ISSN: 1391 - 0531
Sunday, December 03, 2006
Vol. 41 - No 27
Financial Times  

ComBank soon in Australia, Canada

The Commercial Bank of Ceylon is gearing to venture out to Australia by next year with plans to go to Canada in the long run, officials at the bank said.

“We are planning to set up ‘remittance houses’ in both Australia and Canada. There is a firm commitment to go to Australia next year, but going to Canada might be the following year,” one official told The Sunday Times FT.

He said that in both these countries, there is a strong local base and the remittance houses will be profitable ventures. “In the long run, we plan to develop them into fully fledged branches.”

The bank was also actively exploring the possibility of organic growth in India through small acquisitions or possibly as a joint venture with another local bank there, but is awaiting a solid commitment on the Comprehensive Economic Partnership Agreement (CEPA) negotiations between India and Sri Lanka.

 
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Copyright 2006 Wijeya Newspapers Ltd.Colombo. Sri Lanka.