BoC expands operations in India, London
By Bandula Sirimanna
The Bank of Ceylon (BoC) is to diversify its operations in India and London to attract more foreign investment especially for the capital markets in Sri Lanka. Outlining new strategies of the bank, BoC Chairman Gamini Wickremasinghe told The Sunday Times FT that they will introduce new products and financial instruments to South Indian customers through the bank’s Chennai branch after fulfilling the adequacy requirement of Indian authorities.
The BOC plans to set up small branches and ATM centres under its financial operation expansion initiative in India. Wickremasinghe said that these measures will help the bank to expand the scope in various financial segments in South India. He said the bank is negotiating with British Financial Service Authority to expand operations of the BoC’s London branch as it is now operating as an exchange house for lending and trade financing activities. He said that Sri Lankan expatriates in European countries will be encouraged to invest in the country’s capital market as Sri Lanka is a good place to make investments.