The ICICI bank, which is the largest private bank in India, is working to become the top foreign bank in Sri Lanka. The bank is the third biggest foreign bank in Sri Lanka. Prem Kumar Thampi, ICICI Sri Lanka country chief told the press in the next four to five years in the country the Bank is targeting a balance sheet of over $1 billion.
“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 started several schemes to attract more customers in the island country. The bank is giving 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 positioned at the second amongst the Indian bank sector and is 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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who said icic bank is the 3rd largest bank in sri lanka ? do you guys really think icic can competite with hsbc , citybank and the high tech sri lankan local banking network ? icic should improve a lot.
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