|
|
 |
 |
 |
 |
| Wednesday, 9 January 2002 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
MCB joins Indian Credit Line facility By Sarath Malalasekera Muslim Commercial Bank Ltd (Colombo Branches) has joined the Bank of Ceylon to grant credit facilities under the Indian Credit Line of US$ 100 million. A credit agreement has been entered into between the Government of Sri Lanka and the Government of India to lend a sum of US$100 million for the purpose financing imports from India. The Government of Sri Lanka has appointed the Bank of Ceylon as an apex bank in Sri Lanka to implement the loan facility. The Bank of Ceylon has entered into an agreement with the Muslim Commercial Bank Ltd (MCB) for disbursement of credit. Under this agreement, the Muslim Commercial Bank Ltd through its branches in Fort, Pettah and Maradana will provide lease facilities to purchase four wheel vehicles, garaged within the Colombo Municipal area which enables proper monitoring of lease accounts and periodical inspection of leased assets, MCB Senior Manager, K. Thurairajah said. The advances for the import of sugar, white flour, red split lentils would be the main component of lending by the MCB and the minimum margin for the establishment of letters of credit would be 10% of the FOB value. MCB is now the largest private bank in Pakistan with over 1,200 branches worldwide. In Sri Lanka MCB has branches in Fort, Pettah and Maradana. The Central Bank has given permission to open branches at Kurunegala, Galle and Cinnamon Gardens. These branches will be opened shortly, he said. MCB, Senior Manager, Nowsheri Khan, who is also the General Manager said the bank's aim is to become the preferred provider of quality financial service, with profitability and responsibility. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
