Bank of Ceylon
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The Bank of Ceylon is a major, government-owned commercial bank in Sri Lanka.
History
- 1939: Bank of Ceylon (BoC) is founded.
- 1941: BoC opened its first branch, in Kandy.
- 1949: BoC opened its first overseas branch in London.
- 1961: The Government of Sri Lanka nationalized BoC.
- 1981: BoC opened a branch in Male, Maldives.
- 1995: BoC opened a branch in Karachi, Pakistan, and another in Chennai (Madras).
- 1996: BoC established Nepal Bank of Ceylon as a JV with local partners. BoC owned 45%.
- 2002: After enduring disappointing performance, BoC received Nepal Rastra Bank (the central bank) permission to sell its now 35% stake in NBC to its partners. The bank was renamed Nepal Credit and Commerce Bank.
- 2003: BoC took a 15% stake in newly formed Dawood Bank in Pakistan, which then acquired BoC's operations in Pakistan.