The State Mortgage & Investment Bank (SMIB) has been directed by the Committee on Public Enterprises (COPE) to take the necessary steps to address its administrative shortcomings and become a competitive bank while staying true to its primary goals.
These suggestions were made last week when representatives from the State Mortgage & Investment Bank and the Finance Ministry were called before the COPE.
The current performance of the bank has been scrutinised, together with the audit report covering the years 2020 and 2021, by COPE chair MP Prof. Ranjith Bandara and the committee members.
The inaction on the proposals made at the last COPE meeting to build a new core banking system was brought to light. Assuring that these activities are underway, the SMIB executives committed to finishing them by July 2024.
The committee underscored the necessity of enhancing the bank’s commercial operations in order to augment its assets and attain a higher status. As a competitive bank, the COPE chair emphasised the value of maintaining a close relationship with the public while staying true to the bank’s primary goals. As a result, emphasis was placed on the necessity of rebranding the bank to create an appealing and inventive brand identity among the general public.
