This makes MCB one of the largest foreign banks in Sri Lanka, said a statement here on Saturday.

It said that the chairman MCB, Mian Muhammad Mansha, called on the President of Sri Lanka, Mahinda Rajapakse, in Sri Lanka.

Mansha informed President Rajapakse that his group is keenly interested in participating in the economic development of the Island.

The statement said that during the meeting the chairman MCB presented his group's overview, and in view of vast opportunities in the Island, offered to invest in a number of ventures.

He said that the new branches would be opened at Batticaloa, Kurunegala and in Colombo.

This, he added, would increase the number of MCB branches in Sri Lanka to 10.

Chairman MCB apprised President Mahinda Rajapakse of innovative technologies, which are being used by his group.

He assured the President that his group has attained global level efficiency in power generation and would serve the Sri Lankan consumers at competitive rates.

Chairman MCB showed keen interest in setting up hotels in the Island that would provide top class services to the tourists visiting the picturesque Island.