IOB plans to raise investments in Sri Lanka

IOB plans to raise investments in Sri Lanka

Colombo: Public sector lender Indian Overseas Bank (IOB) is planning to enhance its investments in Sri Lanka, a local media report stated.

Exploring the possibilities of widening its portfolio of investments in the country, which boasts of a large ethnic Indian population, IOB Chairman and Managing Director SA. Bhat met important functionaries during his recent visit to the country.

Bhat held meetings with Sri Lanka’s Central Bank governor Ajith Nivard Cabraal and discussed infrastructure projects, Daily Mirror reported. He also conveyed the bank’s plans to increase its investments in Sri Lanka, it added.

The CMD participated in a corporate customer meeting and had detailed interaction with CEOs of firms such as Dialog Telekom Ltd, Lanka Orix Leasing Co PLC and Ceylon Glass Company, Richard Pieris & Co Ltd, the newspaper said.

IOB in Colombo has earned an operating profit of 127.7 million Lankan rupees for the first half of current fiscal ending 30 September and recorded an impressive growth of 136% in assets during the last one year.

The Chennai-based bank plans to double its asset-base further in the coming two years and improve its market share in Sri Lanka. It wants to strengthen presence in the Treasury Market and introduce ATM and Debit Card facilities shortly, the daily reported.

IOB has over 1,400 branches in India and 6 branches abroad.