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Nations Trust Bank made local banking history yesterday when they took over the commercial banking and foreign exchange operations of international banking giant American Express Bank (AEB) in Sri Lanka, having successfully negotiated its purchase.

Nations Trust Bank, a public quoted company backed by three main shareholders, the premier local blue chips John Keells Holdings and Central Finance Co. Ltd., as well as the International Finance Corporation (IFC) of the World Bank, opened this latest addition to their banking operations at Dharmapala Mawatha, Colombo 7, in the presence of chief guest the Governor of the Central Bank A.S. Jayawardene, Chairman Vivendra Lintotewela and directors of Nations Trust Bank.

Nations Trust Bank which has embarked on a dual strategy of expansion through acquisition of related strategic businesses and branch openings operates 16 state of the art branches in strategically important locations. The Bank's acquisitions include Standard Chartered Kandy Branch , Waldock MacKenzie Ltd., Deutsche Bank retail operations and now Sri Lanka's commercial banking business of American Express Bank.

The majority of AEBs staff would be part of the Nations Trust Bank's team thus ensuring continuity of operations and service to their clients, with AEB Sri Lanka transferring all its commercial banking assets and liabilities, including customer facilities and deposits to Nations Trust. Nations Trust Bank would also be entitled to the goodwill of all assets held by AEBs commercial banking operations which would include the benefit of mortgages, hypothecations, liens, charges, pledges and securities.

Director/CEO of Nations Trust Bank, Moksevi Prelis said that American Express and Nations Trust Bank were committed to a smooth transfer of operations, with the least possible inconvenience to customers. Prelis also said that they would ensure the provision of the highest standards of services, augmented by greater accessibility and a broader product range.

Our on line connectivity gives our customers the flexibility to transact their business at any one of our 16 branches, including those that offer Everyday Banking. Nations Trust would also make available to all AEB customers the advantages of multi channel accessibility which include ATMs, Nations online Internet Banking and Telephone Banking, Nations ATM cards which are linked worldwide with the Cirrus Maestro Network, enables customer transactions locally as well as internationally. Corporate customers too will be able to avail themselves of the full range of trade, lending, money market and foreign exchange products , as well as investment banking products, through Nations Trusts fully owned subsidiary Waldock MacKenzie Ltd.

Prelis also assured all existing AEB customers that their requirements would be handled by a dedicated Account Relationship Management team.

After the takeover of the commercial banking business of AEB, Nations Trust will continue to operate the American Express Foreign Exchange services in Sri Lanka as the American Express Foreign Exchange representative. The customers of Nations Trust Bank can now have access to over 1,700 travel service and foreign exchange offices worldwide. Nations Trust Bank will continue to operate the foreign exchange booths at Gabo Travels, Ceycan, Hemtours and Jetwing Travels.

Outgoing AEB Country General Manager Akbar Khan said he was happy to entrust the local business of AEB to Nations Trust Bank, who was an ideal partner with a proven track record of financial stability, backed by excellent customer service, to continue the relationships. He thanked AEB customers for their patronage over the last 20 years.

Prelis said that this was indeed a landmark event for local banking, and added it augured well for the economy of the entire country, whilst reinforcing the fact that Sri Lankan banks had now assumed their role as major players and a force to be reckoned within the local as well as foreign financial markets.

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