Express Exit

The banking service was purchased outright by NTB while the foreign exchange operations will be done on an AmEx franchise.rn

rnTravel services will be delivered through a newly formed joint venture with Mackinnons travels a John Keels Holdings company.rn

rnNTB says the cost of acquisition of the 3 main lines of AmEx business was minimized by the Franchise and joint venture agreement.rn

rnNTB however refused to put a price on the value of the AmEx banking business, ldblquote we don
quote t want to reveal the price yet but the figure will appear in our annual accounts
dblquote .rn

rnNations Trust CEO Maxi Prelis said ldblquote we reworked our strategy at the end of last year to go for carefully planned prudent growth with emphasis on risk management
dblquote .rn

rnPrelis added that ldblquote the bank is looking for organic growth while keeping its eyes open for acquisition opportunitiesldblquote .rn

rnAmEx is the latest in a line of acquisitions for NTB that included the Kandy branch of Standard Cha