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bANKING & fINANCE NEWS

SANASA posts Rs.300 mn pre tax profit

SANASA Development Bank had performed well in the year ending 31st December 2008 registering a pre tax profit of Rs.303 million compared to Rs.161 million last year which is a growth of 88%. Post tax profit was Rs. 97 million as against Rs.52 million the previous year. VAT on financial services for the year 2008 was Rs.77.9 million  as against Rs.35.3 million in 2007 and the income tax profit was Rs.127.9 million as against Rs.72.2. million ( increase of 77%  over the year 2007), resulting in the after tax profit of Rs.97 million,  said Nimal J.B.Mamaduwa - General Manager / CEO in a press release.

Our main income contributor is in the disbursement of loans and the ensuing loan interest , This displayed and increase of 63% compared to 2007 with net interest income notching Rs.773 million from Rs.493 million last year. Advances primarily to the Micro Finance sector also saw and incline of 32%, from Rs.6.4 million to Rs.8.4 million.

With our philosophy evolving primarily on a bottom up approach to development, we have concentrated heavily on building the savings deposit base to commendable levels, an increase o 36%, from Rs.6 billion to Rs.8.2 billion. The bank continued to maintain effective post credit followup and supervision on advances. How ever the gross NPL ratio (Net of Interest in Suspend) Increased to 6.33% from 4.19% during the corresponding period, whilst net non performing advances ratio stands at 4.71% as at 31st December 2008. The increase is mainly due to the prevailing adverse economic conditions and due to the bank strictly adhering to the new classification guide lines issued by Central bank of Sri Lanka.

Branch Penetration

Our expansion plans are multifaceted as while we grow our grass root penetration, we are also keen on ensuring that our brand remains visible around the country. The branch network was added to with 13 this year, eight fully fledged branches and five extension offices, mainly concentrated in the outstation agricultural areas, bringing the total number of branches and extension offices to 45.

What is also significant is that we have begun to penetrate into the newly liberated north and east, already having five branches in the east which were opened in 2007. 

Our plans for expansion are also around penetration into agricultural areas , focused primarily in the north central and north western provinces, as we feel we have a responsibility towards assisting the Government’s drive for Sri Lanka to become self sufficient in agriculture.

Meeting Capital Requirements

For a smaller development bank likes ours, meeting the statutory capital adequacy requirements can posit one of the biggest constraints. The Central Bank now requires development banks to have a minimum capital requirement of Rs.1.5 billion by end of 2009 and hence in 2008, one of our biggest challenges was to make plans to raise this significant amount of capital to meet the deadline. Unlike the larger commercial banks, our primary target is the rural market and our main shareholder comprises the SANASA Primary Societies which hold 75% of the total shareholder base. Although we were lagging behind the minimum capital requirement target as at end of December 2008 the bank is confident to reach the required capital before the end of the 3rd quarter 2009.

However the Tier 1 and Tier 2 capital as at 31st December 2008 stands at 10.97 % and 11.43 % respectively which are above the regulatory requirement.Achievements

We are extremely proud to have received a prestigious accolade from the world renowned financial publication Forbs magazine. In 2008, SANASA Development was selected among the top fifty micro finance institutions in the world and the only Sri Lankan bank to be featured in this impressive line up. 645 micro finance institutions from all over the world were in the long list and SANASA Development Bank is extremely honoured to be featured among  the top fifty.

We also made further global news when we were placed third among 1,500 micro finance institutions by the Micro Finance Exchange Institution USA. 

We also won a National Business Excellence Award this year presented under the aegis of the National Chamber of Commerce. This award, presented in the specialised Banking and Finance Companies category, judges peers in the particular category based on stringent criteria selecting the best of the best.

Eagle’s 2008 revenue up by 24%; profit before tax exceeds Rs.600 million

Eagle Insurance PLC has announced that its board of directors has recommended a first and final dividend of Rs.7.00 per share for approval by its shareholders at the Annual General Meeting of the company. The company has declared a gross dividend of 10% to its life policyholders in 2008. 

Eagle continues to maintain its record of steady profits despite the many challenges posed by the external environment with profit after tax reported at Rs.464 million for the year.  Pre-tax profit recorded an increase of 11% over 2007 to reach Rs.605 million, and this includes the gross up of tax withheld at source on interest income from government securities of Rs.171.2 million. 

The profit performance of 2008 is in line with the company’s expectations and results in a Return on Net Assets of 27.2%.  It is commendable that the company has contained its growth in management expenses at a satisfactory level of 11% in an environment of relatively high inflation, and this has helped sustain the bottom line performance.  Total net assets grew by 10% in 2008 to reach Rs.2,224 million by year end.  

Eagle Insurance maintains a solvency ratio of 1.32 times the required solvency margin for Life business as at end 2008 where the required solvency margin was Rs.663 million and the company maintained an excess in admissible assets of Rs.209 million.  The solvency ratio for the General insurance business as at end 2008 was 3.19 times the required solvency margin where the required solvency margin was Rs.240 million and the company maintained an available solvency margin of Rs.765 million. 

As such, the company maintains a strong financial position and the technical provisions and reserves for both Life business and General insurance business are well above the adequate level to operate the business.  A strong financial position assumes greater importance in the context of the financial crisis currently experienced by many institutions.

During the year Eagle placed greater emphasis on the quality of its book of business considering the prevalent economic and business climate, and this is reflected in the modest growth recorded in gross written premium.  Life business gross written premium grew by 15% during 2008 and General insurance business gross written premium recorded a growth of 10%.

 However, the consolidated revenue of the company recorded an appreciable growth during 2008 primarily due to the higher income earned by the investment portfolios.  Revenue of the group for the year recorded an impressive 24%, and this includes the gross up of tax withheld at source on interest income from government securities.  The growth in revenue excluding this is impressive at 21%.

The bancassurance channel pioneered in Sri Lanka by Eagle continues to grow in significance contributing to the top line performance of the company.  Eagle will continue to leverage on Aviva’s global expertise and invest in the bancassurance channel. With three strong bancassurance relationships currently in place, this channel contributes almost 7% of gross written premium of the company.

In his review on the company’s performance, Managing Director, Deepal Sooriyaarachchi comments that “Despite an extremely challenging macro-economic environment, we are proud of our achievements in 2008. The company’s earnings were in line with expectations. We believe that the renewed focus on quality of business will yield results in the future.  As an insurer who takes on the risks of others, we ensure that our business is financially solid. We take great pride in having built a very sound balance sheet over the years which enables us to stand strong in the face of financial turmoil.”

The Chairman of the Company, Craig Brackenrig commends Eagle on its performance, saying: “Eagle’s committed employees and members of the direct sales force have continued to deliver exemplary service to drive Eagle’s business forward. I am confident that Eagle will fulfill its purpose of delivering prosperity and peace of mind to its customers and continue to demonstrate the highest standards of professionalism to deliver beyond the expectations of all stakeholders.”

ACCA award for HNB

Hatton National Bank was placed runners up in the large category of ACCA Sri Lanka Sustainability Reporting Awards 2008.

The ACCA Sri Lanka Awards for Sustainability Reporting was launched in November 2004. The objectives of the awards are to reward and recognise those organisations which report and disclose environmental, social or full sustainability information within Sri Lanka, encourage the uptake of environmental, social and/or sustainability reporting and raise awareness in corporate transparency issues and increase accountability for responsiveness to stakeholders. 

Picture shows  Deputy General Manager - Human Resources and Administration, Hatton National Bank PLC, J.R.P.M Paiva after receiving the award from Chief Guest Prof Mohan Munasinghe. Also in the picture are President, ACCA Sri Lanka, Nandika Buddhipala and  Renton De Alwis.

Presentation on Islamic financial services

The Chartered Management Institute, UK Sri Lanka Branch together with KPMG Ford, Rhodes, Thornton & Co. has organised an evening presentation on the topic of Islamic Financial Services. The event is scheduled to take place on Wednesday, May 27 at the Galle Face Hotel from 6 to 7.30 pm.

The event is aimed at better explaining a range of Shari’ah compliant financial instruments such as Sukuks, Murabaha, Mudaraba, Musharaka and Ijaraha which have attracted much attention in the global market place.

The interactive presentation will provide participants with an overview of the opportunities and challenges associated with the use of such instruments together with a brief overview of accounting and tax areas to be addressed when dealing with these products. 

The presenters are Reyaz Mihular, Partner and Head of Advisory of KPMG Ford, Rhodes, Thornton & Co. who formerly served on the International Board of the International Accounting Standards Committee and Suresh R.I Perera, Principal - KPMG Ford, Rhodes, Thornton & Co. 

The presentation is aimed at the membership of CMI, TMC and FCI as well as the general business community with a special focus on financial sector organisations. More details about the event could be obtained by contacting  the TMC Secretariat on 5860000 or via email: knowledgecentre@pslship.com

Public Bank nets four top awards

Public Bank topped this year’s Asian Banker Excellence in Retail Financial Services Awards Programme by scooping the highest number of awards for a single institution.

The four prestigious awards were “Best Retail Bank in Asia Pacific,”  “Best Retail Bank in Malaysia” for the sixth time,  “Best Deposits/Product Campaign,” and “Excellence in Automobile Lending in Asia.”

President and Editor-in-Chief of Singapore-based The Asian Banker, Emmanuel Daniel, flew in from Singapore to present the awards to Founder and Chairman of Public Bank, Tan Sri Dato’ Sri Dr. Teh Hong Piow, at a ceremony held at the Syuen Hotel, Ipoh on April 11.

Emmanuel Daniel in his speech said, “The fact that Public Bank has won this Best Retail Bank in Asia Pacific Award is a matter of considerable pride because Public Bank has won the award against the best of the best in the whole of this region. You no longer look at your other peers in Malaysia to compare how good you are — you are now in a new category.

“There are five reasons for your winning the award this year. Your bank exceeded all Malaysian banks and the nine regional players in five areas, i.e., financial performance, sustainability, transparency and strategy, risk management and the importance of a good brand in building your franchise.

“In the area of distribution, you scored the biggest gap among the nine top regional players in the area of channel and distribution, penetration and efficiency. When we talk about distribution, penetration and efficiency, we talk about branches and when we talk about branches, we are actually talking about you.

“You scored the highest profitability and ROE of 20% asset growth against the lowest non-performing loan portfolio of any retail bank in the Asia Pacific region. And very importantly — the ‘back to basics’ banking model that keeps faith with your customer base. Winning this award is important because never before in the history of this award programme has the award been won by a local bank in any country that we evaluate.”

In his acknowledgment speech, Tan Sri Teh said, “These awards are indeed a recognition of our people — ordinary people who pool together with one belief and one focus to achieve extraordinary results. We have only one agenda — that of the bank.”

He continued, “The world has been turned upside down by the global financial crisis. In such a scenario, a business banking model of ‘back to basics’ has proven to be viable and sustainable for Public Bank all these years. Going forward, we will continue to focus on our basic principles of prudent banking management and good corporate governance.”

Over 120 banks and financial institutions from 22 countries across the Asia Pacific, Gulf and Central Asian regions were evaluated as part of the Excellence in Retail Financial Services Programme.

Public Bank has won several awards and accolades for exemplary corporate excellence. This year alone, in addition to the four The Asian Banker awards, the bank has received 10 awards — four corporate governance awards and a “Best Managed Company” award from Asiamoney, the “Retail Bank of The Year - Malaysia 2009” award from Asian Banking & Finance, “The 4th Asia Pacific Super Excellent Brand 2008” award from Asia Entrepreneurs Alliance Worldwide, the “Best Emerging Market Bank in Malaysia 2009” award from Global Finance, and the “Best Brands in Financial Services (Banking)” and the “Best Brands in Philanthropy and Humanity” awards from Asia Pacific Brands Foundation.

ComBank ATMs dispense record Rs.11 bn in countdown to Avurudhu

The Automated Teller network of the Commercial Bank of Ceylon dispensed a record Rs 11 billion in the month leading up to the Sinhala and Tamil New Year, indicating the popularity and reliability of the bank’s ATM network and the growth of its ATM cardholder base, Sri Lanka’s benchmark private bank announced this week.

The bank said its 336 ATM machines in Sri Lanka, the country’s largest on-line cash dispensing system, processed 3.6 million transactions for the one month up to April 14, dispensing an average of Rs 367 million per day over the 30 days.

The Commercial Bank’s previous record for ATM withdrawals in a single month was Rs 10 billion in December 2008.

Commercial Bank’s Chief Operating Officer Ravi Dias disclosed that during the long week-end from April 9 to 14, nearly 900,000 ATM withdrawals had taken place, with the value of cash dispensed exceeding Rs. 3 billion.

“The logistics of delivering this service, including keeping ATMs loaded and keeping downtime low is a huge operation but all this is possible because of the superior software and the technical capabilities of the bank and the dedication of our staff,” Dias said.

Last year, Commercial Bank began issuing ‘instant’ over-the-counter ATM cum shopping/ debit cards to customers at the point of opening savings or current accounts. Commercial Bank’s customers are given the option of setting their own ATM withdrawal limits up to a maximum of Rs 100,000 a day, and a point-of-sale limit of up to Rs 500,000, provided funds are available in their accounts.

Established in 1969, Commercial Bank is Sri Lanka’s leading bank, with dominant positions in consumer banking, corporate banking, treasury and securities markets. The bank’s network covers 170 computer-linked branches and supermarket banking counters. The bank has been adjudged Sri Lanka’s  ‘Bank of the Year’ seven times by The Banker, a top notch global banking magazine and also rated the ‘Best Bank in Sri Lanka’ for 11 consecutive years by 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.

Union Bank profits up by 72%

Union Bank has recorded remarkable growth in its profitability for the year ended  December 31, 2008 with pre-tax profits increasing by 84% and post-tax profits posting a growth of 72%, compared to 2007.

These results were possible largely due to substantial increases in the bank’s earnings by way of interest and non-interest income. Net interest income increased by 50% whilst non-interest income comprising of commission and fee income and foreign exchange earnings improved by 19% YOY. The return on assets (ROA) shows a commendable 0.94% pre-tax, as against the preceding year’s comparative figure of 0.63%.

The bank also made admirable progress in enhancing its deposits and advances portfolio during 2008. Total customer deposits grew by 17%, while advances increased by 26% YOY. These growth statistics compare well with the industry growth averages.

The bank was also successful in attracting additional capital during the year, and successfully met the minimum regulatory capital requirements required by the Central Bank of Sri Lanka.

The Bank has a network of 14 well established branches located in the city of Colombo, as well as its suburbs such as Nugegoda, Moratuwa, Ja-ela and in other key locations namely Negombo, Kandy, Kurunegala and Matara, through which an extensive range of personal and corporate banking facilities and other financial services such as pawning and leasing are extended. 

Union Bank since its inception, has been a leader in IT driven banking solutions and branches are linked through a real time on line network.  Web based products such as bank roaming, internet banking as well as telephone banking are some of the facilities on offer to its customers.

In addition to its own network of ATMs, customers of Union Bank also enjoy the benefit of having access to Sampath Bank’s island-wide network of ATMs numbering approx. 160 at present for their local cash withdrawal requirements. Further, in view of the ‘Cirrus’ connectivity, customers are also able to withdraw from over a million Cirrus enabled ATMs locally as well as worldwide.      

Union Bank’s attractive and innovative deposit products include the ‘Piyawara’ Minors Savings Scheme, the ‘Weekly Interest’ Fixed Deposit Scheme and the recently introduced ‘UB Ultra Saver’ Account which gives the highest return on Savings with the convenience of flexible withdrawals through the ATM network. 

The bank also offers a unique cheque clearing facility which provides its customers the convenience of depositing their cheques for collection at any of the branches of the bank upto 4 p.m daily.

Union Bank focuses largely on lending to the Small and Medium Enterprises Sector (SME) and offers a full range of lending products including leasing facilities. Its personal credit facilities include competitively priced pawning services.

The bank’s highly respected Board of Directors headed by Chairman Ajita de Zoysa, consists of several commercial and investment banking professionals, leading legal personalities and successful entrepreneurs, as well as a member of the Royal Family of the Kingdom of Saudi Arabia.  The bank’s senior management was further consolidated recently with the engagement of several high caliber professionals in the fields of human resources, international business development, corporate finance and information technology. 

To chart a new direction for the future, Union Bank engaged the renowned business consultancy firm MTI Consulting to develop a Strategic Plan. This plan will position the bank as a niche player in the industry focusing on flexible and deliverable solutions coupled with speed and efficiency in pursuit of its thrust to be one of the key players in commercial banking within the next five years.

Seylan Bank pawning services in Katugastota

Seylan Bank Katugastota Extension Office recently commenced pawning services. Picture shows General Manager/ Chief Executive of Seylan Bank, Ajita Pasqual cutting the ribbon in the presence of Deputy General Manager Region IV, K. D. W. Rohana,  Manager - Pawning, Dinesh Jebamani and Officer-in-Charge - Pawning at Katugastota, Niluka Kumarage.

Two new directors for CDB

Ceylinco Development Bank (CDB) has appointed two independent directors,   Harindranath Gunawardena and   Namal Chrishantha Gomes, in facilitating the process of reconstituting its board of directors, a press release stated.

Harindranath Gunawardena holds a B.Sc. (Hons) degree from the University of Peradeniya, and a Masters in Information Engineering (M.Eng) from the University of Nagoya, Japan. He is a Member of the British Computer Society [MBCS], Computer Society of Sri Lanka, Institute of Management Sri Lanka and a Member of the Chartered Institute of Management Accountants (UK).

Namal Chrishantha Gomes holds a Bachelors Degree in Accountancy from the University of Sri Jayewardenepura and a Masters Degree in Business Administration from the Postgraduate Institute of Management (PIM), Sri Lanka. He is a Member of the Institute of Chartered Accountants of Sri Lanka (ACA), Society of Certified Management Accounts of Sri Lanka (ASCMA), and the Chartered Institute of Management Accountants (UK).

It is believed the appointment of independent directors will strengthen CDB’s board of directors and will enable the independent directors to head the sub-committees of the board. These appointments will reinforce the measures initiated by CDB to position itself as an independent institution directly regulated and supervised by the Central Bank of Sri Lanka.

CDB is expected to unveil its new logo next month (May) in line with its re-branding strategy. It has called an Extraordinary General Meeting (EGM) of shareholders on April 30, to obtain shareholder approval for its new name.

EDUCATION

After O/Ls?  Consider the smarter route to a university degree

It is that time of the year when we witness a cheery spirit amongst everyone. It is also that time of the year when the results of the O/L Examination are released and parents set about pondering further education for their children.

Many students tend to stick to the conventional approach and pursue the Advanced Level programme.  Focusing one’s attention on 3-4 A/L subjects over a period of two years, amidst constant visits to private tutors, is definitely the well-trodden path; however, only a minute percentage gets the opportunity to enter state universities this way.  After two long years, the vast majority find themselves at the end of a blind alley and are naturally disillusioned.

Nowadays, when it comes to choosing the route to your child’s university education, there are alternatives. One predominantly popular and well established path is through a fast-track Foundation Programme spanning a period of eight months. Not only does it provide your child with a head start in higher education, but it also equips him/her to face a challenging degree programme that lies ahead.

APIIT, a name synonymous with quality in higher education, offers a unique Foundation Programme designed to maximise your child’s achievement and to prepare him/her for the degree programmes at its City Campus. Quality assured by Staffordshire University UK, the programme takes advantage of a variety of approaches to teaching and learning including lectures, small-group tutorials, discussions and project work.

The curriculum of this intensive course has been conceptualised to nurture IT and Business capabilities in your child. The programme is not limited to just imparting mathematics and IT skills, but goes beyond conventional programmes to focus on teaching communication and language skills whilst also instilling a culture of professional outlook and behaviour; this facilitates a smooth transition of your child’s educational aspirations to the next level.

The standards of teaching at APIIT are second to none in the island. The highly qualified panel of full-time lecturers together with the visiting and part time lecturers from the state universities and industry provide a solid platform for your child’s educational pursuits. The constant guidance and feedback from their mentors ensures that your child reaches his/her full potential.

The APIIT City Campus is the best resourced in the island with modern facilities ranging from state-of-the-art computer laboratories to an IT enabled library service. The treasure trove of information in the library goes far beyond one’s expectations while the high powered workstations in the laboratories with free email accounts, wireless internet access and file storage ensures that your child will always stay abreast with the latest advances in technology.

As much as emphasis is placed on a comprehensive academic curriculum, the APIIT City Campus addresses the need for social interaction and recreational activities. Guided by their teachers, students take charge in putting their leadership and organising skills to use through sport, social and recreational events within and outside the campus, providing a wealth of exposure and experience and preparing one and all for the world of work.

Your child also has the luxury of going in for an internship to get a feel of what it’s like to be in the industry halfway through the degree programme. At the end of the degree programme, your child leaves APIIT not just as a graduate, but as a professional ready to take on the role entrusted by an employer or to set up his/her own company. Past APIIT graduates bear witness to this claim holding high profile placements in the industry and operating successful ventures.

While there may be no shortcuts to success, there certainly are smart ways to fulfil one’s aspirations. The APIIT Foundation Programme provides a fine opportunity to your child to obtain a highly acclaimed British university degree and launch on a successful career.

Education abroad made easy by Sakvina

Sakvina Institute of Higher Education (SIHE) is a limited liability company which facilitates students to obtain diplomas, degrees, and post graduate qualifications from reputed institutions in the United States of America and Singapore for the last two years.

According to SIHE, certificate level programmes, diploma programmes, and higher diploma programmes are conducted at the local level in the areas of early childhood education, information technology, and English enabling students to develop the requisite skills that global employers demand as well as to realise their aspirations.

Internationally SIHE provides a comprehensive career guidance service for prospective students who are interested in studying at internationally recognised education institutions and assists them in selecting programmes and institutions and in enrolment based on their education qualifications and resources.

“We maintain the highest quality of standards both in local and international services and offer Sri Lankan students the chance to gain an affordable quality education and the opportunity to experience the world. We accept prospective students who are interested in programmes conducted locally by our institution. We provide and advise prospective international students about the institutions that are recognised and affordable with the resources available to individual students and assist in enrolment to obtain their undergraduate and graduate education,” stated SIHE Managing Director, Moira Priyangani Perera in a media communiqué.

“We handle all aspects of recruiting, preparing and transporting students to the institution. We secure all documents, application forms and fees, transcripts and diplomas as well as exam results and package and forward them along with financial statements to the relevant institution. In effect, the labour, uncertainty and cost of recruiting and processing a student are removed from the equation of the particular institutions,” states Moira Priyangani Perera.

“SIHE carefully selects lecturers and academic staff based on their experience to ensure that the finest quality of education, knowledge and information are imparted to our students. Air-conditioned and fully equipped classrooms are available for the students. We have achieved significant success placing students in international institutions in the previous year and have since acquired the necessary access and contacts with various secondary and tertiary institutions in Sri Lanka that will result in a significantly larger number of students going to the USA through SIHE,” added Perera.

Singapore Informatics brings education to your desk top

Imagine, your are a programmer, with deadlines almost weekly or daily, working round the clock, which demands frequent late evening/nights of code churning and debugging and still you wanted a degree?

Picture you as a vice president/director of a multinational corporation, now you feel it is the right time for a MBA but with meetings today in Colombo, tomorrow in the Middle East and next day in Tokyo, a programme with fixed class room schedules does not suit you. So what are your alternatives?

Say you are not a senior executive but just after your A/L working for a BPO — a five day job but on a shift basis/roster basis; what about your higher studies? Are you going to take leave constantly for your studies or swap your shifts with your colleagues, if so for how long?

All this is not hypothetical in today’s knowledge economy; the work does not confine to the morning 8 to evening 5 routine when you work with multinationals or multinational companies across different time zones — some times you might find yourself telecommuting (working from home) or teleconferencing with your subordinate; for him it may be his work time but it can be your off time or vice versa. Finding time within a fixed work schedule in today’s context is extremely difficult.

The answer is e-learning. You may ask or wonder… is it just another form of distance learning? Of course it is.. but it is the ‘contemporary counterpart’ of distance learning. It has been able to change the whole experience of distance learning.

The pioneer e-learning provider in Sri Lanka, Singapore Informatics is a 100%-owned venture of Informatics Education.

Informatics Education is a leading training and education provider listed on the Singapore Stock Exchange. Informatics Holdings Limited is a world class institute for quality lifelong learning services and made the ranking among Forbes Global  200 Best Small Companies in the world.

Singapore Informatics started its e-learning degree programme way back in 2002. Today it is proud to say Singapore Informatics has produced hundreds of graduates and master degree holders. Singapore Informatics’ e-learning programme strength is basically driven from its supplementary industry competent lecturer panel, its infrastructure, its over-decade excellence in education apart from its core strength of being a partner of the world’s largest e-learning training provider PURPLETRAIN.COM

Singapore Informatics offers the e-learning mode degree programmes in both business and computing with leading universities like University of Portsmouth and University of Wales, etc.

PurpleTrain.com is the e-learning service provider which offers a one-stop service for business and IT education programmes, corporate training courses and education-related services.

By combining innovative technology with world-class training content, PurpleTrain.com offers companies and individuals a high value, quality and effective on-line training solution. Over 700 on-line courses are available, offering masters, degrees, diplomas and certificates in business and IT programmes. Its online learning community now stands at over 72,000 users.

PurpleTrain.com is a 100%-owned venture of Informatics Education.

Here are six reasons why you should study your degree programme at Singapore Informatics.

1.         Singapore Informatics pioneered e-learning way back in 2002 for Degree and Masters programmes in Sri Lanka

2.         It is not only e-learning, Singapore Informatics provides more direct contact hours with resource personnel/lecturers than some of fully taught programmes

3.         Globally every module is facilitated  by a facilitator through online chats, discussion rooms and private e-mails resulting in immense convenience and flexibility

4.         Rich variety of course materials – hard  copies and soft copies, PowerPoint slides, etc. accessible 24+7+365

5.         It is powered by PurpleTrain.com  the largest online training provider outside of USA

6.         In Sri Lanka at Singapore Informatics, through e-learning you will encounter only a fraction of the cost (less than 25 %) to get the same degree as you would get on campus.

Courses offered via Informatics Global Campus

University of Portsmouth Programmes:

•          BSc (Hons) in Computing

•          BSc (Hons) in Technology Management & Computing

•          BSc in Computing – 6 months Degree

•          MSc in Strategic Business and IT

University of Wales Programmes

•          BSc (Hons) in Business Administration ( Marketing)

•          Master of Business Administration

•          MSc in Business Information Technology

To meet a professional counselor to analyse educational prospects call over at the Singapore Informatics office at Second Floor, Liberty Plaza. Colombo 3 or call 2564796/7 4710650.

Ten facts you probably never knew about Leeds

Leeds is the most cost effective place to study in Britain and home to the UK’s second largest university with 30,500 students from over 130 countries. It is the UK’s most important legal centre outside of London and is also the UK’s second most important business and financial services centre.

The city of Leeds has been voted both the UK’s best university destination and sexiest city. The Rough Guide says Leeds is the UK’s best shopping destination. It is also the UK’s most female friendly city, has more public green space per head of population than any other city in the UK and has been voted the best city in the UK to live.

Small wonder that it is such a popular destination for students from all over the world. However, the richness and diversity, the long tradition and the academic strength of one of the Russell Group universities, the UK’s leading research-based universities, cannot be encapsulated in a mere list akin to the latest Top 10 pop hits.

To really get to know a destination and a university of this magnitude and stature, you need to visit, to look, to hear and to see for yourself. Sadly, a weekend away in the UK to attend an Open Day, for example, is beyond the means of most of us and impractical due to work and study commitments anyway.

A decent second best would be to hear first hand from their staff exactly what it’s like to study at the University of Leeds, what is the range of subjects available at Undergraduate or Post-graduate levels, what are the academic and social support systems that help ensure students succeed.

But exactly how often does a top UK university find its way to Sri Lanka to hold an Open Evening? Well, thanks to its unique partnership with 11 of the UK’s top universities, one college right here in Colombo has the connections to successfully invite such a university to come and tell us what it has to offer.

Whether you are considering the UK for a first degree or for post-graduate study, for direct entry after A/Levels or for advanced entry based on qualifications gained here in Sri Lanka; whether you are a student wondering where in the world to undertake your studies or a parent anxious to ensure your child makes a choice that will lead him or her down the path to success, Wednesday April 29 is a date to put into your diary.

At 6pm on April 29, at 308-310 RA De Mel Mawatha in Colombo 3, staff from the University of Leeds including the Director and the Regional Manager of University of Leeds South Asia Office are holding an Open Evening for potential students of all subjects and all levels, as well as parents and all interested parties such as guidance staff from schools and colleges.

Places are limited and advance registration is strongly recommended. Ensure you seize this rare opportunity to learn first hand what one of the UK’s top Russell Group universities can offer you or your child – call 0777 66 22 55 or 0777 73 00 73.

Scholarships from Taylor’s University College Malaysia

Taylor’s University College which is Malaysia’s leading private education instruction will be conducting a spot admission session on 27th April from 10.00 am to 2.00 pm.

Manager, International Marketing - Taylor’s University College will be available for a one to one consultation session and on the spot admission will be offered for those who have satisfactory education qualifications.

Students have the option of choosing a course from a wide range of courses such as Engineering, Hotel Management, Architecture, etc. offered at Taylor’s University College. Also students have the option of transferring to UK, USA for the final year.

Scholarships upto $5000 are on offer for those who have obtained above average education qualifications. Taylor’s University College is represented in Sri Lanka by Genuine Education Consultants, a leader education consultancy firm located in Kalubowila.

For prior appointments call 0115 749 743, 0774 588 693, 0715 927 501, 0757 051 656

Training for unemployed youth

The Ministry of Education announced recently it will provide workforce readiness training to thousands of Sri Lankan youth, thanks to funding from the Asian Development Bank. The Accelerated Skills Acquisition Programme will provide training using a specialised curriculum that targets unemployed youth, ages 15 – 25.

High unemployment rates for youth who do not enter university continue to be a national concern.  To better prepare young people to find jobs and be successful in their careers, the Ministry of Education considered a wide range of job skills programmes, eventually selecting the U.S. Agency for International Development (USAID) Accelerated Skills Acquisition Programme (ASAP), implemented by Creative Associates International, Inc. 

The Ministry of Education has chosen ASAP because of its success in working with young people, especially school leavers, and its strong relationships with the private sector.   ASAP’s close collaboration with the private sector has ensured that the training curricula teaches   the skills youth  need most to be successful in the workplace.

Under the Asian Development Bank funded Education for Knowledge Society Project (EKSP), Ministry activities are aimed at empowering selected students who have completed their Advance Level (A/L) exams and who come from economically disadvantage families.  

As part of the EKSP Career Guidance and Sisudiriya Stipend components of the project, ASAP will support the acquisition of  post-secondary, career-oriented soft skills that are essential for finding gainful employment, especially in the emerging ICT and service sectors of the Sri Lankan economy.  

EKSP intends to introduce innovative programmes that have been tested and have shown positive results in  local environments in line with government national programmes that are conducted as part of the Ministry’s  plans for their “ Year of Information Technology and English.”  

The ASAP Programme focuses on building “soft” skills such as English language and computer literacy training, interviewing skills, good work ethics, and productive attitudes. Curriculum designers worked closely with the private sector to develop training programmes so that youth were ready to step into the private sector successfully.  ASAP also linked trainees with employers and vocational training centers, especially in rural areas.

Tailor made MBA from ACBT

By Ashwin Hemmathagama

Do you believe that career development and thorough knowledge is the crux of the matter when it comes to education? Then the right choice is to pursue higher studies where Master of Business Administration (MBA) comes first in today’s context, followed by the quality education and reputable operations offered at the Australian College of Business and Technology widely known as ACBT.

ACBT works in association with Edith Cowan University of Australia which is the second largest university housing a 25,000 student population representing many nationalities and countries. It is a responsive and forward-thinking educational institution and a leader in the provision of professionally focused degree programmes. Maintaining these factors, Edith Cowan University in partnership with ACBT, offers customised Master of Business Administration programmes in Sri Lanka with ‘International’ branding.

“There are many places offering Master of Business Administration programmes and recognition happens to be in question when it comes to knowledge and employment opportunities in reputed companies. ACBT offers a tailor made MBA (I) programme which has no question in recognition or of knowledge and helps elevate the student to new heights.

“It is also mentionable that the monetary investment one needs to complete our MBA (I) programme is one fifth of what a student has to spend at other overseas institutions,” explained ACBT Marketing Manager, Sudash Liyanage.

MBA (International) at ACBT provides current and aspiring business professionals with the expertise to manage the challenges faced by business both now and in the future, being designed for those who want to extend and develop their knowledge and skills gained through previous study or work, start and/ or manage an own business, accelerate their career, and/or change career direction.

“ACBT works on a trimester system that has three academic semesters in one calendar year. Each trimester comprises 12 teaching weeks; one week each for revision and examinations. This system allows three (3) dates in which students may start their course at time of the year and possibilities to continue from the point they stopped which provides complete flexibility,” added Liyanage.

Edith Cowan University is an active member of various international university networks; Association of Commonwealth Universities, the International Association of Universities, The Commonwealth Universities Study Abroad Consortium, Multilateral Student Exchange Programmes, Australian European Network, UTRECHT Exchange Programme, and as part of the Australian Government regulations all courses offered at ECU are registered on the Australian Government Commonwealth Register of International Courses for Overseas Students (CRICOS).

Scholarship scheme for a British degree 

Many students who get through their A/Ls with sufficient marks to enter the university are unable to secure a place for themselves at state universities due to the fact that only a limited number is selected for the annual intake.  This leaves many students disappointed and frustrated as they are unable to realise their future aspirations of higher education. 

The Informatics Institute of Technology (IIT) offers a second chance for those students with adequate qualifications who have missed the opportunity to enter state universities through the unique scholarship scheme which enables them to obtain a degree in Software Engineering and Information Systems with Business Management from the University of Westminster, UK. 

This scheme is comparatively more cost-efficient than most other alternative higher education programmes offered by the private educational institutes at present and it helps the deserving students to receive an affordable higher education and it also fulfills a national need by producing qualified IT professionals for whom there is a big demand in the island today.

Associate Professor Alfred Perera said that this scholarship scheme has been especially designed for the benefit of those students who have done well at the A/L exam but have failed to enter a national university.  All applications for the scholarship scheme will be collected at one central location and out of these applicants a certain number will be selected for an aptitude test which will be conducted by an independent body. 

Those who qualify  through this test will have to face a viva voce.  This oral examination will test certain factors such as efficiency in using English language for effective communication etc.  The final selections for the scholarship programme will be made out of the students who pass through this viva process successfully.

The students who are selected for the scholarship programme will go through a full time four month programme that provides them with the skills and knowledge necessary to become a successful employee in the industry. 

By the time they complete this initial programme they will be qualified to become an intern in either IT or Business field.  A number of leading organisations in the island have been selected to sponsor these interns.  The idea behind this scheme is to produce professionals with an all round training who are suitable to be profitably employed by the industry. 

The scholarship scheme includes two operational modes.  In the first mode a student will receive full tuition fees for the entire programme from the organisation and in the second mode the sponsoring organisation will pay 75% of the student’s tuition fees and the balance 25% has to borne by the student.

The programme is conducted  over a period of five years and students are benefited by getting a chance to obtain a well recognised degree from the University of Westminster whilst gaining hands on experience working for a leading organisation which will furnish them with a high value in both local and foreign job markets.  The sponsoring organisation in turn will be benefited by securing the services of a properly trained and steady employee for the said five year period.   

The scholarship scheme will enter the student, the sponsoring organisation and the IIT into a tri-party agreement.  During the internship the students will have lectures on Friday afternoons and Saturdays.  The growing demand from many organisations for more interns shows how popular this scholarship programme is and this is because of the benefits they receive through the scheme. 

IIT, one of the leading sponsors of the scheme, has been running it with great benefits for the students and the industry itself, for 15 successful years.

Progressive Academy relocated to serve better

Progressive Academy (Pvt.) Ltd. is an organisation which has been facilitating students over a period of three fruitful years to obtain their undergraduate and graduate education in the U.S.A.

The organisation was formed with the inspiration of a representative of the Midwestern State University in Wichita Falls, TX, and has become their Exclusive Agent in Sri Lanka. Since then it has added many universities such as Southeast Missouri State University, Arkansas State University, California State University, Wichita State University and Cameron University and are in the process of adding more.

Out of the above mentioned universities, Progressive Academy has also obtained the exclusive rights to promote Southeast Missouri State University and Arkansas State University.

President / CEO of Progressive Academy, Janaka Herath affirmed that the organisation has achieved significant success placing the first 40 students in three semesters and have since acquired the necessary access and contacts with various secondary and tertiary institutions in Sri Lanka that will result in significantly large numbers of students departing to the U.S.A.  

“Our primary aim is to settle Sri Lankan students in U.S.A. universities with minimum bureaucratic hassles and less chances of error in the enrollment process and we are also known to be an expert in obtaining unmatched tuition fee reductions and other assistance packages offered by various institutions.

“Furthermore, we encourage our partner institutions in the U.S.A. to engage in joint or dual programmes with institutions in Sri Lanka so that it would be more beneficial and cost effective for students,” he said.

During the past three years, Progressive Academy has earned a good name in focusing on genuine students and also for providing a full service from application stage to settling students down in the U.S.A. along with fellow Sri Lankan students.

Progressive Academy which was based at Capital Mall, Thalawathugoda has now been relocated to No. 123, New Baseline Road (Kirulapone Ave), Colombo 5 to serve the public better. The contact numbers are 2514026 / 0773-057305 and for further details, you could log on to: www.progressiveacademy.net

Making their way in the world

“Some of the most important characteristics of a good employee are dependability, enthusiasm, honesty and interest in development of themselves and the company,” concluded the presenter, to the sound of applause.

No, this was not a training and development presentation at a rapidly-growing corporate organisation; nor was it a seminar at a lush hotel in Colombo. The presenter was not a highly qualified corporate trainer. This was a presentation made by a young girl of just 19 years at a session of English for Life, in a brightly-lit classroom in Borella on a Sunday morning.

What is English for Life?

Conceptualised and conducted by the John Keells Social Responsibility Foundation (JKSRF) in collaboration with Gateway, it is a programme that focuses on teaching Business English together with basic IT and career success skills to the 17-25 age group, i.e. students who are post O/L and post/pre A/L, and/or job seekers.

Launched in mid-November 2008, the programme is now in its third month. The rationale for this programme is to provide English and basic career skills to youth who have completed or in the process of completing their secondary schooling. As such, it aims to enhance the employment prospects of eligible youth who have been selected for the scholarship programme. The programme is also important in the context of the Government of Sri Lanka declaring 2009 as the year of English and IT education.

Director, John Keells Holdings PLC, Sumithra Gunesekera said, “It is widely accepted that English and IT knowledge provide a vital competitive advantage in today’s digital age, helping individuals become better communicators and enabling them to expand their knowledge and outlook.  As a leading corporate in Sri Lanka, we are only too aware of the importance of English and IT for employment today.

“At least a basic knowledge of IT and soft skills has become essential. It was in recognition of this need that John Keells Social Responsibility Foundation, in collaboration with Gateway, decided to launch the English for Life course this year.”

The initial advertisements calling for application drew over 3,000 applicants, out of whom 1,000 were awarded scholarships after a placement test, set by Gateway. The scholarships cover course fees, examination fees, text books and other course material. Intensive three hour classes are currently being conducted over a period of four months at 12 centres – Anuradhapura, Colombo, Galle, Gampaha, Kalutara, Kandy, Kurunegala, Nawala, Negombo, Panadura, Trincomalee and Wattala – on weekends, facilitated by the Gateway Language Centre. A separate class is also held for students of Siri Sariputta Maha Vidyalaya, Al Iqbal Muslim Balika Vidyalaya, Holy Rosary Sinhala Vidyalaya, Holy Rosary Tamil Vidyalaya, and T. B. Jayah Maha Vidyalaya (all of Colombo 2), who passed the placement test. These classes are held at Siri Sariputta Maha Vidyalaya.

“These classes are different,” said Chandi Lokugama (23). “I have been to a lot of English tuition classes, but this is the first class where the students are made to feel important. The teacher doesn’t just lecture – we do all sorts of exercises, so it is always interesting.”

Shihab Ahamed (23) added, “I have always been good in English grammar because that is what tuition classes have taught me. But now, I am also confident in speaking English.” The others agreed, adding that because the sessions are interactive and both the teacher and the student play a 50-50 role in the learning process, they are all speaking English more confidently. Since they also have a quite a few group projects and presentations, this helps to develop their team work skills.

English for Life is a natural step following the popular and successful six-month foundation programme and the two-year EdExcel Diploma offered previously under the John Keells English Language Scholarship programme. Since its launch in 2004, the programme has empowered over 1,500 youth in various parts of the island, from areas as diverse as Colombo and its suburbs, to Galle, Kandy, Matara, Bandarawela, Wellawaya, Ratnapura, Habarana, Vavuniya and Batticoloa.

The programme has benefited not only deserving school children, but also others who sought assistance, such as undergraduates of the University of Moratuwa and trackers at the Yala National Park. They have collaborated with Gateway in all these initiatives.

“We are glad to collaborate with John Keells Holdings in their ventures,” said Head,  Gateway Language Centre, Genie Gunawardhana. “English and IT education are critical to the development of a quality workforce in our country and such initiatives prove, time and again, that given the right methods of teaching, it is definitely possible to instil confidence in our youth; thereby not only enriching their personal potential, but also building greater capacity for Sri Lanka as a nation.”

BCAS Kandy students in social project

The British College of Applied Studies (BCAS), Kandy has identified a social work session through the involvement of the HND Students Union (HSU) to undertake a magnanimous project on building up a school, namely B/Yahalagamuwa Junior Vidyalaya that provides education from grade 1-10, that did not have the basic facilities because of its geographical location in the Uva Province.

This posed a lot of challenges to the students who were deprived of the basic facilities.

The HND Students Union undertook this noble project to improve the learning atmosphere, which they carried out for approximately two months and it was their total commitment and dedication that brought about the success of the project.

The facilitators Kithsiri Jayakody (Team Leader) and  Eranga De Silva (HND Coordinator) under the Director of the College, J.M. Niwas in association with the direct involvement of the HSU members, who collected the funds  plus other basics such as school bags, stationery, medi-packs and sports goods  to enable them to develop their academic and sports activities that were neglected.

With the project being completed just prior to the Sinhala and Tamil New Year the students of the B/Yahalagamuwa Junior Vidyalaya, staff and parents were overwhelmed and rejoiced at the effort put in.

This is just one social service activity project that students of Kandy BCAS have done in recent times, and look forward to many more in the future.

Career development opportunities for technologists

A long felt need in Sri Lanka on the Development of Vocational Training and Technical Education has been fulfilled by the enactment of the Parliamentary Act No 31 of 2008 on the University of the Vocational Technology  presented by the Minister of Vocational and Technical Training.

Though technical education has been in existence for over a century with the establishment of the first Technical College at Maradana in 1895 and vocational training has been in existence from the time of our forefathers, thousands of years ago, during periods of ancient civilization, career development opportunities up to degree level have not been available in a manner or  possible in many overseas countries, for those with aptitude, skills and competencies.

This progressive career development path would be quite different from the conventional system of university education where centralised admissions are done through the University Grants Commission (UGC). Furthermore, the type of university teachers at such a vocational and technological university would have to be quite different with the special practical and vocational emphasis.

The students who would be admitted to this university would be those who have undergone theoretical and practical education and training at the nine Colleges of Technology (one in each province), those who have pursued the National Vocational Qualifications and also to those who have acquired mid- level technological qualifications.

Recognition of Prior Learning (RPL) is a special feature together with bridging programmes for those who require theoretical and /or practical competency based training (CBT). While for technology, the degree would be awarded as the Bachelor of Technology B.Tech, another special feature of this university would be the production of the much needed technology teachers for the technical education institutes including the technology stream in the secondary school education. Such graduates would be awarded the B.Ed (Tech).

While technology graduates from this university and the engineering graduates from the engineering faculties of the conventional universities would complement one another in industry similar to the nursing graduates  and medical graduates in the health sector, it is expected that there would be a large saving in foreign exchange by reducing the number of mid level qualified technical personnel seeking this further education overseas, when such work oriented, quality university degree level tertiary education  opportunities are available locally.

(The writer, Vidya Jyothi Emeritus Professor Dayantha Wijeyesekera is currently Deputy Team Leader and Consultant, ADB Funded Technical Education Development Project of the Ministry of Vocational and Technical Training, Chairman, Standing Committee Tertiary & Technological Education and Member of the National Education Commission. He is a Former Vice Chancellor of the Open University of S.L. and University of Moratuwa and Former Chairman of Tertiary and Vocational Education Commission.)