Branching Out

Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of Colombo.

“The bank expects to open 10 new branches in the coming months, with the next branch being in Batticaloa, which will open in January 2011.”

Sri Lankan banks have begun expanding their branch networks especially in the former war zones in the north and east after the 30-year ethnic conflict ended in May 2009, resulting in an economic revival.

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