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| Sunday, 23 June 2002 |
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| News Business Features Editorial
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'Divesting customer portfolio part of SCGB's planned strategy' The Standard Chartered Grindlays Bank (SCGB) will divest its customer portfolio in Kandy to Nations Trust Bank (NTB) subject to regulatory approvals. Head of Consumer Banking Vivek Chand said it was decided to hand over the customer portfolio to NTB as the bank wanted to concentrate on developing its activities in Colombo and the Greater Colombo area. He said NTB was selected as partner to ensure that SCGB customers are able to continue their banking in Kandy with a well-known bank without any disruption. He said the bank has a planned strategy and divesting the customer portfolio was part of it. The strategy includes investing in the Greater Colombo area to develop its branch network. Automated Teller Machines (ATMs) and other non-traditional channels such as phone banking. The present network of 10 branches and 10 ATMs in Colombo provide the bank with adequate coverage. This will be supplemented with new ATMs and other channels in the future, said Chand. During the first half of 2002, the bank launched a new priority banking centre to cater to high networth individuals, two ATMs in Dehiwela and Moratuwa and phone banking for its customers. He said: "Several initiatives have been planned to implement the bank's growth agenda for consumer banking during the second half of this year". Chief Executive Officer of the bank Mangala Boyagoda said that it was a decision taken to right size the portfolio. It will help us fully focus and concentrate on our customers in Colombo and the Greater Colombo area", he said. |
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