Seylan Bank launches new strategic plan with MTI

By Cassandra Mascarenhas

Seylan Bank PLC in collaboration with MTI Consulting launched its new strategic plan for 2012-2015 yesterday in the presence of the bank’s Chairman, executive directors, board of directors and senior management.

The induction of the strategic plan constructed by MTI Consulting, which will also act as a facilitator, was a full-day programme held at Waters Edge at which the senior management of the company was briefed on developing and implementing the plan within the organisation for maximum results over the next couple of years.

“A strategic plan is very important for the planning process for an institution to achieve its objectives and although our first strategic plan was a very good one, it was not so successful due to setbacks in the implementation stage and we have a big task ahead of us to make sure that today’s kick-start of the second strategic plan will be more successful,” said Narangoda.

Outlining the issues faced during the implementation of the first strategic plan, he pointed out that in early 2009, the management had to pay more attention to the stabilisation of the bank, especially after the organisation lost over Rs. 18 billion in the space of two months.

Peer banks refused to extend credit lines and credit lines were either curtailed or suspended which put Seylan Bank in a precarious position at the time.

The lack of full commitment from the management coupled with the fact that the senior people of the company were not familiar with how a strategic plan worked added to the host of reasons for the less than successful implementation of the bank’s first strategic plan.

However, Narangoda felt that with the new CEO Kapila Ariyaratne taking over and making further adjustments in the bank’s organisational structure, making it more workable coupled with the infusion of new blood into the company in the form of talent brought in from outside, the Chairman stated that Seylan Bank now has the right mix to perform to its maximum potential.

He also called for everyone present to play an active role in the implementation of the second strategic plan and for a transformation of thinking in order to bring about the overhaul of the organisation.  

“Your bank has undergone a remarkable transition after the problems faced by the organisation that started with that cataclysmic event by many banks around the globe have restructured and are emerging stronger than ever.

Now with an illustrious board consisting of top bankers and some of Sri Lanka’s most exciting entrepreneurs has brought in a great blend of dynamism and experience which will go a long way in implementing this strategic plan,” said Mano Tittawella, who will be working with MTI Consulting in the implementation of the strategic plan.

He pointed out that all these factors alone will not be enough for the bank to succeed in the future as its competitors have raced ahead, both in terms of profitability and growth and therefore recommended that Seylan Bank looks into revamping all key structures and employ more robust and effective risk management systems in order to get ahead and stay ahead of competitors.