About the Bank

Co-operative Society of Sri Lanka is the oldest continuously operating minority-owned society in the nation began operations in 1911, and Co-operative Bank began operations to strengthen it more. A survivor of many years of turbulence, its success is a rich testimony of the vision, dedication and uncompromising commitment to provide superior and competitive products and services. We take pride in our longevity, accomplishments and future aspirations.

The Directors, Management and Staff of the bank continue the tradition of providing quality services through innovative methods. As a community minded bank, we focus on offering friendly and efficient service to satisfy our many loyal customers and to increase our customer base. Today, the bank is a sound financial institution that has become an integral part of the total community.

The way forwards for this bank involves focusing on growing the business by maximizing client satisfaction through expanding client base and transaction volume. Customers' satisfaction is the driving force of our growth therefore we are always concerned about customers' need and look to facilitate them further in banking transactions. In addition, our effective and diversified approaches to catch hold of the market opportunities are a continuous process to accommodate new customers by further developing and expanding our products and services.

Corporate Profile

Registered Name - Sanasa Development and Savings Bank Limited.

Legal Status

The department of Co-operative development was established in 1930 and the movement developed gradually under state sponsorship and it was felt that an organization at the Apex level was in need for the expansion of collective views on matter of Co-operative policy, education, training, extension and publicity. So the Co-operative federation of Ceylon was established in 1955 with the above views.

In 1970, primary consumer and fisheries societies were amalgamated by the appointed Royal commission who look into matters dealing with Co-operative movements in 1968. Therefore economically viable larger units and emerged as multipurpose Co-operative society.

On the 26th of July 1972 the Co-operative federation of Ceylon was re-established as a result of the re-vitalization and reorganization of the federation. National Apex organization is the new institution of the Co-operative movement nationally and internationally.

The present legal enactment is the Co-operative Act No. 5 of 1972. With the 13th amendment to the constitution of our country and the activities of the Co-operative movement was decentralized and the provincial Act No. 42 of 1987 resulted in a devolution of power to provincial councils. Consequently the NCC was also decentralized.

Sanasa Development and Savings Bank is a public listed bank incorporated in Sri Lanka licensed by the Co-operative Act. No. 5 of 1972 passed by a cabinet approval of the parliament of Sri Lanka. The bank is authorized to accept deposits from the public and also a credited agency under the mortgage Act. and trust receipt ordinance No. 5 of 1972. Sanasa Development and Savings Bank also functions as a financial leasing establishment n terms of the finance leasing act No. 5 of 1972.

Accordingly the Sanasa Development and Savings Bank falls within the regulatory regime of the Central Bank of Sri Lanka like any other commercial bank in the country.

Bankers -
Bank of Ceylon
Peoples Bank