Indian
Bank expanding in Lanka as profit zooms
20 March 2007
Mumbai:
Indian Bank, which has gained immensely from the growing
India-Sri Lanka trade, is planning to expand operations
in Sri Lanka, taking advantage of the over $2 billion
of bilateral trade between the two nations.
Gross
profit rose to Rs17.9 crore from Rs13.7 crore for the
nine months ended December last year as the bank marked
its 75th anniversary.
"We
benefited a lot from an increase in bilateral trade
between both countries," chief executive K Raghavan
said on the sidelines of a official ceremony marking
the 75th anniversary of Indian Bank's operations in
Sri Lanka.
Pending
a formal CEPA deal, Sri Lanka has agreed to extend "national
treatment" to Indian banks and allow them to employ
up to six expatriate staff
With
35 employees manning a single branch, Raghavan said
the Bank plans to expand operations next year.
"The
Colombo branch is being automated and will be linked
to all our Indian branch networks and our offices in
Singapore within the next three months," Indian
Bank's chairman and managing director K C Chakrabarty
said.
Besides
Indian Bank, ICICI Bank, Indian Overseas Bank and the
State Bank of India have operations in Sri Lanka. UTI
Bank has also sought a commercial banking licence to
start operations in Lanka.
India
and Sri Lanka are exploring avenues to deepen the existing
trade pact under a comprehensive economic partnership
agreement (CEPA).
Other
reports on Indian Bank
