Business Times

Bank of Ceylon to open 31 more branches in the North and East

By Bandula Sirimanna

The Bank of Ceylon (BoC) will be opening 31 more branches shortly in the North and the East, each focusing on small and medium enterprises . Bank Chairman Gamini Wickramasinghe told the Business Times there was a huge demand for banking services in the post-conflict period. He said that, the Sri Lankan government expects more foreign exchange to flow into the country to develop the devastated provinces, especially from the Sri Lankan Diaspora.

The openings will include more branches in each province to provide microfinance services, as well as nine ATMs in the North, seven ATMs in the East, and 11 mobile units. He disclosed that the bank intends to motivate Sri Lankan expats to leverage their contributions towards national development through remittances.

A special focus area would be Europe, he said. Highlighting the macroeconomic importance of worker remittances, Mr Wickramasinghe said that a major portion of Sri Lanka's trade deficit was financed by remittances.

The BoC chairman said that the grassroots savings groups the bank has set up across its network will provide a platform to serve the microfinance sector. The bank provides small farmer credit, livestock credit linked to insurance, micro enterprise credit, inland marine fisheries credit, and assistance for milk production. He said that the bank took an initiative to send 10 milch milk cows to the north by train for farmers in the area as a goodwill gesture.

Plans are under way to open 10 more BOC branches in each province to provide microfinance services.
He noted that Sri Lanka’s microfinance sector faces both opportunities and challenges going forward.
However, he pointed out that there were weaknesses in this sector including substandard portfolio management and financial sustainability, a poor level of microfinance specialization, and widespread public-sector involvement in credit delivery.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
CSE will remain small market
SLIC gets Central Bank sanction to buy over 10% of NDB
CB/EPF stakes in banks: Conflict of interests?
Top banks, Indian firm aim for broking licenses
No passengers to Jaffna? Airlines withdraw
Finance firms may not be attractive in the long –term
Change at the top
Comment - New strategy to attract investments
Feature - Longevity risk: Death of retirement?
Feature - Additional income from rubber plantations and new carbon negative concept
Singer rebrands to ‘Singer Homes’ from ‘Modern Homes’
Derivatives anideal product in post-war economy
Seylan Bank AGM held on Friday
5,000 kgs of tea withdrawn from domestic market last week
UNP puts its economic view online
Computer firm Ezy aims to raise Rs 100 mln by 2015 for its new racing segment
SL Convention Bureau promotion in the Far East
Hedging Cases: Deutsche Bank claim in international arbitration in July
Knowledge Conglomerate to launch ventures
DHL Keells positive on Sri Lankan growth
Credit Card helps eliminate risk in carrying cash
Globalisation led to 'knowledge economy' : Chief Justice
Solid response to NTB’s 2010 warrants (shares)
Sri Lankans have limited access to their own seas-industrialist
AMW Obtains IMI Accreditation – first in South East Asia
Taj Hotel group opens regional skills centre in Colombo
SLT ranked number one in Top 10 competition
HSBC cash for special clients thro’ Keells Super
Sri Lankan economy set to grow –Asian investors told
Fiscal deficit causes IMF to delay loan
Groundwork of pruning the cabinet gets underway
Bank of Ceylon to open 31 more branches in the North and East
Lumiére Residencies receives CMA certification
IFS signs US-government prime contractor Sabreliner
Eight Kurunegala poultry farmers receive assistance
Israel to 'enhance' economic ties with SL
Heritance Ahungalla organises Six-a-Side Beach Cricket Tournament
Dialog receives award for M-waste Management
Corporate climate responsibility - Case for a green economy
Former Malaysian PM Mahathir here in June for business event
Only 0.14% of SL GDP towards R&D, others 1.5%
Column - The office: Paperless and work on the move
New SKAL committee
Fitch affirms rating on Singer
Lanka Ceramic sales pick up after showroom upgrade
Global Finance picks Commercial Bank as Sri Lanka’s best for 12th year in a row
Oracle solutions for mid-sized Sri Lankan companies

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution