ECONOMYNEXT – State-owned Bank of Ceylon (BoC) has decided to divest 100 percent of its shareholding in its subsidiary B O C Travels (Private) Limited (BoCT), BoC said.
This was done on a direction issued by the Central Bank of Sri Lanka, as the key business activities of BoCT did not fall within the purview of Section 17(1) (a)-(g) of Banking Act No 30 of 1988, the company said in a stock exchange filing.
The principal activities of the Bank as stated in its 2023 Annual Report, during the year were, personal banking, corporate banking, development banking, off-shore banking, trade financing, lease financing, primary dealing, investment banking and wealth management, treasury operations, correspondent banking and money remittances, Islamic banking, bancassurance, pawning, credit card facilities, foreign currency operations and other financial services.
The principal activities BoC Travels was given as ‘Engages in travel related services’.
BOC Travels offers travel services including airline ticketing, visa services, outbound tours, and travel insurance. (Colombo/May21/2024)