Mar 08, 2010 (LBO) – Sri Lanka’s investment promotion agency said it has approved an investment by a unit of Lankaclear, the national clearing house, to provide cash management services to banks in rural north-central Anuradhapura. The Board of Investment said in a statement Lankaclear Cash Management, a joint venture by Lankaclear and Transnational Group, is expected to start operations in May 2010.
The objective of establishing this venture is to provide fast and efficient cash circulation to the area,” it quoted Imthiaz Ismall, Regional Director of Transnational Group, as saying.
“It will enable banks to reduce their cash holdings and the turn around of cash would also be fast.
The venture is an investment of over 750,000 US dollars providing employment for 16 people initially.
BOI approval allows companies to get tax incentives.
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,” said Sunimal Weerasooriya, chief executive of Lankaclear.
The Central Bank has outsourced the cash management functions in the Anuradhapura region to Lankaclear, which is jointly owned by the C