Nine Sri Lanka banks have applied to, and Bank of China has expressed interest in, setting up branches within the special economic zone, Chief Operating Officer of the Colombo Port City Economic Commission Revan Wikramasuriya said.
Sri Lanka recently gazetted regulations governing banks within the Port City. The banks will be regulated by Sri Lanka’s central bank, Wikramasuriya told reporters in Colombo.
Commercial Bank of Ceylon, HNB, Sampath, NDB, NTB, Union Bank, DFCC, Bank of Ceylon and People’s Bank have applied to set up branches.
The banks will provide services to offshore customers and businesses operating within the Colombo Port City.
The Colombo Port City is a dollarized special economic zone which will be free of central bank liquidity tools and therefore free of currency crises.