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| Sunday, 3 November 2002 |
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| News Business Features Editorial
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Nations Trust effects another acquisition Nations Trust Bank (NTB) took over the commercial banking and foreign exchange operations of international banking giant American Express Bank (AEB) in Sri Lanka last week. "This is part of our growth strategy through which we seek to grow with prudence. We have adopted a parallel growth strategy of acquisitions apart from our expansion activities," NTB Director and Chief Executive Officer Moksevi Prelis told a news conference. AEB Sri Lanka will transfer its commercial banking assets and liabilities including customer facilities and deposits to NTB which would also be entitled to the goodwill of all assets held by AEB's commercial banking operations. American Express customers will receive the advantages of NTB's multi-channel accessibility which include automated teller machines, Internet banking and telephone banking. NTB customers will now have access to over 1700 travel service and foreign exchange offices worldwide. Outgoing Country General Manager American Express Akbar Khan said the company has decided to reorganise the way it does business in many parts of the world. "In Sri Lanka, we have transferred the commercial and retail business and franchised the foreign exchange operations to NTB. We have also formed a joint venture with Mackinnons Travels Ltd., another John Keells company. "American Express will continue to service the correspondent banking, card and merchant network clients and provide travellers cheque supplies and services through its representative office here," he said. NTB was established in 1999 when a consortium comprising John Keells Holdings, Central Finance Company and International Finance Corporation took over the local operations of the Hong Kong-based Overseas Trust Bank. It currently operates 16 branches while five more are expected to be set up by the end of the year. The branch network will expand to 50 by the end of 2004. Its acquisitions include the Standard Chartered Bank Kandy branch, Waldock Mackenzie Ltd. and the retail operations of Deutsche Bank. The bank hopes to acquire a five per cent share of Sri Lanka's banking market within the next five years. |
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