ComBank receives licence to operate in Colombo Port City

Thursday, 14 December 2023 03:35 - - {{hitsCtrl.values.hits}}

At the presentation of the Authorised Person licence to Commercial Bank is Colombo Port City Economic Commission Chairman Dinesh Weerakkody with Commercial Bank Chairman Prof. A.K.W. Jayawardane, Managing Director/CEO Sanath Manatunge and China Harbour Engineering Company Port City Colombo Assistant Managing Director Eric Ou

Sri Lanka’s largest private sector bank, the Commercial Bank of Ceylon PLC was recently issued an Authorised Person (AP) license to offer offshore banking services within the Colombo Port City, the 269-hectare special economic zone (SEZ), tasked with establishing a premier multi-currency international business and financial services hub that will transform the country’s economic landscape.

The AP licence was presented to the bank by the Colombo Port City Economic Commission, paving the way for Commercial Bank to operate within and from the precincts of the Colombo Port City, offering banking services to investors as well as customers.

Commenting on being selected as one of the first banks to be authorised to operate in the special economic zone, Commercial Bank Managing Director/CEO Sanath Manatunge said: “As the only private sector bank in Sri Lanka to be designated by the Central Bank as a higher-tier Domestic Systemically Important Bank or D-SIB, Commercial Bank is best positioned to serve the financial needs of the entities that are expected to establish a presence in the Colombo Port City. We have extensive experience in responding to the requirements of corporates and international clientele and have highly-advanced world-class digital banking platforms that serve corporate as well as retail banking needs, and look forward to playing a lead role in facilitating the growth of the Colombo Port City.”