Sri Lanka, Jan. 28 -- Sampath Bank PLC announced that it has received approval from the Central Bank of Sri Lanka to enter the wealth management business through a wholly owned subsidiary.
In a formal disclosure to the Colombo Stock Exchange yesterday, the bank stated that while the banking regulator has given the green light, the commencement of operations remains subject to the new subsidiary obtaining necessary clearances, including regulatory approval from the Securities and Exchange Commission of Sri Lanka.
This strategic move aligns with the long-term vision articulated by the bank's leadership to diversify revenue streams and deepen its footprint in the high-net-worth segment.
In the bank's Annual Report for 2024, Chairman Harsh...