Commercial Bank in Bangladesh

11/02/2013 16:38

In 2003 Commercial Bank acquired Credit Agricole lndosuez (CAl) operations in Bangladesh consisting of 2 branches in Dhaka and Chittagong and the 2 booths in Gulshan and Sonargaon. CAI Bangladesh has been in operation since 1981 and is the second largest foreign bank in Bangladesh. It is also a well-capitalized and profitable bank with healthy financial ratios.

Credit Agricole, one of the largest banks in France, acquired Banque Indosuez in 1996 to create the wholesale international banking arm. Today, CAI operates in 50 countries and reported net banking income of EUR 2,644 million (about Rs. 286 billion) in 2002. (Sunday Observer, 27 July 2003)

Though the proposed acquisition was on the basis of a fully-fledged branch operation, Commercial Bank tried its best to preserve the national identity of the Bangladesh operation and its banking traditions inherited from CAI, a statement said. CAI's disposal of Bangladeshi operations was a part of the Bank's global repositioning strategy.

Commercial Bank, while continuing CAI's strategy would further extend the reach and range of services in Bangladesh. Over a period, our bank would strengthen the retail banking side as well, for which Commercial Bank has made its name in Sri Lanka.

This represents the first acquisition of a foreign bank by a Sri Lankan bank and paves the way for Commercial Bank to become a regional player.

The formal taking over of CAI's Bangladeshi operation took place on November 6 2003. The official opening ceremony was held on 10th December 2003 attended by Governor of Central Bank of Sri Lanka, Governor of Bangladesh Bank and many other distinguished guests, including diplomats, corporate customers, representatives of foreign multi-nationals and other well wishers.

Apart from Sri Lanka, it operates in Bangladesh and contemplating exploring into the Indian banking sector as well. In Bangladesh, it started its operation by taking over the Bangladesh operations of credit Agricole Indosuez (CAI). In Sri Lanka, Commercial Bank Of Ceylon Ltd. is known as the largest and fully networked banking service provider. The bank enjoys the reputation of having an unrivalled employment of information technology and a very reliable ATM network around the country.

It has been adjudicated the best bank in Sri Lanka by magazines like Global Finance, The Banker, Business Today, Etc for several consecutive years at a row.

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