IOB to expand operations

Indunil Hewage

Indian Overseas Bank Sri Lankan Unit (IOB) is planning to invest in Sri Lankan development bonds, treasury bills in addition to its ongoing branch expansion plan in Sri Lanka. Established in 1945 in Sri Lanka, the bank has plans to expand its presence in Southern and Northern areas in near future with a substantial amount of investment.

“We are quite proud of our operations in Sri Lanka and total new investments of IOB’s in Sri Lanka are around $ 62 million. IOB has continuously supported Sri Lankan government to raise money for various occasions .The economic growth of Sri Lanka in terms of GDP has been very good and per capita income is likely to go to the $ 4,000 mark by 2015,” Indian Overseas Bank Chairman and Managing Director Dr. M. Narendra said.

IOB has financed around 11 local parties engaged in domestic trade over the last year. According to Dr. Narendra, Infrastructure development projects generally require 7-8 years long loan facilities and they take more interest in providing long term credit facilities for these types of projects in Sri Lanka.

“We are looking at new ways on how we can advance our operation in Sri Lanka and play a leading role in wholesale banking segment. Indian corporate are eyeing projects in sectors such as ports, energy and tourism and we are also likely to provide funding arrangement for them.IOB would currently invest on latest technology while introducing techno related delivery channels and wide range of personal banking products.