The Sri Lanka Savings Bank Limited (SLSBL) was conceptualized by His Excellency the President Mahinda Rajapaksa and established incorporated in July 2006 under the Banking Act and incorporated under the provision of the Companies Act. The Sri Lanka Savings Bank commenced business on March 10, 2008 as a state owned Licensed Specialized Bank. The year 2010 was a significant year for the SLSB as the bank was able to meet the deficiency in capital funds on September 30, 2010 with the merger of National Development Trust Fund (NDTF) Company
A company limited by guarantee with SLSB and transferring of assets and liabilities of the defunct National Development Trust Fund to SLSB in terms of a decision taken by the Cabinet. The limitations in the Articles of Association and shortage of capital funds hampered the progress of the Bank. However, after the amalgamation with NDTF, the Bank’s capital base has improved. Further the Articles of Association have been amended and therefore, the Bank is in a position to play a vital role as a fully fledged licensed specialized bank and add value to national development.
The major operations of the SLSB are deposit mobilization, granting of loans (Microfinance/ commercial credit).The amalgamation with National Development Trust Fund (NDTF) the lending limitations embodied in the Article of the bank were rectified and the bank commenced its lending activities in 2011. In addition bank has obtained leasing and pawning license in 2012 and commenced leasing and hire purchase businesses in February 2012. Further, the CBSL granted approval to open three new branches in Mathara, Mannar and Anuradhapura.