extensive area focussing firm footing with a sense of secu- (PTAs) to bring-in loved ones “We are making signifi- on agriculture, agri processing, rity. Finance will be provided to home from other destina- cant progress in many animal husbandry, fisheries, trad- the farmer by way of a loan in tions. Overall, fares have aspects of our operations ing & other self employment proj- exchange for their Gold. This loan been slashed by about 15 – 20 allowing us to offer more ben- ects, the bank said in a statement. which will be backed by the percent. efits to our passengers” said Over the years the bank has Interest Subsidy from Central There is a double advan- SriLankan’s Chief Marketing gained a wide exposure in serving Bank of Sri Lanka (CBSL) under tage for Business travellers Officer, G T Jeyaseelan. the rural community and has gone the New Comprehensive Rural who can now enjoy competi- SriLankan Airlines is in beyond the normal engagement of Credit Scheme (NCRCS) will no tive fares and direct longhaul the process of modernising providing financial assistance by over Rs.20 Billion in agri rural officially launched at doubt help bring a certain kind of flights to Europe without the and increasing its fleet and finding markets for the products sector loans and the current out- Tissamaharama by Hatton union between HNB, CBSL the hassle of stopovers. In addi- this year, has expanded the that are produced through the standing is over Rs.8 Billion. To National Bank’s Managing farmer and the ever so competi- tion to special Business fares, airline’s route network to 51 rural sector. To facilitate this reinforce its commitment the bank Director/ CEO, Rajendra tive market. He further elaborated passengers can avail them- destinations in 32 countries. process HNB has organized and has currently deployed more than Theagarajah and the guest of hon- and highlighted as to how signifi- selves of a Limousine trans- It commenced flights to conducted a number of trade fairs 130 field officers including micro- our was M S S Dharmawardena - cantly this will contribute towards fer to their hotels or homes at Guangzhou and Kochi with in the rural hamlets of Sri Lanka. finance/ agricultural experts to Additional Director, Regional developing Sri Lanka’s rural agri- no extra cost in London. plans to commence opera- The bank continues to promote assist the rural sector banking Development of Central Bank of cultural economy with a great Special fares are also tions to Moscow and Zurich a number of rural sector refi- operations. Sri Lanka. Chandula focus on tapping the latent talent extended to passengers trav- by the end of the year. nance and non-refinance credit As a part of its innovative ini- Abeywickrema Deputy General of the Sri Lankan Farmer. lines and provides a comprehen- tiatives to develop the farming Manager – Marketing & Retail The main attraction of this NDB Leasing, Sathosa Motors sive package of financial services community in Sri Lanka HNB has Banking, R M P Dayawansa new scheme is that it will be for the development of the rural recently launched a new loan Assistant General Manager – offered at a very low interest rate economy. The bank’s wide network scheme “Ran Govi Saviya” target- Specialized Financial Services and of 8% p.a. thus making it very enter into partnership of customer centres especially in ing the agricultural sector of the Senior Bank Officials, Farming popular amongst the farming com- the outstations have disbursed nation. “Ran Govi Saviya” was Community in and around the munity. Softlogic Finance surpasses Rs. 5bn in assets Softlogic Finance is continuing to forge ahead to a prominent position, that would stand port its expansion plans with a rights issue to passing the landmark of LKR 2 billion deposit lia- with its aggressive expansion strategy, recording amongst the top 5 companies in the financial raise LKR 535Mn. “We are aiming to increase bilities, in May 2011. The company also recorded its total assets at LKR 5.4Bn as at 31st May services sector within the next 3 years,” stated our stated capital for the year from the current a threefold increase in its other borrowings main- 2011. With its asset base rising by over 185% Ashok Pathirage, Chairman of Softlogic LKR 468Mn to above LKR 1Bn, which will not ly from the banking sector and through securiti- from the LKR 2.9Bn that was recorded in Finance. “We are planning to boost our current only increase the company’s equity base but also zation of its Leasing and Higher Purchase receiv- September 2010, the company now categorized product portfolio with several new products built fuel our growth strategies,” affirmed Pathirage. ables for the same period. as a “Large Financial Company” by the Central around the concept of convenient solutions, as He elaborated that the rights issue will offer exist- With their main lending activities of Leasing, Bank, also reported 100% growth in its public well as to extend our branch network to several ing shareholders the privilege to buy 2 additional Hire Purchase and Term Loans thriving under the Picture shows Indrajit Wickramasinghe – Chief Operating Officer of NDB deposit base during the period September 2010 more locations around the island over the next shares for every 5 ordinary shares they own, at wing of the Group, Softlogic Finance also added Bank and Deshmanya Tilak Gunasekera – Executive Director of Sathosa to May 2011, the company said in a statement year.” LKR 50 per share. several new services to its portfolio during the Motors PLC shaking hands soon after the signing of the MOU between NDB earlier this week. Backed by the ustrength of the Softlogic Softlogic Finance’s total deposit portfolio near- last operating year including Business Loans, Bank and Sathosa Motors PLC. On the far left is Neomal Fernando – “Our intention is to expand Softlogic Finance Group, Softlogic Finance is planning further sup- ly doubled compared with September 2010, Group Personal Loans and Gold loans. Marketing Manager Sathosa Motors PLC and far right Raj Aboobucker – Vice President, SME and Retail Banking, NDB Bank. NDB Bank in partnership pay have to pay only the EU allows use of Sulphur Dioxide in processing of Cinnamon with Sathosa Motors have materials used during the The European Union (EU) has Ceylon Cinnamon. February 1995 and its subsequent in Food Category 12.2.1 “Herbs and entered into a unique agree- service. allowed Sri Lanka’s request for the The European Union is an impor- amendments. Spices.” ment to offer Isuzu Trucks at NDB Leasing will also use of Sulphur Dioxide in the pro- tant buyer for Ceylon Cinnamon The Department of Commerce in Following continued lobbying by a discounted rate to all NDB offer a free Credit Card to all cessing of Cinnamon, the Sri and 5-10% of the total value of consultation with Spices Traders’ the Embassy of Sri Lanka in leasing customers. customers who obtain a lease Lankan embassy in Brussels said in exports in the recent past has been Association, Department of Brussels with the EU, the EU has A Rs.50,000 discount on facility through this promo- a statement. to the EU region. Since July 2004, Agriculture and the Trade allowed Sri Lanka’s request for the value of the truck would tion. Sulphur dioxide (SO2) has been Sri Lanka has encountered prob- Representation at Geneva made Sri recognition of the CODEX stan- be given along with a guaran- This special offer is valid used for 2 purposes, viz for its bioci- lems with a number of consign- Lanka’s request through WTO to dard on SO2 for cinnamon process- tee up to 2 year among their from 1st July to 31st August dal activity and for bleaching. The ments of “Ceylon Cinnamon” CODEX ALIMANTARIOUS COM- ing by the EU. Several presenta- numerous models available. 2011 and available through all cinnamon industry has traditional exported to the European MISSION in 2006 as there was no tions made to EU during last 2-3 In addition, a 100,000 KM NDB Bank branches island- practices in cinnamon processing Communities on the grounds that accepted standard established for years, have produced the above warranty would be provided wide Sathosa Motors outlets and the use of SO2 in fumigation consignments contained sulphur SO2 in cinnamon processing. The tangible result for the benefit of on the engine. in Colombo, Jaffna and has been known to the industry for dioxide (SO2). The EC authorities International Standard (Codex Sri Lankan cinnamon exporters. Additionally, up to six Ampara. centuries. Sulphur Dioxide (SO2) have cited that this action was taken GSFA) adopted at the 29th Session of Commission Directive No. services would be done free Customers can pay from fumigation keeps the hygienic qual- under a technical regulation relat- the Codex Alimentarius 2010/69/EU of 23rd October 2010, of charge at the fully low as Rs. 1,985 per month ity and fumigation functions as a ing to import of foodstuffs to the Commission, held in Geneva in July amending the Directive 95/2/EC, equipped modern service with taxes for every 100,000 preservative, anti-browning agent, European Communities contained 2006. It has approved maximum authorises the use of sulphur diox- centers at Vauxhall Street, rupee obtained while the and helps in the fixation of the char- in European Parliament and level of use of 150 mg/kg for sul- ide (SO2) in Cinnamon at a maxi- Colombo 02 and Nuge Road, lease could go on to as much acteristic golden yellow colour of Council Directive No. 95/2/EC of 20 phites (including sulphur dioxide) mum level of 150 mg/kg. Peliyagoda. Customers will as 6 years. Prima Kottumee now in the Maldives Prima Group Sri Lanka by a large press gathering. Senior Business Manager and Prima Kottumee constantly player Mohamed Arif aka the Maldivian market with their (Ceylon Agro Industries The proceeding started off Senior Marketing Manager - focuses on its DNA of fun, ‘Bakka’ and multi-talented two most popular varieties Hot Limited), partnered with NAMS with a welcome speech by Ceylon Agro Industries Ltd music, fashion and risk and to singer/presenter /actress & Spicy flavour and Hot & Spicy Pvt Ltd & Fancy Foods with Mohamed Shahid - Managing (Prima Group, Sri Lanka), who keep in line with the brand plat- Aishath Rishmy Rameez. Chicken flavour. With a brand the sole aim of promoting Prima Director - NAMS Pvt Ltd, which educated the gathering about the form of ‘taste and fun’ while Through this partnership proposition of ‘fun and taste’, Kottumee in the Maldives. The was followed by speeches by product. Ahmed Anees - CEO - appealing to the youth, Prima between NAMS /Fancy Food recognized Maldivian brand launch of Prima Kottumee was Shun Tien Shing - General NAMS Pvt Ltd. & Mohamed Kottumee has appointed two now Maldivians will be able to ambassadors and a quality prod- held at the Nasandhura Palace Manager - Ceylon Agro Jalal - Manager Operations - popular youth personalities as savour this new delicious uct, Prima Kottumee will no Hotel in the Maldives on the 26th Industries Ltd (Prima Group, Sri NAMS Pvt Ltd. also participat- their brand ambassadors in the instant noodle, Prima Kottumee. doubt see similar success in the of June 2011 and was attended Lanka) and Sajith Gunaratne ed. Maldives; the renowned football Prima Kottumee will enter Maldives as it has in Sri Lanka.