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| Sunday, 16 November 2003 |
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Commercial Bank acquires leading French bank in Bangladesh Commercial Bank of Ceylon Limited has made its first foray outside Sri Lanka becoming a regional player by acquiring Credit Agricole Indosuez (CAI) in Bangladesh. This represents the first acquisition of a foreign bank by a Sri Lankan bank and paves the way for Commercial Bank to become a major operator in the SAARC region. The formal taking over of CAI's Bangladeshi operation took place recently attended by Commercial Bank's Managing Director, Amitha Gooneratne and other senior officials of the Commercial Bank and CAI Bangladesh. CAI Bangladesh commenced operations in 1981 as Banque Indosuez. Thereafter, it merged with Credit Agricole, another leading French bank to become Credit Agricole Indosuez Bangladesh and was the second largest foreign bank there. CAI's disposal of Bangladeshi operations was a part of the bank's global repositioning strategy. "Commercial Bank is proud to be the successor of a bank that significantly contributed to the economic growth of Bangladesh," said Gooneratne. "The presence of Commercial Bank in Bangladesh would certainly be welcomed by the large Sri Lankan business community who are leading players in the garment and hospitality sectors there. This would create greater opportunities for Lankan entrepreneurs when they invest in Bangladesh," he added. Ranjith Samaranayake, Deputy General Manager - Finance and Planning said the question was very much in line with the economic policy of the Sri Lankan Government, which encouraged local financial institutions to shift focus from a national to a regional one. Gooneratne said CAI Bangladesh is a well-capitalised and profitable bank having a large corporate customer base comprising mainly multinationals and large business organisations. Commercial Bank, while continuing CAI's strategy would also extend the services of its Bangladeshi network consisting of two branches in Dhaka and Chittagong and two booths in Gulshan and Sonargaon even to the large Bangladeshi and other foreign businesses operating there. Over a period, Commercial Bank would strengthen the retail banking side as well for which the bank has made its name in Sri Lanka. "We are particularly happy that all staff members of CAI joined Commercial Bank, thereby ensuring the continuity of the high standard of services demanded by CAI customers," said Gooneratne. |
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