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Nations Trust Bank will add more value to its personal and private banking portfolio with the proposed buy over of Deutsche and American Express banks' local operations.

Nations Trust which has embarked on an aggressive expansion program through acquisitions has almost finalised the arrangements to buy over the personal banking unit of the Deutsche Bank and is expected to manage its retail customers from July 12, informed banking sources told the Daily News.

"The Deutsche Bank's retail customer portfolio is worth over Rs. 1 billion. The deal is almost finalised and awaits the Central Bank approval", a senior official for the Nations Trust Bank said.

Deutsche Bank has informed its retail customers that the business will be transferred to Nations Trust shortly. "Response over the change of the management from the customers so far has been good as they consider Nations Trust as a strong local bank with a sound footing," the official said.

Nations Trust has also employed several senior officials who worked with the Deutsche before and they will be of assistance to Deutsche customers.

The Nations Trust's acquisition will be part of its business development program on Corporate, Retail and Investment banking sectors.

Accordingly, the bank is also exploring the possibility to take over American Express Bank's local operations. "The discussions so far have been fruitful and this deal too is subjected to the Central bank approval," the official said.

The Nations Trust last week took over the customer portfolio of the Kandy branch of the Standard Chartered Grindlays Bank (SCG).

The SCG decided to close operations in Kandy so that greater emphasis can be placed on developing the Consumer Bank in the Greater Colombo area. 

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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