Nations Trust Bank launches ‘Nations Trader’

Friday, 8 August 2014 00:52 - - {{hitsCtrl.values.hits}}

Nations Trust Bank, Sri Lanka’s fastest growing and most proactive banking entity is known for constantly enhancing its business delivery through the introduction of efficiency guaranteed, technologically advanced products and services in order to ensure that customers consistently receive the highest levels of service. The newest in the company’s delivery – The ‘Nations Trader’ product is designed to provide unparalleled flexibility and convenience to small and medium scale importers and exporters in accessing credit for their working capital requirements. Financing of working capital requirements of both importers and exporters of small and medium scale businesses in a convenient manner have been challenging and limited due to the complex and cumbersome processes involved in obtaining the same. In most cases they are required to provide tangible collateral and provide formal financial statements whereas many SMEs do not maintain such. Nations Trader addresses all of these concerns by advancing credit to importers and exporters based on their past track record and customer behaviour through a speedy, flexible and hassle free process. Explaining the service, SME Head Bandara Jayathilake said, “By addressing the emerging need for flexibility and quick turnaround in trade financing, Nations Trader provides speedy access for credit without the necessity of submitting collateral and formal financial statements. The product also provides the customer with simplicity, flexibility and transparency on eligibility for credit and facility amounts. The bank also provides advisory services on appropriate trade financial instruments and foreign exchange services and the bank’s proposition for the SME segment is to partner in the growth and progress of the SMEs through value added, innovative financial solutions and assisting in upgrading SME’s knowledge and skills.” SMEs make up a significant part of Sri Lankan economy with accounting for more than 80% of business entities. This segment is considered the backbone of Sri Lanka’s economic development. It contributes to 70% of the GDP. Over 80% of exporters and 50% importers in the country fall into this category. Exports are considered as one of the three largest foreign exchange sources along with tourism and foreign employment. Furthermore, the country has a strong demand for import of consumer products and inputs for the export sector. The service will be available for importers and exporters of small and medium scale across the branch network which is opened 365 days of the year with extended banking hours. Nations Trader supports the bank’s vision of ‘Making life simple by being benchmark of convenience’ with its simplicity, flexibility whilst being true to its mission of being innovative in continuously developing customer centric solutions. Nations Trust Bank PLC is one of the fastest growing banks in Sri Lanka today. Its market positioning of being the benchmark of customer convenience is ably supported by a host of financial products and services offered to a wide range of customers. The bank now operates 81 branches, an ATM network of 112 locations and is the Sole Acquirer and Issuer for American Express Cards in Sri Lanka.