India’s ICICI Bank’s branch in Sri Lanka, located in Colombo, is closing its operation, it was announced on Friday. No reason was given for the closure.
In a statement, the Central Bank said its Monetary Board having considered the request made by the ICICI Bank Ltd, India, has granted approval to close down business operations of ICICI Bank Ltd in Sri Lanka and cancel the licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions.
“Upon the Director of Bank Supervision being satisfied with ICICI Bank Ltd complying with the terms and conditions imposed by the Monetary Board, the licence issued to ICICI Bank Ltd to carry on banking business, will be cancelled with effect from October 23.
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