Nov 16, 2011 (LBO) – Sri Lanka’s Nations Trust Bank plans to become a ‘nationwide’ bank with a fast branch expansion targeting both savers and small businesses, replicating a banking model tried on rich retail and corporate clients.
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Renuka Fernando, NTB’s deputy chief executive, said the bank will rapidly expand outside Colombo, setting up 15 more branches by the end of 2012 as a post-war economic recovery increases financial flows outside the western province where the capital is located.
“We aim to become a nationwide bank from a western province-oriented bank,” she told a news conference.
NTB stuck to the western province in its initial growth phase targeting what it identified as a ‘mass affluent’ customer base among consumers and also corporate banking.
“In future we aim to go out to the rest of the country and capture market share in SMEs (small and medium enterprises). The model and expertise used in our consumer and corporate business will be used to attract SMEs,” Fernando said.
“The thrust will not be the ‘mass affluent’ or top-end but towards SMEs. We will not stay in the ‘mass affluent’ market nor will we become a mass bank.
NTB will also replicate its ‘hub and spoke’ concept under which funct