Bloomberg News

Axis Bank’s Basu Says to Focus on Global Investment in Sri Lanka

October 21, 2011

Oct. 21 (Bloomberg) -- Ashok K. Basu, chief executive officer of Axis Bank Ltd.’s Sri Lankan unit, comments on the island nation’s economic prospects after India’s third-largest private lender opened its first branch in the capital, Colombo. He spoke by telephone.

On Sri Lanka’s economic prospects:

“We have a very strong medium and longer-term outlook on Sri Lanka. There is a local aspiration to grow rapidly now that the strife is over.”

On Axis Bank’s plans in Sri Lanka:

“We believe foreign investment will definitely come in and that will be our critical focus area. Now mostly it’s government to government but we want to bring business from India and wherever we have a presence internationally.

‘‘There will be a need for infrastructure financing and syndication, as the country builds roads, ports and railways. There is a critical requirement to create a solid base for Sri Lanka’s services industry to take off.”

--Editors: Jay Shankar, Abhay Singh

To contact the reporter on this story: Anusha Ondaatjie in Colombo at anushao@bloomberg.net

To contact the editor responsible for this story: Hari Govind at hgovind@bloomberg.net


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