COLOMBO, Sri Lanka – National Development Bank PLC (NDB) has secured a significant milestone by being granted Authorised Person (AP) status at the Colombo Port City (CPC). This achievement, alongside an obtained offshore banking licence, paves the way for NDB to become a Secondary Business of Strategic Importance (SBI) within the CPC.
The Colombo Port City is a transformative urban development project designed to position Sri Lanka as a leading economic hub in South Asia. Envisioned as a world-class city with cutting-edge infrastructure, the CPC aims to attract international businesses, investors, and tourists by creating a flourishing economic environment.
NDB, with its 45-year history of development-oriented commercial banking expertise, is well-equipped to capitalize on the opportunities presented by its presence in the CPC. The bank offers a comprehensive suite of solutions, including loans and deposit products for businesses of all sizes, personal financial solutions, trustee and custodian services, advisory services, and capital market services like debt and equity raising, mergers and acquisitions, wealth management, securities trading, and private equity management. This breadth of offerings ensures that NDB can cater to the diverse needs of clients within the Port City, especially those seeking sophisticated financial solutions.
NDB’s commitment to environmental, social, and governance (ESG) principles, further strengthened by its partnership with the Global Green Growth Institute (GGGI) for issuing green bonds, makes it an attractive partner for global investors seeking opportunities in the Colombo Port City. The bank recognizes the strategic importance of the CPC for Sri Lanka’s economic development and is committed to leveraging its position as a leading commercial bank to attract foreign direct investments (FDIs).
The AP status signifies NDB’s dedication to expanding its operations and providing innovative financial solutions within the CPC. As an authorised person, NDB will play a critical role in facilitating financial services, supporting businesses, and driving economic growth within the Port City. The additional offshore banking licence further empowers NDB to offer a comprehensive range of banking services to both local and international clients.
“Obtaining AP status and an offshore banking licence at the Colombo Port City demonstrates NDB’s strategic vision and unwavering commitment to supporting Sri Lanka’s economic aspirations,” said NDB CEO Kelum Edirisinghe. “We are honored to be a part of this groundbreaking development and eager to contribute to the CPC’s success as a premier financial hub.”
The Colombo Port City is expected to generate significant economic benefits, including job creation, increased foreign direct investment, and enhanced trade opportunities. NDB’s presence as an authorised financial entity within the CPC will provide businesses with access to tailored financial services, fostering a thriving business environment within the Port City.
As NDB progresses towards obtaining SBI status, the bank is positioned to further expand its influence and service offerings within the Port City, aligning with its long-term vision of delivering exceptional banking solutions and contributing to Sri Lanka’s broader economic development.