People's Bank could then follow. So far, the People's Bank has closed down its Taprobane, Main Street and Corporate Second branches in Colombo and the BoC has closed down its Waligamuwa branch on a Central Bank order. However, People's Bank General Manager Chandra Sahabandu said that no decision had been taken to close down any branches as a matter of policy. But, if some branches are not properly located or profit making, they will be shifted. In our rationalising programme, we hope to reduce staff to cut down on cost.
Some branches are over staffed.
A senior Bank of Ceylon official who did not want to be named said no branches would be closed in the near future. The banks are also restricted from establishing or investing in new subsidiaries or associate companies or starting any new business activity. The total number of branches of the Bank of Ceylon and People's Bank is around 500. By Roshan Peiris T wo Tamil Party leaders have accused the LTTE of committing one of the most horrible acts in history by forcibly conscripting a baby brigade, especially in the aftermath of heavy losses at Kilinochchi. First the LTTE attempted to recruit young boys and girls by showing them the video clippings from the operations at Kilinochchi and Paranthan.