The Case Study - Seylan Bank

35{ Chapter 4 }Reassuringthe PublicThe top priority of the Bank’s new board was to restoreconfidence through forthright and transparent communications.Seylan Bank not only survived the trying days that closed 2008, but did so ina way that was truly remarkable. Around the world, prominent banks draggeddown by the global financial crisis had been rescued with Government bail outs,either in the form of massive infusions of capital or, in a few cases, outrightnationalisation. By contrast, the express support of the Central Bank and amajor state-owned commercial bank was sufficient for Seylan Bank to quicklyregain its equilibrium and begin moving forward again, with no need for a fullfledgedfinancial rescue.The Full StoryIn mid-January Seylan Bank’s new board oversaw publication of acommunications vehicle entitled The Full Story, which was given wide nationalcirculation. Through a series of executive interviews and partner testimonials,the document affirmed the Bank’s status as an independently run entity thathad prevailed in challenging circumstances by adhering to a core set of soundbusiness practices. It also reinforced the Bank’s continued commitment tothe following “all regulations and compliance initiatives governing financialinstitutions instituted by the Central Bank, the Monetary Board and otherregulatory bodies.”Highlighting Seylan Bank’s strong fundamentals and traditionally highstandards of service, Mr. Pasqual, the Bank’s General Manager, delivered astrong message of pride, commitment and continuity: “Our customers havebeen our partners for 20 years, and we will be with you for the next 20 years andmore.” In a companion interview, the new Executive Chairman, Mr. Narangoda,underlined the professional credentials of the board and senior managementteam, as well as the expressions of solidarity from across the financial sector:“I have utmost confidence that the Bank can emerge from this situation.”