Lankaclear Ltd, the national clearing house jointly owned by the Central Bank and commercial banks, is setting up a subsidiary - Lankaclear Cash Management - to provide cash management services to the banking industry in the Anuradhapura area.
Picture shows BOI Chairman Dhammika Perera, Sarath De Silva, Chairman of Lankaclear Cash Management and Dr. Imthiaz Ismall, Regional Director, Transnational Group, with the agreement. |
The Central Bank has outsourced the cash management functions in this region to Lankaclear which is investing over US $ 750,000 and providing employment for 16 initially in this new venture. “The company will provide Central Bank services to the commercial banks for deposit and withdrawal of cash in the Anuradhapura region as the managing agent of Lankaclear (Pvt) Ltd,” said Sunimal Weerasooriya, General Manager / CEO of Lankaclear.
The solutions provided by the company include all cash processing and cash management services. The project is a joint venture by Lankaclear Limited and Transnational Group and expected to commence in May 2010.
Dr. Imthiaz Ismall, Regional Director of Transnational Group, said the objective of establishing this venture is to provide fast and efficient cash circulation to the area. It will enable banks to reduce their cash holdings and the turn around of cash would also be fast, he added.
The Board of Investment (BOI) of Sri Lanka recently granted investment approval to the company. |
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