Financial Times

Pakistani bank seeks Lankan entry
Pakistan-based Bank Alfalah Ltd owned by a Middle East businessman is planning to set up a branch in Colombo and is awaiting approval from the Central Bank. A Central Bank source said that the bank, financed by Sheikh Hamdan Bin Mubarak Al Nahayan from Abu Dhabi, is likely to get the license by May this year. "With the licence in hand they would be able to start operations by June," he said.

Bank Alfalah Ltd., incorporated in Pakistan in 1997, has expanded to Bangladesh, while awaiting the green light to operate in Nepal. In Sri Lanka, it will engage in commercial banking and related services concentrating mostly on consumer banking.

Presently there are three Pakistani Banks in the country - Habib Bank, Muslim Commercial bank and Union Bank Ltd., making Bank Alfalah Ltd., the fourth. There are also three Indian banks - State Bank of India, Indian Bank and Indian Overseas Bank. In Pakistan Bank Alfalah Ltd., operates 45 branches in 21 cities.

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