Commercial Bank will seek regulatory approval to acquire Credit Agricole Indosuezs (CIA) Bangladesh operations.
The acquisition will give Commercial Bank its first overseas outpost and falls in line with plans to expand operations into the South Asian region.rn
rnldblquote The Commercial Banks intended acquisition of CAI Bangladesh is part of the banks stated goal of becoming a regional player, with a focus on the SAARC region,
dblquote Commercial Bank Managing Director Amitha Gooneratne said. rn
rnldblquote It is the intention of Commercial Bank to develop the retail banking capabilities of the CAI-Bangladesh after the acquisition, whilst retaining its current strengths in trade finance.
rnThe deal is pending approval from Sri Lankan and Bangladeshi regulatory authorise. rn
rnThe MOU signed on Thursday in Colombo formalizes the agreement between the two institutions, under which the Commercial Bank will acquire CAI Bangladeshs principal office in the capital Dhaka, together with