India’s No.3 private lender Axis Bank
has been granted a banking licence in Sri Lanka and will start operations at
its first branch this week, the island nation’s central bank said on Wednesday.
Central
Bank Governor Ajith Nivard confirmed Axis Bank is the fifth Indian bank
licensed to operate in Sri Lanka.
“They are
starting on Friday and they will do all banking business. Initially they will
open one branch and then they will have to make an application for anything
they will want,” Cabraal told Reuters.
The bank
posted a net profit growth of 27 percent to 9.4 billion Indian rupees ($191.2
million) in the June quarter.
Axis Bank is the fifth Indian bank to enter Sri Lanka,
hoping to catch a piece of the growing economy after the end of a three-decade
civil war in 2009. The State Bank of India, Indian Bank, ICICI Bank, and Indian
Overseas Bank are already in Sri Lanka.
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