March 20, 2007 (LBO) – Chennai based Indian Bank is looking to expand operations in Sri Lanka after boosting its capital at its branch this year, officials said. The bank had accumulated losses from bad loans after financing films in real estate.
“This year we will bring our capital up to the required 25 million dollars,” Chairman K C Chakarbarty who was in Colombo to mark the banks 75th year of operations in Sri Lanka said.
“We will also be able to engage in more personal banking after we install a core-banking solution within the next three months.”
Sri Lanka’s central bank announced higher minimum capital requirements for banks last year, but has given banks time to meet them.
Indian Bank says it is putting all branches online with a system implemented by Tata Consultancy Services.
The Indian government-owned bank, which dates its origins to 1907, opened its Colombo branch in 1932, its 10th unit.
Now it also has branches in Myanmar and Singapore.
The bank focuses on trade finance and is active in Indo-Lanka trade.
“We also work with people of Indian origin and Sri Lankan firms that want to do business in India,” head