ICICI targets to become Sri Lanka’s top foreign bank

ICICI targets to become Sri Lanka’s top foreign bank
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First Published: Thu, Jan 17 2008. 03 22 PM IST
Updated: Thu, Jan 17 2008. 03 22 PM IST
PTI
Colombo: The ICICI bank, which is the largest private bank in India, is now aiming to become the top foreign bank in Sri Lanka. The Bank is targeting a balance sheet of over $1 billion within the next four to five years in the country, Prem Kumar Thampi, ICICI Sri Lanka country chief told the PTI.
“We started our bank in Sri Lanka with $25 million and today we are the third biggest in the Island country with $280 million,” Thampi said.
ICICI, as part of its expansion plans, is also working with the Securities and Exchange Commission.
“This year, other than branch expansion work, we are working with the Central Bank to introduce a Commodity Exchange Centre for commodities,” Thampi said.
The bank has also initiated several schemes to attract more customers in the island country. These include a special offer of sanctioning loans within two days and the offer of early settlement of loans with a 100% interest rebate and minimal foreclosure charges.
ICICI bank is India’s second largest bank and the largest private sector bank with over 50 years of presence in financial services and with assets of Rs3,649.44 billion (about $92.16 billion) as on September 30, 2007.
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First Published: Thu, Jan 17 2008. 03 22 PM IST
More Topics: Sri Lanka | ICICI | Balance Sheet | Foreign | Thampi |