Axis Bank to add new dimension to Sri Lankan banking

Saturday, 22 October 2011 00:00 - - {{hitsCtrl.values.hits}}

By Devin Jayasundera

Axis Bank, India’s third largest private sector bank, launched operations in Sri Lanka yesterday.

Axis, which is recognised as the best debt manager in India, is hoping to increase its presence in investment banking and debt syndication in the country’s banking sector.

Speaking at a press briefing, Axis Bank Chairman Dr. Adarsh Kishore reflected on Sri Lanka’s potential of achieving high economic prosperity.

“The value of the Sri Lankan economy which is at US$ 50 billion presently will increase to US$ 100 billion in the next four to five years. This will not only be a mere statistical elevation, but also a more qualitative improvement of the economy.”

He emphasised on the significance of raising capital formation in investments to propel the growth of the economy. “For Sri Lanka, it’s more important to bring in larger investment to its development and investment banking and debt syndication is necessary to attract these investments. The focus of Axis Bank is to play an influential role in this arena.”

Dr. Kishore assured that Axis Bank would constantly keep track of the pulse of the Sri Lankan economy and the requirements for its economic development.

Responding to a question regarding the overbanked situation in Sri Lanka, Dr. Kishore made it clear that Axis Bank was not here to be a threat to the other established banks in the country.

“It is very much evident that banks already operating in Sri Lanka are well established and have been running for a long time. We are not here to poach anyone’s territory. We want to add a new dimension to the Sri Lankan banking system which is related to investment banking and we have proved this by being awarded as the best debt mangers in India.”

Axis Bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SMEs, agriculture and retail businesses.

With 1,456 branches (including extension counters) and 7,594 ATMs across India as of 30 September 2011, Axis Bank’s network spreads across 953 cities and towns, enabling it to reach out to a large cross-section of customers with an array of products and services.

The bank has overseas branches in Singapore, Hong Kong, DIFC (Dubai) and Colombo (Sri Lanka) and Representative Offices in Shanghai, Dubai and Abu Dhabi.