Tuesday, March 5, 2024

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Three Major SL Banks get authorized persons license from the Colombo Port City

By: Staff Writer

Colombo (LNW):The Colombo Port City Economic Commission (the Commission) yesterday 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.

Breaking new ground on the nation’s economic revival, Sri Lanka’s leading private sector bank, HNB PLC became one of the first bank’s to be granted an Authorized Person (AP) License to operate within the Colombo Port City Special Economic Zone (SEZ)

The AP License was granted to HNB by the Colombo Port City Economic Commission following a series of strict evaluations, legal and preliminary regulatory approvals.

“As a heritage brand within the Sri Lankan economy, we have been present at the inception of every major pillar of the nation’s economic development, senior official of the bank said.

We are proud to continue that legacy today, as one of the first bank’s to receive preliminary approvals to operate within the Port City Colombo, he added.

Sampath Bank PLC has announced their first step in getting qualified as an Authorized Person and to be permitted to engage in offshore banking business in and from the area of authority of the Colombo Port City.

It will be receiving the Authorized Persons (AP) License from Colombo Port City Economic Commission (CPCEC) and Certificate of Registration as an Off-shore Company from Registrar General of Companies.

This is the first milestone after the receipt of Monetary Board concurrence in 2022 for the issuance of a banking license to engage in business under the Colombo Port City Economic Commission Act, No 11 of 202

As a systemically important bank that is deeply integrated with all facets of the domestic economy, we see Port City Colombo opening-up unprecedented opportunities for the nation, and its corporates.

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