National Development Bank PLC (NDB) recently announced the launch of its custodial and trust services offering.
NDB has grown to become one of the largest and most prestigious commercial banks in Sri Lanka, offering seamlessly curated customer solutions through its group of companies, covering the full spectrum of financial services using technology innovative digital. It has been recognized as the best bank in Sri Lanka by three independent winners over the past two years.
In line with its medium-term strategy to be the benchmark banking group, custody and trust services were the missing links, which complete the spectrum of financial services, which currently covers commercial banking, wealth management and trading. securities in addition to investment banking. services.
The team will be led by Senior Vice President, Personal Banking and Customer Experience, Sanjaya Perera, with over 28 years of banking expertise, who has led the introduction of many new retail banking products introduced in the bank and the custodial and trust services manager. Naveen Lekamge, who has been actively engaged in the provision of custodial and trust services in the domestic and international markets, with an accumulated expertise of over seven years in the field, under the leadership of the bank’s CEO Dimantha Seneviratne, who was officially with the global giant HSBC Group for over 17 years.
Seneviratne, speaking at the launch of the custody and trust business, said that NDB intends to develop the custody services to international standards, dealing not only with financial assets but also with non-financial assets. financial resources to achieve a family office concept.
“This brings together other strategic initiatives such as Family Banking as part of its V25 mid-term strategy. Also, as part of the one-stop NDB concept, it complements the one-stop-shop concept for wealth management and investments,” he said.
Perera, adding to the sentiments of the CEO, said, “We noticed that there was a need in the market for an additional player offering these services and we received several requests from our customers to offer these services, in particular for the fiduciary services. It should be noted that most of the transactions requiring fiduciary services, in Sri Lanka, come from the NDB Group through its investment banking, project finance and wealth management services. Thus, its natural extension of services was to improve transactional efficiency for the customer.
Lekamge commenting on the introduction of the custodial and trust service business indicated that it allows NDB to provide easy access to capital markets, especially in terms of trading with the stock market, government securities , corporate actions, etc. for its vast clientele.
“While currently the use of child care services by retail customers is not so widespread in Sri Lanka, unlike countries like India, we intend to expand the convenience of this offering to retail clients, who can then have a unified view of their entire portfolio on their palm and have the freedom to easily transact with any broker they choose.
NDB recognizes that custody of financial assets is a significant concern for investors today and that the new generation of investors are also looking for the convenience of hassle-free investing. Therefore, by launching Custody and Trust Services, NDB seeks to provide a one stop shop for all its clients to enjoy the services of conventional banking facilities along with easy access to capital markets and ancillary services such as margin trading and fund accounting. .