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India’s ICICI Bank exits Sri Lanka

ECONOMYNEXT – India’s ICICI Bank Limited has been given approval to close down its business in Sri Lanka’s capital Colombo, the island’s banking regulator said.

“The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the ICICI Bank Limited, India, has granted approval to close down business operations of ICICI Bank Limited in Sri Lanka and cancel the licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions,” the regulator said in a statement.

“Upon the Director of Bank Supervision being satisfied with ICICI Bank Limited complying with the terms and conditions imposed by the Monetary Board, the licence issued to ICICI Bank Limited to carry on banking business, will be cancelled with effect from 23 October 2020.”

In 2019, the central bank said both ICICI Bank and Axis Bank had applied to exit Sri Lanka.

India’s Axis Bank which entered the country in 2011.

State Bank of India, and Indian Overseas Bank has had operations in Sri Lanka for decades. (Colombo/Oct23/2020)

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  1. It’s a wise decision to leave because sustaining with just a branch in Colombo cannot attract business. The decades old State Bank of India, Indian Bank and Indian Overseas Bank too have very little businesses here and can’t justify being here. Gone are the days these banks had a market share especially with the Indian origin locals who patronized these Banks.

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