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India’s Axis Bank exits Sri Lanka

ECONOMYNEXT – India’s Axis Bank has been given the approval to close its operations in Sri Lanka’s capital Colombo and exit the country, the island’s banking regulator said.

“The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the Axis Bank Limited, India consequent to a policy decision taken in 2019 on its global operations, has granted approval to close down business operations of Axis Bank Limited in Sri Lanka and cancel the licence issued to it…,” the regulator said.

“Upon the Director of Bank Supervision being satisfied with Axis Bank Limited complying with the terms and conditions imposed by the Monetary Board, the licence issued to Axis Bank Limited to carry on banking business, will be cancelled with effect from 30 October 2020.”

India’s ICICI Bank has also exited Sri Lanka.

India’s Axis Bank entered the country in 2011.

State Bank of India, and Indian Overseas Bank has had operations in Sri Lanka for decades. (Colombo/Oct30/3030)

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