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Monday, January 30, 2023

ComBank expands footprint to Singapore  – The Morning

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The Monetary Board of the Central Bank of Sri Lanka (CBSL) has approved the Commercial Bank of Ceylon (ComBank) to establish a fund management subsidiary in Singapore. 

This was disclosed to the Colombo Stock Exchange (CSE) by ComBank, stating that the bank is currently working towards meeting the requirements under the Foreign Exchange Act. 

ComBank is the country’s largest private bank and third largest bank, ending the year 2020 with a revenue of Rs. 151.9 billion, total assets of Rs. 1.762 trillion, while shareholders’ funds were worth Rs. 159.4 billion, and a net profit of Rs. 17 billion.

The bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully fledged Tier I bank with a majority stake.

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