ComBank to liquidate Italian subsidiary

The Commercial Bank has decided to voluntarily liquidate its operations in Italy carried out via wholly-owned subsidiary Commex Sri Lanka SRL.

Commercial Bank said the closure considering the operations of overseas subsidiaries post the economic impact of COVID-19.

Commex commenced business in 2016 under the Authorised Payments Institute (API) license

issued by the Bank of Italy. As a result, Commercial Bank became the first Sri Lankan bank to be licensed by the Bank of Italy to operate as a money transfer company. The license allows Commex to

expand across the European Union using passporting rights.

During 2021, Commex recorded a loss of EUR 0.481 million.

Commercial Bank also has operations in Bangladesh, the Maldives and Myanmar.