Sri Lanka’s Commercial Bank to set up fund management subsidiary in Singapore
The Monetary Board of the Central Bank of Sri Lanka (CBSL) has reportedly granted approval to the Commercial Bank of Ceylon (ComBank) to establish a fund management subsidiary in Singapore.
ComBank had disclosed this fact to the Colombo Stock Exchange (CSE) stating that the Bank is currently working towards meeting the requirements under the Foreign Exchange Act.
ComBank is the country’s largest private bank and third largest bank, ending the year 2020 with a revenue of Rs. 151.9 billion, total assets of Rs. 1.762 trillion, while shareholders’ funds were worth Rs. 159.4 billion, and a net profit of Rs. 17 billion.
The Bank announced that its overseas operations cover Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully-fledged Tier I bank with a majority stake.
OSL take:
The expansion of one of Sri Lanka’s leading private banks into Singapore is indicative of the strength and growth of the country’s banking sector. Despite the challenges posed by the pandemic, Sri Lanka’s banking sector like the overall economy has shown great resilience and posted profits amidst the pandemic. With Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the South Asian region, a strong banking sector is a pre-requisite to woo foreign businesses/investors to the country. Given the expanding opportunities in Sri Lanka, foreign businesses/investors could confidently explore the growing opportunities in the country.
| Article Code : | VBS/AT/23032022/Z_2 |