Commercial Bank of Ceylon has become the first bank in Sri Lanka to sign an agreement to establish a branch inside Port City Colombo, stepping into the 269-hectare extension of the country’s central business district being developed as a multi-service Special Economic Zone.
The agreement was signed by Commercial Bank Managing Director/CEO Sanath Manatunge and CHEC Port City Colombo Managing Director Xiong Hongfeng, in the presence of senior representatives from both companies.
The branch will operate as a fully-fledged facility offering a full spectrum of services to corporates, investors, multinational businesses, high-net-worth individuals and retail customers operating within the Port City ecosystem. The product line includes digital banking, trade services, foreign currency transactions, corporate banking, deposits, lending, card services and remittance facilities.
“Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities,” Manatunge said in a statement carried by EconomyNext.
The bank framed the move as part of its strategic expansion into Sri Lanka’s emerging international financial hub. Port City Colombo, backed by a separate regulatory framework, is being marketed as a competitive regional hub for financial and professional services.
The signing follows the COPF subcommittee scrutiny of Port City duty-free and Telecommunications Act amendments earlier in the cycle, part of the broader institutional build-out around the SEZ.
Sources: EconomyNext · Newswire.
