Two banks eye overseas expansion and local growth next year
At least two local large private banks have set their radar on expansions with a keen interest in growing their local operations on the back of optimism of robust economic growth next year.
The Commercial Bank has big plans for next year, in terms of expansion and more products, Commercial Bank Managing Director / CEO Sanath Manathunge told The Sunday Times Business noting that the bank is eyeing overseas expansion and further growth opportunities on the island as well.
“We are quite optimistic of the economic revival in the country next year. Due to this revival and growth, we have large plans for the bank next year,” he said. Commercial Bank already has a large operation in Bangladesh, Commercial Bank Bangladesh, which represents 30 per cent of the group profits.
Mr. Manathunge added that commercial banks are eyeing further growth opportunities in Bangladesh and Maldives. Commercial Bank is also looking at banking as a service option for overseas expansion. This is where the bank opts to run smaller banks in other countries.
Mr. Manathunge also noted that the African market is also very exciting and that Commercial Bank is looking that way as well.
Damith Pallewatte, Acting CEO HNB, told The Sunday Times Business that the acquisition of Bank Alfalah’s Bangladesh operations will possibly be concluded within the first half of next year. It is a non-binding offer to buy Pakistan-owned, Bank Alfalah’s Bangladesh unit and is now conducting due diligence, and updating regulatory approvals from three regulators before the acquisition is completed.
Mr. Pallewatte added that apart from this, HNB is also looking at two other markets to set up operations. They too, he said, are non-binding offers.
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