Commercial Bank among first to launch SFIDA

Head of Global Markets, Commercial Bank, Dudeepa Ratwatte explains the operation of Special Foreign Investment Deposit Accounts (SFIDA) in an interview with The Sunday Leader. Established in 1969, Commercial Bank is Sri Lanka's leading bank, with dominant positions in consumer banking, treasury and securities markets. The bank has been adjudged Sri Lanka's 'Bank of the Year' six times by The Banker, a top notch global banking magazine and also been rated the 'Best Bank in Sri Lanka' for 10 consecutive years by the US based Global Finance magazine. In July 2007, Commercial Bank was named the 'Best Bank in Sri Lanka' by another prestigious international financial magazine Euromoney. Commercial Bank has been rated AA+ (lka) by Fitch Ratings

Q: What is SFIDA?

A: The Commercial Bank of Ceylon has become one of the first Sri Lankan banks to open its vaults to foreigners and Sri Lankan expatriates, enabling them to open bank accounts following the Central Bank's decision to further liberalise rules on local banks accepting deposits from persons resident outside Sri Lanka.

Q: Who can invest in SFIDA?

A: Citizens of foreign states, Sri Lankan citizens resident outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and foreign institutional investors such as country funds, mutual funds and regional funds can now open SFIDAs with Commercial Bank. Customers also can chose to hold accounts jointly with two or more eligible investors.

Q: What is the minimum deposit required to Open SFIDA?

A: The minimum initial deposit required to open a SFIDA is US$ 10,000 or its equivalent in other designated foreign currencies or Sri Lankan rupees.  

Q: Are there any tax concessions / benefits enjoyed by SFIDA deposit holders?

A: All SFIDA accounts are exempted from income tax, withholding of income tax and debit tax

Q: What are the permitted credits to SFIDA?

A: Foreign currency will be accepted in the form of Travellers' Cheques, bank drafts or currency notes brought into the country by the account holder on declaration to Sri Lanka Customs as applicable during his / her temporary visits to Sri Lanka.

Q: What are the permitted debits from SFIDA?

A: Outward remittances, transfers to other SFIDAs, disbursements of the account holder in Sri Lanka are possible.

Q: What are the currencies that you can invest in SFIDA with Commercial Bank?

A: Commercial Bank offers SFIDA in Sri Lanka Rupees and designated foreign currencies, namely USD, GBP, EUR, AUD, JPY, CAD, CHF, SGD, HKD.

Q: What are the different type of accounts through which SFIDA can be opened with Commercial Bank?

A: Commercial Bank has taken steps to offer its full range of products to SFIDA investors, enabling them to select between a wide variety of different account categories to suit customer requirements.

Customers are able to select between Savings Deposits and Time Deposits (Fixed Deposits), the latter if invested in LKR from one month to five years or if invested in foreign currency from one month up to one year.

Q: What are the benefits of investing in SFIDA with Commercial Bank?

A: Commercial Bank offers attractive high interest rates for SFIDA investors.  Furthermore, SFIDA account holders can enjoy the benefit of banking with the best bank in Sri Lanka, which owns more than 166 computer linked branches, supermarket banking counters and holiday banking centres in Sri Lanka along with nine branches in Bangladesh. Commercial Bank customers also derive the privilege of accessing their funds via the single largest ATM network of 318 ATMs spread throughout the country.

Q: How can SFIDA be opened?

A: By visiting the closest Commercial Bank Branch, any customer can open a SFIDA. Applications can also be downloaded from our website: www.combank.lk

For further information, customers may contact Prins or Sanjaya of our Treasury Department on: +94 11 2486344 or +94 11 2486345, or via email: Prins_Perera@combank.net, Sanjaya_Seneviratne@combank.net

LB Finance notches first quarter profit of Rs. 70mn

LB Finance released its results for the first quarter ending June 30, 2008, highlighting a net profit of Rs.70mn. The company income - Rs.419mn for the three months ending June 30, 2007, increased by 78% to Rs.748mn for the three months ending June 30, 2008, emphasizing the company's ability to maintain its progressive course of growth, a statement said.

Interest expenses have increased by 100% during the same period. Operating profits too followed the same course, increasing by 49% to Rs.267mn, while interest income indicates a growth of 79% - from Rs.403mn as at the end of the first quarter last year to Rs.723mn during the quarter ending June 30, 2008. Company reserves have risen from Rs.556mn to Rs.627mn during the same period.

The company's total deposits, Rs.7.3bn for the period ending March 31, 2008, rose to Rs.8.6bn during the first quarter ending June 2008.

"LB Finance has been around for nearly four decades, and our trait of always giving our customers the most rewarding for their investments, has helped us become one of the most trusted finance entities in the country today," says Managing Director of LB Finance, Sumith Adhihetty.

Adhihetty also commented that a new cost-control mechanism and a stronger, growth-oriented work ethic contributed towards maintaining the growth momentum. The coordinated efforts of the management, devoted to rewarding the confidence that investors have in the company, as well as the competitive rates of interest too are said to have played a big part in the increase in customer deposits, he said.

Offering cutting-edge solutions through services such as acceptance of deposits, leasing, hire purchase, consumer durables financing, mortgage loans and other credit facilities, LB Finance operates a highly integrated network of over 16 branches across the country led by a team of industry veterans. The company's pawn broking service continues to be a trail blazer.

Nations Trust Bank opens K'gala Personal Banking Centre

Nations Trust Bank recently opened its fourth Personal Banking Centre at the Keells Super outlet in Kurunegala.

The bank's Personal Banking Centre (PBC) offers 365 day banking facilities through its ATM - which permits cash deposits that are recognised in real time, which means that the money that is deposited will be credited to the relevant account instantly.

In addition to this the PBC also facilitates cash deposits, payments for the American Express card, a cheque drop box to make payments and deposits via cheques as well as a host of benefits through this automated service.

Each PBC will also have key service personnel for any assistance or inquiries. Customers may also use the PBC to open savings and fixed deposit accounts as well as having free access to the bank's internet banking services.

Nations Trust Bank PLC was the first to introduce 365 day banking as well as the concept of mini branches. The introduction of Personal Banking Centres in partnership with Keells Super  promises to offer quick and convenient access to banking through the novel location of a supermarket at times most convenient to a customer.

Chief Executive Officer, Nations Trust Bank PLC, Zulfiqar Zavahir said, "We are indeed pleased to offer the convenience of Personal Banking Centres through the Keells Super chain of supermarkets. Given our commitments towards simplifying the lives of our customers, we are confident that these conveniently located centres will provide banking services at a time and location that is most suitable to our customers."

Nations Trust Bank PLC is one of the fastest growing banks in Sri Lanka today. Its 'market positioning' of being the benchmark of convenience is now ably supported by a host of products and services that cater to the needs of the individual, corporate or institutional clients.

The bank has 34 branches, 11 leasing centres, 42 ATMs , four Personal Banking Centres as well as Internet Banking. Using the Nations Trust debit card, customers have the ability to access their accounts countrywide and internationally through ATMs of other banks which have the Cirrus/Maestro facility.

They are also the sole issuers and acquirer for American Express credit cards in Sri Lanka. Considered to be one of the most customer-centric financial institutions today, Nations Trust Bank provides customer convenience through 365 day banking with branches being opened for extended hours compared to most other banks in the country.

Union Assurance reports impressive results

Union Assurance has reported impressive results in terms of turnover and profitability for the quarter ended June 2008.

General and life insurance premiums for the quarter grew by 14%, from Rs. 1.1 billion in 2007 to Rs. 1.3 billon in 2008. Consolidated profit after tax increased by 63% to Rs. 49 million for the quarter ended 30th June 2008.

Cumulative life and general insurance premiums for the first half of the year increased by 15% from Rs. 2.5 billion as at June 2007 to Rs. 2.9 billion as at June 2008. Consolidated profit after tax of Rs. 90 million as at June 2008 was a 78% increase over Rs. 51 million recorded in the previous year.

The company's latest motor insurance product - "Click & Go" has been well received in the market. Existing and potential customers can log on to www.ualink.lk or www.clickandgo.lk from anywhere 24 x 7 x 365 to print their own motor certificate and enjoy significant discounts from their insurance premiums.

Click & Go policyholders enjoy the same benefits as other Union Assurance motor policyholders including the unique "Call & Go" facility, which was first introduced by UA.

With this facility, customers who are involved in an accident are not required to wait at the accident site for an assessor to inspect the damage. Instead they have the option of logging their claim with UA's 24 hour call centre on 2428444 and have the vehicle inspected at a time and place of their convenience.

Union Assurance has tied up with Commercial Bank enabling customers to collect their motor claims, in cash, over the counter from over 160 Commercial Bank branches spread throughout the island. Union Assurance is the only insurer to do so.

Seylan signs up with Korea Exchange Bank for special
remittance service for Lankan migrant workers

Seylan Bank has entered into a business cooperation agreement with Korea Exchange Bank (KEB) to provide a special remittance service to Sri Lankan migrant workers, a statement said.

Korea Exchange Bank is the leading bank in Korea which provides specialised services for migrant workers. As per the cooperation agreement, Korea Exchange Bank will offer remittance services through their 326 branch network and over 9,000 ATM outlets. 

Sri Lankan migrant workers to Korea can now enroll with this scheme through Seylan Bank's office at the Foreign Employment Bureau and enjoy a host of remittance services jointly offered by Seylan Bank and Korea Exchange Bank.

Migrant workers who sign up will open a NRFC account with Seylan Bank and an interest bearing Savings Account with Korea Exchange Bank. The account holder will have several options of remitting money to Sri Lanka:

1. Visit any branch of Korea Exchange Bank and apply for a TT remittance. 2. Mobile phone remittance (called "Korean Dream Phone" service). 3. Prearranged remittances through designated accounts of remitter and beneficiary (called "Easy One" service). 4. ATM remittance service - overseas money transfers with cheque card/debit card. Money credited to beneficiary's account within 24 hours at the lowest remittance fee.

 Korean Dream Phone remittance service offers a high level of convenience and will be the cheapest mode to remit money to Sri Lanka.

Seylan-KEB arrangement provides the migrant worker a free mobile phone (LG) on a very low call rate package with the feature of remitting money, a cheque/debit card to operate the account and effect remittances through the ATM. The transactions could be carried out in Sinhala or English.

Further, Seylan Bank will operate a mother tongue 'Help Centre' at Korea Exchange Bank, Itaewon Branch for the banking needs and support of the thousands of Sri Lankan migrant workers. 

The migrant workers will immensely benefit through the "Thilina Sayura" grant scheme and attractive interest rates on foreign currency savings and fixed deposits, all purpose flexible loans and housing loans offered by Seylan NRFC.

Seylan Bank will use its good relations with Korea Exchange Bank to enhance its market share on migrant worker remittances to Sri Lanka from Korea through this high-tech, user friendly and innovative remittance channel.

Since November 2006 to date Seylan Bank together with 'Ceylinco FastCash' Global Money Transfer Service has mobilised 75,000 worker remittances to the value of LKR.3.2 billion. Beneficiary accounts are credited round the clock through Seylan's 24 hour remittance call centre.

Ceylinco FastCash, the brain child of Seylan Bank Founder Chairman, Deshamanya Dr Lalith Kotelawala offers a secure, reliable and a speedy remittance service different to any other money transfer service. Its value additions differentiate the service from others and has made it  popular among the Sri Lankan expatriates. Ceylinco FastCash operates in 16 countries and plans to start operations in Korea as well.

Assetline Leasing raises funds through lease securitisation

Assetline Leasing Company Limited (ALCL) successfully concluded their first ever securitisation transaction. The trustee for this issue was Deutsche Bank AG. The issue raised Rs. 100 million for ALCL and was placed outside the commercial banking sector. NDB Investment Bank Limited acted as structuring and placement agent to the issue.

Assetline Leasing Company Limited is a subsidiary of DPMC Financial Services (Pvt) Ltd, which holds virtually 100% of share capital of ALCL. David Pieris Motor Company Limited, the authorised agent for Bajaj three wheelers and two wheelers, Cherry vehicles and MRF tyres in Sri Lanka is the parent of the Assetline Leasing Company Limited.

ALCL is primarily engaged in the business of lease finance, hire purchase facilities which are some of the fastest growing forms of medium term financing in Sri Lanka and other financial services like dealer financing and refinancing and other credit facilities. 

With a vision of becoming the most sought-after micro financier in Sri Lanka it currently operates from Colombo, with an islandwide network of 13 branches and eight service centres.

After its incorporation in 2003 as a financier of motor vehicles, machinery and equipment, ALCL has grown at a significant pace to grab considerable market share. According to the data published by the Leasing Association of Sri Lanka, ALCL concluded the financial year 2006/07 with an approximate market share of 2.63%. 

As per the company's stated objectives, ALCL expects to exploit the synergies derived from the business of David Pieris Motor Company Limited, its parent company.

Standard Chartered goes for Olympic gold

To coincide with the opening in China of the 2008 Olympic Games, Standard Chartered Bank (China) Limited has commenced gold trading on the Shanghai Gold Exchange (SGE), executing trades for 88 kilograms of gold on the 8th day of the 8th month of 2008.

Standard Chartered was the first internationally owned bank (along with HSBC) to become a member of the exchange and gain direct access to the lucrative gold market in China. Membership of the exchange allows Standard Chartered to trade directly in gold.

China is the largest gold producer in the world having recently forged ahead of South Africa. It is also the second largest consumer of gold.

Global Head of Commodity Derivatives Trading, Standard Chartered Bank, Jeremy East has been an international advisor to the SGE for several years. "This is a very important step forward for Standard Chartered and our clients," he said. "It is a huge opportunity for us to develop our gold business in the key global market."

Standard Chartered's gold trading team in Shanghai is headed by Director, Commodities, Andrew Wang Qibo. He has previously been involved in several other 'firsts' for international metals trading in China.

The SGE has about 160 members and includes key corporate and financial institutional investors, as well as major jewellery producers. "Membership allows us to develop much closer ties to these potential clients," said Jeremy East.

Standard Chartered plans to strengthen its commodities trading presence in Shanghai and eventually offer over-the-counter (OTC) products, linked to the SGE, to corporate clients.

HNB Singithi relaunched with a host of new value additions

HNB Singithi Minors' Savings Scheme has been relaunched with a  host of new value additions. The new savings scheme is presented in two product offerings namely Singithi Lama and Singithi Kirikatiyo.

Singithi Lama is a savings account that can be opened for any child below 12 years of age with an initial deposit of Rs 500. Through the Singithi Lama account the child will be offered a host of benefits which include guaranteed gifts, loans to purchase computers and the eligibility to qualify for the biggest prize draw in Sri Lanka, Pathum Vimana.

A Singithi Lama account holder will be able to select gifts ranging from HNB jumbo tills,  HNB caps, water bottles, school bags, wrist watches, HNB branded t-shirts, mountain bikes, i- pods, battery operated toys, cellular phones etc. In order to get these gifts all what you need to do is open a Singithi Lama account for your child at any HNB Customer Centre. The value of the gifts offered will grow with the account balance in the savings account.

The bank has initiated a number of tie ups with selected merchants to give account holders a wider choice of gifts. In order to offer a wider selection of gifts the bank will offer HNB Singithi Lama gift vouchers to purchase higher value gifts. The account holders can redeem HNB Singithi Lama gift vouchers at retailers such as DSI, Cycle Bazaar, City Cycle Stores, Vijitha Yapa Book Shop, Abans, MD Gunasena, Arpico, Fashion Bug, Mallika Hemachandra Jewellers, Ceylon Hotel Corporation, Sarasavi Book Shop, Wellawatte Nithyakalyani Jewellers, Leisure World Water Park, Lake House Bookshop, Stone 'N' String  and Vogue Jewellers.

Through this scheme you also have the choice of re-encashing the voucher and depositing the value in the Singithi Lama account. Further if you wish to purchase a gift from an outlet not listed in the scheme all you have to do is to get an invoice from any merchant outlet from which you desire to purchase a particular gift and submit it to your HNB Customer Centre. The bank will then take steps to issue a bank draft for the value of the gift voucher to enable you to make your purchase.

HNB Singithi Kirikatiyo is a savings account scheme for new borns. The Kirikatiyo account can be opened within three months of the baby's birth. The bank is actively promoting the Kirikatiyo account through a number of nursing homes and hospitals in the country. The Kirikatiyo account can be opened by parents, grand parents, aunts or uncles in favour of the baby with an initial deposit of Rs 1,000.

At the time of opening the account the bank in return will deposit another Rs 1,000 in to the baby's account. In addition to this every Kirikatiyo account holder is offered an attractive baby record book and a complimentary gift pack from Pears. The Kirikatiyo account will earn an interest rate of 3% higher than the interest rate offered on a normal savings account.

As an added bonus the Kirikatiyo account will be a part of a five year birthday gift scheme where the baby will be presented with fabulous gifts up to the fifth birthday. All Kirikatiyo accounts will automatically be converted to Singithi Lama Accounts after the fifth birthday of the child, thus giving them the added benefits offered through Singithi Lama accounts.

To coincide the Singithi Lama launch, the bank has come forward to organise and sponsor an all island inter school competition titled "Lowa Dinana Singiththo 2008." The finale prize presentation will coincide with World Children's Day in October.  The competition will be organised under the directives of the Ministry of Education to reward and uplift the talents of school going children across the island.

Lowa Dinana Singiththo will be held in two stages at district and national level covering art, drama, singing, essay writing, short story writing and speech. Winners of the district level will graduate to participate at the national level. Applications could be collected from any HNB Customer Centre or any zonal education office.  Applications close on September 15, 2008.

HNB Singithi is the first branded financial product in Sri Lanka. It was introduced in 1991. The birth of Singithi saw a new culture in savings particularly among school going children. Today the bank operates more than 152 school units through which school going children are continuously encouraged to inculcate the savings habit. With these added benefits, opening a Singithi account is like planting a money tree. The money will take root, grow and multiply so that your child's future will be full of benefits.

Interblocks joins IFX Forum

Interblocks announced its entry to the Interactive Financial Exchange (IFX) forum, where business and technology professionals gather to develop and promote adoption of IFX.

Comprising of leading banks and technology leaders in the global banking and financial services industry, the admission makes Interblocks one of the few service delivery solutions developers globally to be appointed as a member of the forum.

With rapid development in technology, the exchange of financial information across a diverse portfolio of delivery channels in a cost-effective manner has become the need of the hour today, challenging solutions developers to adapt to these market drivers while maintaining the integrity of the transaction.

Thus, the need for an open, interoperable standard for financial data exchange that is designed to meet the business requirements of the global financial services industry.

The IFX specification is a mature, well-designed XML-based financial messaging protocol, built by financial industry and technology leaders. Decades of combined experience and high-end design principles have been incorporated into its creation, aimed at meeting today's challenges. Developed "by bankers, for bankers," IFX is possibly the most comprehensive framework for managing financial transactions on the market today.

"Our software, based on the IFX framework, has allowed us the flexibility to adapt our solutions to meet the changing requirements of the market, without compromising on security. This flexibility has enabled our customers to innovate within their service delivery portfolio, constantly pushing the payments industry to greater heights," said CEO, Interblocks Ltd., Dinesh Rodrigo.

He added that being an early adopter, Interblocks currently has the most number of IFX based implementations globally, and the integration of this framework has been the foundation of long-term client satisfaction.

Interblocks' entry into the IFX forum marks their position as a leader in the payments industry and augurs wells for their expanding global recognition.

Founded in 1997, the Interactive Financial Exchange (IFX) Forum is an international non-profit industry association whose mission is to develop IFX and promote its adoption as an open, interoperable standard for financial data exchange, suitable for use by all sectors of the financial services industry. The IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards organisations and consortia.

Interblocks is in the business of "creating the future for how money moves" - securely, quickly and across the widest possible range of channels and devices - for traditional and contemporary financial service providers and their customers. The company pioneered the use of the IFX-XML standards in their software in 2001, and since then has been in the forefront in the Transaction Management Systems.

Interblocks has focused on the consumer experience to build a platform for financial transactions that anticipate user requirements for conducting secure and fast financial transactions across a multitude of channels. The company continues to expand and spread its wings across borders with its portfolio of Transaction Management Solutions.

School equipment donated through HNB CSR initiative

North Western Region of Hatton National Bank PLC organised a CSR project recently to donate equipment to the newly opened library at Indrasiri Vidyalaya, Pita Kotte, a school which was started for the orphaned children due to the north-east war. Picture shows Deputy General Manager - Human Resources and Administration, HNB, Mancius Paiva handing over books to a student while the Founder of the School, Ven. Hunupalagama Vajira Sri Thero looks on.

TMC signs on new sponsors

Around eight years ago, the outgoing President of the Chartered Management Institute-UK, Sri Lanka Branch, Fayaz Saleem made an observation that two institutions required to be initiated in Sri Lanka to address some of the weaknesses encountered with young professional managers who needed to build their personalities through constant interaction with each other and also with those in other disciplines to be good managers. 

The first need was that of a Leadership Institute, which is yet to be born and of immense importance. The other was the formation of a Management Club, not as a social club but one where the middle and top managers could meet and interact with those of differing disciplines, add value to themselves and value to their business through networking and management forums.

These observations resulted in the incoming CMI committee, headed by the President of  Year 2000/2001 Anil Weeratunga teaming together to form the  first Management Club on February 12, 2001 at a ceremony at the Galle Face Hotel officiated by Chief Guest, Linda Duffield, the then British High Commissioner for Sri Lanka. The inaugural general meeting of the  club was held on March 5, 2002 with a special ceremony to unveil the founder members' plaque. 

TMC is deeply grateful to Chairman, Galle Face Hotel, Sanjiv Gardiner and Director, Lalith Rodrigo whose consistent support in the early stages of the club's existence and up to the present has been of great strength and much value to the club.

TMC as it is popularly known today has among its membership the cream of practically all professional firms in the country among its managers. With a combined membership of around 600, CMI-UK Sri Lanka Branch and TMC strive to bring standards of management to international standards and heights of excellence.

Not only are seminars, workshops and interactive sessions being continuously held with local and international facilitators, but CMI and TMC also often organise social activities to network their members. Generally on a monthly basis TMC organises many evening presentations, one or two day training programmes related to management, large annual events such as the  TMC Cricket Sixes which bring together members, sponsors and external invitees in team and sporting spirit.

The vision of  TMC is to bring together professional managers in order that they may interact with one another within, develop their potential management, leadership and business skills to the fullest and make a substantial contribution to society.

Its objectives are to provide an opportunity for the growing population of professional managers to meet and greet regularly at interacting programmes of value and worth, infuse, sharpen and develop management, leadership and business skills beneficial to members all year round through management presentations and other fora, to have the opportunity of an acceptable, congenial venue, to have exclusive access and use of certain facilities free and at discounted rates.

The Management Club is not a social club but one where middle and top management have the opportunity to fraternise, participate in management programmes, improve themselves and their businesses.

The Management Club is a limited liability company acting as a holding company which extends its franchise to different clubs or other committees. It has a structure comprising a president nominated by TMC, six vice presidents nominated by the Chartered Management Institute and six vice presidents nominated by the president. Individual clubs as franchisees would comprise a chairman and a committee of 12 members.

TMC operates from two clubs, one at the Galle Face Hotel and the other at the Berjaya Mount Royal Beach Hotel.

The second  club was commenced  in September 2002 at the Mt. Lavinia Hotel with the support of the management of the Mt. Lavinia Hotel.  After two years of operation at the Mount Lavinia Hotel, TMC moved on to larger premises at the Berjaya Mount Royal Beach Hotel, Mount Lavinia in December 2004.  TMC records it deep appreciation of the support rendered by General Manager, Kirthi Wickramasinghe and Executive Asst. Manager, Harsha Jayasinghe in ensuring the success of its club at the premises of the Berjaya Mount Royal Beach Hotel.

Both clubs, at Galle Face Hotel and the Berjaya Mount Royal Beach Hotel offer a host of benefits to members. Members may avail of a 20% discount on food and beverages and substantial discounts on other services. The clubs also serve as a popular venue for management programmes, special events, fellowship and family get-togethers.

TMC members are free to use the facilities of both clubs irrespective of the club to which they belong . Corporate membership is another value addition offered by TMC with attractive membership rates for any corporate entity wishing to nominate a minimum of five of their managerial cadre to TMC. Corporate firms may contact TMC's offices at either the Galle Face Hotel or the Berjaya Mount Royal Beach Hotel for more information.

TMC is a non profit organisation and is administered through its secretariat and staff.

TMC is proud to state that its first group of corporate principal sponsors were Ceylon Tobacco Co. Ltd, Pepsi Foods Lanka Limited, The Lion Brewery and ID Lanka Limited.   Its service sponsors were Bridges Worldwide, Sign Tech Advertising Services, Singer Sri Lanka, Multivision Pvt. Ltd. and Emerald International Pvt Ltd. Its communication sponsors were MTV/YES FM and The Sunday Leader. A majority of them are still with TMC and their loyalty is recognised. 

TMC would continue with the following firms as its corporate sponsors for the term July 1, 2008 up to June 30, 2011:

Principal Sponsors -  Hatton National Bank Ltd. and  Sri Lanka Insurance Corporation.

Co-Sponsors: Coca Cola Beverages Sri Lanka Ltd, Sony Ericsson Mobile Communications Intl AB, Asia Pacific Institute of Information Technology and Tritel Services Pvt. Ltd.

Service sponsors -  Bridges Worldwide Pvt Ltd, Sign Tech Advertising Services Pvt. Ltd., Pan Audio Co. Ltd, Ninehearts Pte. Ltd, Sharp Graphics Pvt. Ltd., Lanka Broadband Networks Ltd., Singer Sri Lanka,  TNT Touch, Greenwich Lanka Ltd. and Kayeles Photography. 

Communication sponsors: Multivision Pvt. Ltd, The Sunday Leader, The Island, Synergy Inc.