Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya.
Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated by Sri Lanka’s central bank, Wikramasuriya confirmed to reporters in Colombo.
The banks that have applied to set up branches include Commercial Bank of Ceylon, HNB, Sampath Bank, NDB, NTB, Union Bank, DFCC Bank, Bank of Ceylon, and People’s Bank. These branches will cater to offshore customers and businesses operating within the Colombo Port City.
The Colombo Port City is a dollarized special economic zone, designed to be free from central bank liquidity tools and thus insulated from currency crises.