Related party disclosures as required by the Sri Lanka Accounting Standard - LKAS 24 on ‘Related Party Disclosures’ are detailed in Note 55 to the Financial Statements on pages 310 to 315. In addition, the transactions that have been carried out in the ordinary course of business in an arm’s length basis with entities where the Chairman or a Director of the Bank is the Chairman or a Director of such entities, are detailed below:
* Currencies not specifically mentioned are in LKR
** LKR equivalent amount
*** 1) Visual Computing Systems (Private) Limited (A company belonging to Informatics Group) has been appointed to provide maintenance support on Tandem server and the said company has transferred their ownership rights to its principal, Informatics (Private ) Limited.
2) Bank has called for quotations from Informatics (Private) Limited together with Infrasoft Technologies Limited, 3i Infotech Limited and DMS Software Engineering (Private) Limited to obtain an Anti Money Laundering (AML) software solution on Standalone Model basis.
3) Two Drive through ATMs have been purchased from Informatics (Private) Limited.
* Currencies not specifically mentioned are in LKR
** LKR equivalent amount
*** Ceybank Asset Management Limited is the managing company of the above unit trusts.
