Bank of Ceylon (BOC) has announced its decision to divest 100% of its shareholding in B.O.C. Travels (Private) Limited (BOCT), which is a subsidiary of BOC.

This strategic move follows directives issued by the Central Bank of Sri Lanka (CBSL).

In a formal statement, the BOC Board of Directors disclosed that the divestment decision aligns with a letter from the Central Bank dated November 20, 2017. The directive highlights that the core business operations of BOCT do not comply with the activities outlined under Section 17(1) (a)-(g) of the Banking Act No 30 of 1988.

As a subsidiary of BOC, B.O.C. Travels (Private) Limited has been operating independently from the primary banking activities defined by the Banking Act. This decision is part of BOC's broader strategy to streamline its operations and focus more on its core banking activities.

The divestment process will be conducted in accordance with regulatory guidelines and is expected to attract interest from potential investors in the travel industry.