Bank of Ceylon to divest subsidiary BOC Travels

Bank of Ceylon (BOC) this week announced its decision to divest its shares in BOC Travels Private Limited.

In a filing to the Colombo Stock Exchange this week, BOC said its board of directors has decided to divest 100 percent of the shareholding of BOC in BOC Travels.

“BOC Travels Limited is a subsidiary of BOC, in terms of the direction issued by the Central Bank of Sri Lanka by its letter dated November 20, 2017, as the key business activities of the BOCT do not fall within the purview of Section 17(1) (a)-(g) of Banking Act No 30 of 1988,” a filing to the Colombo Stock Exchange this week stated. 
The services of BOC Travels include airline ticketing, visa services, outbound tours and travel insurance.