S.Korea, China banks keen to set up branches here | Daily News

S.Korea, China banks keen to set up branches here


Leading banks in South Korea and China are keen to set up branches in Sri Lanka, Central Bank Governor Arjuna Mahendran said.

Speaking to ‘Daily News Business,’ he said that the present political climate and high economic movement is prompting them to look at setting up branches in Sri Lanka.

The Governor said the proposed financial centre too is receiving world attention and several global top names are keen to be a part of it. He said that more credit should flow to the rural areas so that micro entrepreneurs could re invest and come up to the SME level. “For this purpose we are now requesting state and commercial banks and other lending institutions to open more rural branches. These financial institutions too should also look at minimising colateral which will entice more micro sector enterprises to bank with them.”

This will enable even farmers to look at officials lending rather than going to traditional ‘open money lenders’ at high interest rates.

He said the government on their part must look at releasing some of the unproductive lands on long term basis not only for companies and multinationals but to rural farmers as well on more flexible lease terms. “We also have to look for markets for them in close proximity to their farms,” the Governor added. 


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