Indian Presence

Jan. 29 (LBO) - Mumbai based UTI Bank has sought a license to set up a commercial bank in Sri Lanka, soon after ICICI bank was given the go ahead to start operations by the Central Bank of Sri Lanka.






Pending the license, UTI Bank has tied with Asia Capital, the parent company of Asia Securities, a brokering firm operating in the Colombo Stock Exchange to gain a foothold in the island.


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rnSri Lankas liberalised equity markets are easier to enter than commercial banking, which is tightly regulated by the islands central bank.rn

rn"The moment we get their nod, we will start to establish our presence here as a commercial bank," says M M Agrawal, Head of Capital Markets, UTI Bank.rn"But we have decided to not to wait for that and we start working in capital markets."rn

rnUTI Bank was originally promoted by Unit Trust of India and the Life Insurance Corporation of India. It is now a broad-based publicly held company.

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rnAsia Capital is hoping to partner with UTI Bank and bid for some government inf