Deutsche Bank signs collection deal in Sri Lanka

Sampath Bank will act as cash and cheque collection agent for the German bank''s cash management customers.

Deutsche Bank has signed a partnership agreement with Sampath Bank in Sri Lanka, increasing its cash management coverage in South Asia.

The deal will see Sampath Bank, which has 64 branches located throughout the country, act as a cash and cheque collection agent through its branches but also through its online banking system. At the same time, Sampath Bank will extend financing facilities to the dealers and distributors of Deutsche Bank's customers to improve working capital management in the country.

The agreement is designed to speed up the turnaround time for cheque clearing and cash/cheque pick up and also to improve the visibility of transactions. Information on collections made by Sampath Bank will be available to Deutsche Bank customers through its internet banking platform, db-direct.

Sampath's CEO and managing director, Anil Amarasuriya, says the bank will use the alliance to cross-sell services. "We see this as a cross selling opportunity to offer our services, particularly the provision of dealer financing, to another target customer segment," says Amarasuriya. "Additionally, with more transactional volumes moving through our branch network, we will be able to optimise our online capabilities."

Deutsche Bank's chief country officer and head of cash management in Sri Lanka, Stefan Mahrdt, says the agreement will improve the efficiency of the bank's cash management services in the country. "This translates into improved cash flow and convenience for our customers and their dealers."

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