ICICI Bank to grow over $1 bn in Sri Lanka

ICICI Bank has targeted a balance sheet of over one billion dollars within the next 4-5 years as it plans to become the top foreign bank in Sri Lanka.

"We started our bank in Sri Lanka with 25 million dollars and now we are the third biggest in the Island country with 280 million dollars," ICICI Sri Lanka country chief Prem Kumar Thampi said.

The bank is working with the Securities and Exchange Commission to develop the securitisation market. "This year, other than branch expansion work, we are working with the Central Bank to introduce a Commodity Exchange Centre for commodities," he said.

The bank recently launched a special offer scheme of sanctioning a loan in two days for its customers in Sri Lanka.

(PTI)