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 Mr 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.”
Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar and a fully-fledged Tier I Bank with a majority stake in the Maldives. The overseas operations of the Bank contribute a substantial portion of its profit.
Commercial Bank is Sri Lanka’s first carbon neutral bank, the country’s first bank to be ranked among the World’s Top 1000 banks, a leader in digital banking and the largest private sector lending institution in the country.
Comprising of five distinct precincts, with 178 hectares dedicated for city development and 91 hectares for public spaces including 40 hectares of green spaces and beach, the Colombo Port City is projected to be a US$ 15 billion investment on completion, creating 143,000 new jobs and accommodating a population of 273,000.
Commercial Bank operates a network of 271 branches and 964 automated machines in Sri Lanka, is the largest lender to country’s SME sector and a leader in digital innovation in the country’s Banking sector.