July 26, 2013 (LBO) – Standard Chartered Bank views Sri Lanka positively and is looking to grow its business with a strategic decision to expand in the island, a top official said. This week Standard Chartered Sri Lanka took part in a 200 million US dollar syndicated loan to state-run Bank of Ceylon.
“For a long time we were reviewing our strategy,” Standard Chartered Bank’s Sri Lanka branch chief Anirvan Ghosh Dastidar told LBO.
“We have a strategy to grow. We are big in corporate banking. We are big in financial markets. Within those parameters we will grow and we are committed to this market. We have been here for 157 years.”
Standard Chartered was one of three foreign banks which sold derivatives to a state-run oil firm which were defaulted and triggered litigation. But the issue has since been cleared with settlement reached with authorities in Sri Lanka.
Bank officials say even earlier they were participating in infrastructure projects and also placing debt to foreign investors in addition to retail and corporate banking.
Lakshan Goonetilleke, head of financial institutions and wholesale banking said Standard Chartered had financed about a billion