September 26, 2006 (LBO) – Cisco Systems, the world’s leading supplier of network equipment and solutions, hopes to double its sales in Sri Lanka as local banks and telcos keep pace with IT trends. Having earlier serviced Sri Lanka as an extension of its Indian operation, Cisco now has a fully fledged office here, after the Colombo unit posted an impressive 25 percent year-on-year growth for three consecutive years.
“We are now looking at between 40-50 percent year-on-year growth for the next three years out of Sri Lanka,” Cisco’s Country Head, Rajkumar Natarajan said Tuesday.
Growth during the past three years, he said was led by telco operators, banks and few key industries like clothing, airlines.
“For banks, we saw them upgrading their systems, automating branches, disaster recovery centres, rolling out more automatic teller machines, all-in-one kiosks and one-touch banking services,” Natarajan said.
While banks were gearing up to keep pace with global best practices, monetary authorities are also pushing the financial services industry to adopt tighter risk control methods.
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