Bank of Ceylon is planning to open up a branch in Mumbai to capture a slice out of the cities growing financial market.
A Senior Official of the Bank said “Mumbai is the financial hub of India and we want to be there”.
He added having a presence in the City of Mumbai which has a population of 14 million and a sound banking system with the presence of Global financial firms is vital for the BOC.
The Bank believes the presence in India’s Commercial capital is important in the longer run.
Apart from the Mumbai Branch, BOC is also planning to open another 2 branches in Tutricorin and Rameshwaram.
The Official added, Tutricorin is important for BOC as the proposed ferry service between Colombo and Tutricorin is expected to generate lot of trade activities between the 2 nations.A Branch in Rameshwaram aims to target the Sri Lankan’s living there.
BOC already operates a branch in Chennai, which the official added has brought in lot of businesses to the Bank.
“Lot of imports from Chennai is reaching Col
ombo Fort on a regular basis” added the Bank Official.This has resulted in the Banks Chennai units Trade Finance business growing.
According to the Indian Banking regulation, opening up of a branch in India needs US$ 25 million as capital requirement.
Related Info :
• Bank of Ceylon Establishes a Fully Fledged Investment Banking Arm
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