The Case Study - Seylan Bank

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54The Case Study > Seylan Bank PLC Annual Report 2009Changes, large and small, are evident everywhere at Seylan Bank. Fromthe launch of a Titanium MasterCard, to the relocation of a branch to moreattractive premises, to an ambitious new programme that will make all branchesmore customer-centric - in every respect the Bank is moving forward, propelledby a commitment to innovation and quality service that one twist in the road,however alarming, was not going to stop.A Case for the FutureWhat is the ultimate lesson to be drawn from the crisis at Seylan Bank? Thereare probably as many as there are pages in this case study. But if we had to boilit down to one, it would be this: The ultimate decision-maker in any business is,without question, the customer.It was a sudden, plummeting loss of customer confidence that broughtSeylan Bank to the edge of catastrophe. And it was a longer-term failureto uphold the core values of the customer relationship - trust, integrity,transparency, accountability, respect - that created the climate of uncertainty inwhich such a precipitous fall could happen so easily.No other bank in the world has weathered such a run without a bailout. An investigative team from the International Monetary Fund, followinga recent visit to Sri Lanka, commented that it was a miracle Seylan Bank hadsurvived. The fact that the Bank did survive and, a year later, is poised to growstronger than ever, comes down to the same powerful single factor that almostbrought about its demise: customer confidence. That is the one investment,more fundamental than the deepest cash reserves, that no financial institutioncan take for granted.Through the swift action and judicious planning of its new board, SeylanBank was able to secure the savings of its depositors and protect the interests ofits shareholders while also safeguarding thousands of jobs. These successes inturn helped ensure the economic stability of the entire country.In the final analysis, though, every practical remedy and processstep reviewed in these pages is ultimately directed at one basic goal - givingcustomers all that they need to believe in the value of a relationship. This is thefundamental business case that The Case Study has tried to illuminate. It is thegrassroots truth at the heart of ‘The Bank with a Heart.’ And it is the lessonlearned that Seylan Bank carries forward as it builds a healthy and sustainablebusiness for the future.
55BENCHMARKS OFSUCCESSThe ultimate measures of Seylan Bank’s return to stability andgrowth are the financial and operational results for 2009.Financial Highlights .............................................................................. 56Management Report .............................................................................. 57Risk Management Report....................................................................... 63Corporate Governance Report................................................................ 75Sustainability Report............................................................................ 105Financial Reports................................................................................. 117AppendixProfiles of the Board of Directors (228), Senior Management Team (230), Ten Year Summary (232),Summary of Performance Indicators (233), US$ Accounts (234), Investor Information (236),Branch Network (241), Geographical Analysis (243), Glossary (244), Corporate Information (245),GRI Compliance Index (246), Subject Index (248), Notice of Meeting (249), Sinhala Translations (250),Tamil Translations (252), Form of Proxy (Enclosed)
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The Case Study - Seylan Bank

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