Colombo Port City Economic Commission welcomes three major Lankan commercial banks
Daily FT: The Colombo Port City Economic Commission (the Commission) recently announced that three leading commercial banks of Sri Lanka, the Commercial Bank, Hatton National Bank (HNB), and Sampath Bank, have been issued an Authorized Persons (AP) license from the Colombo Port City Economic Commission.
This significant development marks a major milestone in the development of the Colombo Port City SEZ as a premier international business and services hub in South Asia, a world-class project, transforming Sri Lanka’s economic landscape.
The Commission reiterated its strong commitment to collaborating with the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Insurance Regulatory Commission of Sri Lanka to ensure that robust and streamlined guidelines are in place to drive the success of the Colombo Port City as a premier multicurrency, export of services SEZ.
Sri Lanka’s banking sector has shown resilience and growth amidst challenging economic conditions faced by the country in the past few years. A strong banking network is a prerequisite for a country like Sri Lanka, which is working towards becoming an emerging business destination in the South Asian region. The country’s geographical positioning in the Indian Ocean and the strong trade ties have added to Sri Lanka’s attraction as a business hub. Colombo Port City project is aimed at transforming the country into the next level of development and investment in such a project is bound to see beneficial returns for businesses/investors who enter the economy. The entrance of three key local private sector banks to the Colombo Port City will make it easier for foreign businesses/investors setting up business at the Port City to do business with key economic sectors in Sri Lanka as well.
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