Picking Up

Standard Chartered Bank said Wednesday that credit demand had picked up marginally, despite an upturn in economic growth this year.
The bank said total loans and advances had grown by 20 percent during the first six months of this year.rn

rnGrowth largely came from big-ticket deals like a US$ 70 mn loan for Mobitel and working capital for the Southern Highway project, said Wasim Saifi, the banks outgoing CEO.rn

rnldblquote The first and second quarters were pretty good for us and we saw a substantial growth over the previous quarters. We should achieve our target growth this year,
dblquote Saifi told a news conference to announce the banks new CEO, Vishnu Mohan.rn

rnStandard Chartered Plc which has been in Sri Lanka for 111 years, merged with ANZ Grindlays Bank to become the second largest foreign bank in Sri Lanka, with a balance sheet size of Rs. 39 bn.rn

rnForeign banks have about 15 percent of banking assets in the country, and Standard Chartered has around one-third of the pie. rn


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