Cleaning Up

State-run Bank of Ceylon has opted to wind up two of its less profitable overseas branches as part of a strategy to concentrate on core business.rn

rnOperations in Kathmandu were closed down recently, while the Karachchi office will cease early next year, top officials said.rn

rnHowever, Bank of Ceylon will continue its presence in the lucrative operations of Maldives, London and India.rn

rnThough not doing quite well, both branches were sold off to their joint venture partners at a profit.rn

rnFor the six months ending June 30, Bank of Ceylon posted a net profit of Rs. 826 mn, while its net income stood at Rs. 5.3 bn. rn