Jaffna town in March 2010

Sri Lanka’s North and Eastern provinces have got 59 new bank branches following the end of the conflict.

Central Bank says since the end of the conflict they have given approval to open 136 bank branches in the above regions.

The Monetary Authority has given permission to open 64 branches in the East and 72 in the North.

The Bank says most of the applications it received seeking approval came from local banks.

There have been only few applications received from foreign banks operating here in the country to open branches in the North East regions.

Among them ranks HSBC which opened a branch in Jaffna, Habib Bank in the East and the Indian Bank which is planning to open a branch in Jaffna.

Analysts say “North and East provides a major opportunity for the banking sector”.

SME sector covering areas such as Fisheries, IT and Hotels and also the agriculture sector provides the biggest opportunity for banking business in those regions, say authorities.

Advertisement