The Commercial Bank of Ceylon is to significantly enhance its international footprint with the opening of a Representative Office in the Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region.
Announcing this latest development, Sri Lanka’s largest private sector bank said it had already received a Dubai Financial Services Authority (DFSA) licence to operate a Representative Office in the DIFC, and plans to commence operations shortly, the bank said in a media release on Friday..
The Representative Office will serve as a key point of contact for the bank’s growing client base in the region, including key stakeholders in Sri Lanka, as well as in Bangladesh and the Maldives, who have operations in the United Arab Emirates (UAE). Commercial Bank already has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank in the Maldives.
Commenting on this latest development, Commercial Bank Chairman Sharhan Muhseen said: “Commercial Bank will once again lead the way by becoming the first Sri Lankan bank to establish a presence in the Dubai International Financial Centre. To achieve our strategic vision and the growth we are inherently capable of, we have to expand our global footprint, and this will also enable the bank to support the objectives and ambitions of its customers. Opening a Representative Office in DIFC is therefore an important stepping stone to expand the international footprint of Commercial Bank.”
“This is a vital step in our aspirations to serve clients on the international stage, and provides an excellent foundation for future expansion,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “It places the bank in a leading global financial hub with many strategic benefits. By establishing a presence in the Dubai International Financial Centre, the bank gains access to a well-regulated, internationally recognised platform that supports global business connectivity. This enhances our ability to support cross-border clients, and drive long-term growth in the Middle East.”
Commercial Bank’s Representative Office in the DIFC will focus on promoting the bank's brand, supporting trade business, and offering regional support while fostering market insights and facilitating communication to better serve clients across various sectors.
The DIFC has more than 20 years of demonstrated success in facilitating trade and investment flows across MEASA region, which comprises 77 countries with an approximate population of 3.7 billion and an estimated GDP of US$ 10.5 trillion. The Centre connects these fast-growth markets with the economies of Asia, Europe, and the Americas.
Customs have detected 228 mobile phones and tabs valued at over Rs 30 million left behind in the duty free shopping complex at the Banaranaike International Airport today, Customs officials said.
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