The Commercial Bank of Ceylon PLC has announced It is plans to extend their services to the Maldives following the receipt of regulatory approval.
Commercial Bank of Ceylon PLC is a Sri Lanka’s largest private bank have obtained an approval from both the Maldives Monetary Authority and the Central Bank of Sri Lanka to set up a Commercial Bank of Ceylon PLC banking subsidiary in the Maldives. This would be name as Commercial Bank of Maldives Pvt Limited and Commercial Bank of Ceylon PLC will invest 55% of stake and balance will own by leading group of Maldivian companies.
The bank start focusing into a new regional expansion after successful operation in Bangladesh, which entered in 2003, and Myanmar in June 2015.
Commercial Bank of Ceylon PLC is enter to Maldives with single branch at male and increase their presence and increase upto 3 branches in near future and The Bank is to offer Mobile Units and ATM service at a strategic locations and the bank is willing to offer range of services like savings and current accounts, fixed deposits, personal loans, housing loans, credit cards, overdrafts, commercial loans, trade financing services, internet banking, mobile banking, remittances and foreign exchange.