Sri Lankaâ€™s Commercial Bank starts Maldives operations
ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said its Maldivian unit, the Commercial Bank of Maldives, a joint venture with Tree Top Investments Maldives, started operations Monday.
Commercial Bank holds a majority stake of 55% in the joint venture and the Maldivian partner 45%, a statement said.
The joint venture is the third overseas banking operation of the Commercial Bank of Ceylon, after Bangladesh, which the bank entered in 2003, and Myanmar where it opened a Representative Office in June 2015.
“Our countries enjoy extremely close social and economic ties, and our bank is well known to thousands of Maldivians,” said Commercial Bank Managing Director Jegan Durairatnam, who led a team from the corporate management of the bank to the opening ceremony in Malé.
“Many businesses in this beautiful country have already obtained off-shore loans from us and are among our most valued customers.”
Maldivian President Abdulla Yameen Abdul Gayoom declared open the head office of the Commercial Bank of Maldives.
Commercial Bank of Maldives will offer individuals and corporate entities in the Maldives an extensive range of financial services in three categories.
Its Investment Products portfolio will include Savings accounts, Senior Citizens accounts, Children’s saving accounts, Power Savings accounts, Fixed Deposits and Treasury products.
The Lending Products portfolio will encompass Overdraft facilities, Short term loans (Revolving and Non Revolving) Term loans, Personal loans, import loans and Pre-shipment loans, the bank said.
Its Banking Services will comprise of Salary Remittances package, Premier Banking Services, Online Banking, Mobile Banking App, Safe lockers, Outward remittances, Inward remittances and Trade Finance services including Letters of Credit and Export Bills Purchase.
Commercial Bank’s first overseas operation was launched with the acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI). Today, the bank’s operations in Bangladesh have grown to 18 outlets.
The Bank’s second overseas operation offers Banking and Advisory Services to Sri Lankan and Bangladeshi businesses wishing to enter Myanmar.
(COLOMBO, Sept 26, 2016)