By Duruthu Edirimuni Chandrasekera
The Commercial Bank aiming to expand its horizon has applied for a banking licence in Myanmar and is eyeing a stake in a bank in Nepal, officials sad.
“We applied for this a couple of months ago and the approval process is on. We should get the licence by year end,” an official told the Business Times. He said that the bank officials visited Nepal about two months ago in order to evaluate a suitable stake in a Nepalese bank. He also said that Indonesia is on their radar for the future.
Commercial Bank which has a presence in Bangladesh with 17 delivery points and nine branches has around 4 per cent in the corporate banking market share there.
“The bank is attracting a lot of attention from the growing middle class population in Bangladesh and its personal banking products such as credit cards are becoming increasingly popular,” the official said.
Some years ago the bank decided to venture into India, following the success of its Bangladesh business, but abandoned this process when they realised that the costs were high and approvals were tough.
Sampath and National Development Bank (NDB) are amongst other local banks to enter Bangladesh.