Sampath Bank is considering an insurance subsidiary, pushing the service through its branch network. The bank’s Managing Director Anil Amarasuriya on Wednesday said that the projects was in its conceptual stage and would need approval from its board of directors along with other regulatory approvals.
Venturing into the insurance business is considered a natural progression of the bank’s diversification in the financial sector.
The insurance business will be set up as a separate arm of the bank’s business.
Sampath recently also ventured into leasing and factoring as part of its diversification strategy, setting up a fully owned subsidiary.
The bank’s lease portfolio stood at Rs.
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2.2 billion at the end of the march financial year.
Meanwhile, HNB Stockbrokers in a recent report said that the bank was also looking at stepping up its regional presence increasing its stake in Lanka Bangla Finance Limited to 31% from the current 15%, once the Bank receives the required regulatory appro