Sri Lanka’s Commercial Bank of Ceylon has decided to establish a branch of the bank in Maldives.
Information filed by the bank in Sri Lanka’s stock exchange states that Maldives Monetary Authority has given the license and permit to establish a branch of the bank in Maldives.
A branch of this bank is being established in Maldives in association with a Maldivian company. Managing Director and CEo of the bank، Jegan Durairatnam said the relationship between Maldives and Sri Lanka is the best that can exist between two countries، lots of Sri Lankan companies operate tourist hotels in Maldives، a lot of Sri Lanka’s are employed in Maldives and that Sri Lanka has been providing good quality healthcare and education to Maldivian citizens.
“Hence، it is logical to establish a bank like Commercial Bank in Maldives”، said CEO of the bank، Jegan Durairatnam.
Commercial Bank said that 55% of the total investment will belong to the bank and the remaining 45% will belong to the Maldivian company.
CEO of Commercial Bank said that mobile units and ATMs of the bank will be established in different regions of Maldives and that the bank will use the highest level of technologies to tackle the challenges faced by the geographic distribution of Maldives.
“Our entry strategy is to establish the first branch in Malé، and open three more branches in the fifth year of bank operation in Maldives”، said CEO Durairatnam.
This bank will provide savings، current account savings، fixed deposit، personal loans، housing loans، commercial loans، credit card، trade financing service، Internet and mobile banking، foreign exchange and overdraft services to Maldivian businesses.
Commercial Bank is already currently catering some of its services to Maldivian companies from Colombo itself.
Maldives is the third country in which a Commercial Bank of Ceylon will be established outside of Sri Lanka. The bank is already operating in Bangladesh and Myanmar.
Banks currently operating in Maldives are Bank of Maldives، State Bank of India، Sri Lanka’s Bank of Ceylon، Maldives Islamic Bank، Pakistan’s Habib Bank Limited، UK’s HSBC and Mauritius Commercial Bank.