Banking and Finance

Sampath Bank to launch wealth mgmt. subsidiary

Sampath Bank PLC has received regulatory approval to enter the wealth management business through a wholly owned subsidiary, marking an expansion of the bank’s non-interest income activities, the bank disclosed to the market.

In a filing made in accordance with the Listing Rules of the Colombo Stock Exchange, Sampath Bank said the approval was granted by the Central Bank of Sri Lanka following a decision by the bank’s Board of Directors.

The disclosure noted that the proposed wealth management operations would be carried out through a fully owned subsidiary of Sampath Bank. However, the commencement of business activities remains subject to the subsidiary obtaining additional approvals, including regulatory clearance from the Securities and Exchange Commission of Sri Lanka.

Wealth management services typically cover investment advisory, portfolio management, and related financial planning services targeted at high-net-worth and mass affluent clients.

Source - The Morning