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| Tuesday, 16 July 2002 |
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Nations Trust Bank launches expansion program One of the youngest players in the banking industry in Sri Lanka, Nations Trust Bank has launched an expansion program. Backed by the triple A rated John Keells Holdings - Sri Lanka's biggest conglomerate, Nations Trust Bank is equipped with a highly advanced IT network. The bank has launched a program to add more value to its personal and private banking portfolio with the proposed buy over of Deutsche and American Express banks' local operations. Being a relatively young bank, Nations Trust Bank has proved that it has the capability and potential even to operate banking units already managed by foreign banks, a bank spokesman said. Accordingly, Nations Trust Bank hopes to take over the personal banking unit of Deutsche Bank from the middle of this month. The Deutsche Bank's retail customer portfolio is worth over Rs. 1 billion. The deal is almost finalised and awaits Central Bank approval, according to a bank spokesman. Deutsche Bank has already informed its retail customers that the business will be transferred to Nations Trust Bank shortly. The Nations Trust Bank has also employed several senior bankers who had worked with the Deutsche Bank before. This arrangement will be an added advantage, the spokesman said. "Moreover, these customers consider Nations Trust Bank as a strong local bank with a sound footing," he said. The Nations Trust Bank'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. Nations Trust recently took over the customer portfolio of the Kandy branch of the Standard Chartered Grindlays Bank (SCG) recently. |
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