Nov 10, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon has beefed up its investment banking unit and is looking to win new business as the government is planning to sell down commercial enterprises in the stock market, a top official said. “The investing banking division will engage in equity participation, mergers and acquisitions, corporate advisory, private equity the full gamut of capital markets,” chairman Gamini Wickramasinghe said.
The division had been strengthened with senior staff.
“We have hired outside staff. So what we lacked we got from outside,” Wickramasinghe said.
“Then we are hiring management trainees and over a period of time our trainees can take over. Until that time for two three years we are hiring outsiders.”
The bank has hired analysts from Amba Research, an investment research outsourcing firm which has a unit in Sri Lanka.
Bank of Ceylon’s investment banking division had evaluated a 63 million US dollar buy back of Shell Gas operations in Sri Lanka. The deal is expected be completed on November 15, with Sri Lanka Insurance due to buy it, according to official sources.
A future privatization of Sri Lanka Insurance itself is also one of the deals the Bank of Ceylon is eyeing.