The Central Bank (CB) is to regulate the operations of the Ceylinco Development Bank (CDB) transforming it to a licensed finance company soon after considering an application made by the bank’s management, a senior CB official told The Sunday Times FT. “The CDB fulfills the necessary requirements to operate as a Licensed Finance Company under the rules,” he said.
The CDB operates around 30 branches countrywide and recently tied up with People’s Bank to accept payments from CDB customers. CDB recorded impressive financial results for the year ended 31st December 2008 as per unaudited accounts.
According to the CDB website the company was established in 1996 as a development banking arm of Ceylinco Consolidated. The bank's activities cover both fund and fee-based activities, including project financing, bill discounting, finance and operating leases, guarantees, corporate advisory services, capital market activities, and investment and fund management. |
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