SANASA Development Bank denies media reports, reassures customers

In the wake of media reports indicating that Wattegedara Cooperative Society bearing a similar name as SANASA Development Bank has been allegedly involved in some malpractices, the Management of SANASA Development Bank PLC yesterday categorically stated that there is no business/legal connection between the said cooperative society and the Bank.  

The said society is not a branch of SANASA Development Bank PLC. 

“We wish to state that SANASA Development Bank PLC.(SDB bank) is a well-established Bank which is quoted in the Colombo Stock Exchange and comes directly under the supervision of Central Bank of Sri Lanka,” SANASA Development Bank CEO/General Manager Nimal C. Hapuarachchi said in a statement. 

 “We are a stable, well managed Bank which has shown strong performance in the past years and we have been maintaining an attractive stream of dividend payments to our shareholders. All our customer deposits are insured under the Deposit Insurance Scheme of the Central Bank of Sri Lanka,” he said.

“Any media reports linking our Bank to the above incident are false and misleading and we disclaim any responsibility whatsoever with regard to the activities of the troubled cooperative society,” he added.