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ICICI Bank & Axis Bank to close down business operations in Sri Lanka

Dec 31, 2019 (LBO) – Sri Lanka’s Central Bank has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks.

Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from the general public.

The licences issued to them will be cancelled once the winding-up operations are completed, the Central Bank said.

Axis Bank was among several other banks who failed to reduce the weekly Average Weighted Prime Lending Rate (AWPR) by at least 250 basis points by 27 December 2019, compared to the AWPR as at 26 April 2019.

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