Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing.
Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company.
The bank last year said the partner Maldivian group of companies is involved in businesses ranging from financial services, hotel and tourism and retailing.
Commercial Bank said it would invest in a 55 percent stake in this banking subsidiary with the remaining 45 percent owned by the partner company.
The new bank is to offer individuals and corporate entities in the Maldives a variety of financial services including savings and current accounts, FDs, ATMs, remittances, housing and other loans.
Sri Lankan companies operate hotels in the Maldives, a large number of Sri Lankans are employed in the Maldivian hospitality industry, and Sri Lanka provides services to Maldivian visitors in many spheres including education and healthcare.