The State Mortgage and Investment Bank (SMIB) celebrates its milestone 90th Anniversary on 6th December 2021.
SMIB was initially incorporated as the Ceylon State Mortgage Bank (CSMB) on 6th December 1931. The Bank was founded by amalgamating the Ceylon State Mortgage Bank and the Agricultural and Industrial Credit Corporation under the State Mortgage and Investment Bank Law No. 13 of 1975. SMIB commenced its operations on 1st January 1979 and was granted the License to operate as a Specialized Bank by the Central Bank of Sri Lanka on 27th April 1998 in accordance with the Banking Act No. 30 of 1988. The Bank bears a proud history of continuous growth and successful steering through the years, while earning a unique identity as the ‘Housing Bank to the Nation’. SMIB has continued to pioneer the mortgage-backed lending sphere in the country while meeting the housing financing needs of the nation throughout its rich history of 90 years.
Commenting on the significant milestone of the Bank, the Chairman of SMIB, Dr. Udayasri Kariyawasam said, “we are extremely pleased and proud to have completed 90 years of service as one the leading housing financiers to the nation. Over the years, SMIB has grown in leaps and bounds while transforming the lives of many and fulfilling the housing dreams of the people of Sri Lanka. The success of the Bank thus far has been built on the dedication of our employees and the common vision we share to serve the nation and its people with the best possible financial solutions. I take this opportunity to thank our employees, well-wishers and customers for being a part of our journey of success over the years. With the novel possibilities available with the digitalization of the financial services industry, the next phase of growth for SMIB is both prospective and exciting. I wish to invite our stakeholders to be a part of our growth and journey of success in the years to come.”
With the expansion of the Bank’s operation over the years, SMIB has today strengthened its position by extending its product portfolio well beyond the main proposition of mortgage loans in a bid to meet the varied banking needs of customers. With the introduction of the Passbook Savings account in October 2001, the Bank has broadened its product scope to offer fixed deposits and savings products that are tailored to the varying needs of retail banking customers while continuously fortifying its mortgage backed housing loan offerings to become one of the sought-after housing financiers in the country.
Commenting on the 90th Anniversary milestone of the Bank, Acting General Manager / CEO of SMIB, Mr. Lushantha Ranasinghe added, “At this significant juncture, we are pleased to state that SMIB has been in the forefront of fulfilling the housing dreams of Sri Lankans for nine long decades. The Bank has a strong market presence in the lending business and has touched the lives of a broad customer base with extensive lending schemes including housing financing, mortgage-backed loans and specialized lending schemes for SME businesses. SMIB has established its position as a specialized bank and as a leading financier to not only individuals but also to numerous government institutions and projects, thus being an active enabler of national development programmes throughout its 90-year existence. We also take pride in pioneering specialized products catering to key customer groups with customised solutions such as the Pensioners’ Loan schemes and special EPF loan scheme which make borrowing more affordable to all. In addition to its core focus on lending, the Bank has strengthened its portfolio with savings and deposits products, with special focus on children’s savings products as well. Enabled by technology and digital possibilities presented, we will continue to strengthen our position as a banking partner to the nation and its people in the years to come.”
Having recognised the importance of the Small and Medium Enterprises (SMEs) for national economic development, the Bank follows an inclusive financing strategy to strengthen SMEs in various industries with cost-effective financing options and advisory services.
The Bank delivers its services via a network of 25 branches in strategically identified locations island-wide. In its next phase of growth, SMIB will seek to enhance its branch presence with digital-enabled touch points that will create greater convenience and accessibility to customers, while delivering tailored financial services designed to meet the emerging financial requirements of Sri Lankan individuals and businesses.
