Deposit Target

Jan 08, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the country’s largest commercial bank by assets is aiming for a trillion rupees in deposits, newly appointed general manager D M Gunasekara said. Gunasekara had been with the Bank of Ceylon for 29 years and had worked in corporate, retail, international and off-shore operations of the bank.

“We reached the target of a trillion rupees in assets last year ahead of schedule,” he said after taking over duties Tuesday.

“We are now aiming at a trillion rupees in deposits, which will also increase savings in the country.”

Gunasekara said the bank already had deposits 700 billion rupees and the target could be reached in about two years.

He said the bank would also focus on developing its international franchise. It had a subsidiary in London and branch operations in India.

“We want to expand Indian operations,” he said.

Gunasekara said the Bank of Ceylon already collected about 50 percent of the foreign remittances coming to the country from expatriate Sri Lankans. The bank will strengthen its network of agency offices where remittance services were offered, he said.