India’s Axis Bank, ICICI Bank to exit Sri Lanka

ECONOMYNEXT – India’s Axis Bank and ICICI Bank, will exit Sri Lanka, the island’s banking regulator has said.

“The Central Bank of Sri Lanka has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks,” the regulator said.

“Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from the general public.

“The licences issued to them will be cancelled once the winding-up operations are completed.”

Axis Bank entered Sri Lanka in 2011 amid strong prospects for growth after the end of a 30-year war.

State Bank of India, Indian Overseas Bank and Indian Bank has had a presence in Sri Lanka for decades. (Colombo/Dec30/2019)

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