Seylan Bank’s ‘The Case Study’, a fine example of financial reporting

Creating a new paradigm in financial reporting in Sri Lanka is the Seylan Bank’s Annual Report for 2009. The handsome 253 page leather bound volume is dedicated to the Bank’s stakeholders and takes a closer look at the extraordinary efforts that restored financial stability to Seylan Bank.

The first copy of ‘The Case Study’ was recently formally presented to Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal by the Chairman of the Seylan Bank Eastman Narangoda.

Says Chairman of the Seylan Bank Eastman Narangoda, “Our goal in the Case Study is to tell this story - clearly and candidly, heartened that the crisis is behind us and that we can already point to measurable signs of progress. At the same time, some of the problems that sparked this dramatic event, both inside our Bank and in the wider market, have yet to be fully resolved. We will examine those challenges as well, and the strategic plan we’ve put in place to address them”.

Enriched with thought provoking illustrations and eye catching reproductions of trilingual newspaper articles, the volume has already come in for critical acclaim as a fine documentation of one of the most controversial happenings in Sri Lanka’s contemporary financial history. ‘The Case Study’ takes the reader through six principal chapters which lucidly outline the Seylan Bank’s story, from its birth and growth to its fall and renaissance.

Chapter 01 - ‘Growth and Challenges’ – From its founding in 1987, ‘The Bank with a Heart’ grew rapidly and managing that success became increasingly difficult.

Chapter 02 - ‘A Crisis of Confidence’ – In a general climate of uncertainty misunderstandings around the collapse of Golden Key Company triggered around Seylan Bank.

Chapter 03 - ‘Swift and Decisive Action’ – The Central Bank steps in quickly, installing a new board of directors to stabilize the business and apply corrective measures.

Chapter 04 - ‘Reassuring the Public’ – The top priority of the Bank’s new board was to restore confidence through forthright and transparent communications.

Chapter 05 - ‘Rebuilding the Business’ – A series of practical steps including a systematic rethinking of policy in every area soon yielded measurable positive results.

Chapter 06 - ‘A Sound Future Strategy’ – Guided by a comprehensive strategic plan, Seylan Bank is building a healthy, sustainable future for all stakeholders.

Adds Chairman Narangoda, “Our purpose here is to share the lessons learnt and remedies applied, as we’ve worked to make the Seylan Bank more responsive and accountable to the needs of all stakeholders. Our sincere hope is that others will benefit from seeing what has been accomplished in a remarkably short time, through the collective efforts of many dedicated individuals and institutions”.