Sri Lankan lender National Development Bank (NDB) is planning to expand into the Dubai and Indian markets, the firm’s managing director told reporters in the capital city of Colombo.
“We will strike partnerships similar to what we have at present with DBS Singapore, in Dubai and India,” Russell de Mel, managing director of NDB, was quoted as saying in a report on Sunday by the Business Times newspaper.
De Mel added he was aiming to have the Dubai partnership finalised by the end of the year.
NDB in September 2011 signed a memorandum of understanding with Singapore’s DBS Bank, in which they aim to finance large infrastructure projects.
NDB is aiming to use the US$109m it earned last week from the sale of its insurance arm, NDB Aviva, to fund its expansion into Dubai and India, the report added.
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