Sri Lanka’s Com Bank opens money transfer unit in Rome, eyes other cities

ECONOMYNEXT – Commex Sri Lanka S.R.L., a fully-owned subsidiary of Commercial Bank of Ceylon has inaugurated its money transfer operation in Italy, following the grant of a Money Transfer Licence from the Bank of Italy.

Commex Sri Lanka S.R.L. of Via Giacomo Leopardi, Rome, incorporated and registered in Italy under the supervision of the Bank of Italy had received the necessary regulatory approvals from both countries to engage in fund transfers on its own.

Commercial Bank’s Managing Director Jegan Durairatnam said the bank plans to open branches in other Italian cities with high potential for money transfer services to Sri Lanka.

Italy is one of the biggest markets for Sri Lankan migrants with an estimated 150,000 Sri Lankans living and working there.

The market generates an estimated Rs3 billion in remittances to Sri Lanka a month, the bank said in a statement.

Commercial Bank is one of the first Sri Lankan banks to establish money transfer facilities in Italy.

It led to many Sri Lankans who had previously used informal channels to remit money to Sri Lanka using the Bank’s e-Exchange remittance service instead, and prompted the bank’s decision to incorporate its own subsidiary for money transfer services, the statement said.

Commercial Bank has also tied up with international money transfer services Ria and MoneyGram offering Sri Lankan expatriates additional ways of remitting their earnings to Sri Lanka, supplementing the services already offered through its own money transfer product e Exchange. 

The tie up with MoneyGram and Ria permits remittances to all parts of the world through Commex.

Commercial Bank said it is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options.

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“Remitters can send money even without having an account in the bank. The bank has its own Business Promotion Officers (BPOs) in key markets around the world where significant numbers of Sri Lankans are employed.”
(COLOMBO, Nov 25, 2016)

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