BOC to divest non-core travel subsidiary on CBSL directive

The Bank of Ceylon (BOC) has decided to divest the 100% shareholding in BOC Travels Ltd.

The decision was in terms of the direction issued by the Central Bank as the key business activities of the travel subsidiary does not fall within the purview of the Banking Act.

Number of shares in issue in the subsidiary is 250,004 worth Rs. 2.5 million at cost.