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Bank of Ceylon joins Seychelles’ financial market |21 January 2014

Sri Lanka’s number one bank – the Bank of Ceylon -- has officially entered the Seychelles financial market with the opening of its local branch in Victoria yesterday morning.

Situated on the 2nd floor of the Capital City in the heart of Victoria, the bank was officially opened by Vice-President Danny Faure, who had the honour to cut the ribbon along with the bank’s general manager and chief executive D. M. Gunasekara and its Seychelles branch manager Ranjith Haputhanthri.

VP Faure cut the ribbon before he and other guests lit an oil lamp which signifies the start of a bright new future for the Bank of Ceylon here.

The ceremony took place in the presence of the Minister for Finance, Trade and Investment Pierre Laporte, the principal secretary in the same ministry Steve Fanny, the governor of the Central Bank Caroline Abel, a large group of key personalities from the banking and business sectors, Sri Lanka’s and Seychelles’ diplomatic representatives, among other guests.

Addressing everyone present Vice-President Faure said : ‘’The Seychelles economy is in need of another bank and the opening of the Bank of Ceylon is good news for the economy which in fact needs more such banks.”

But while welcoming the bank and hailing its decision to join the Seychelles financial market, VP Faure reminded its management that their greatest challenge is to meet the high expectations of ordinary consumers and the business  community at large, something which he said he has no doubt the bank will be able to do.

Echoing the words of Vice-President Faure, Minister Laporte also extended his warm welcome to the Bank of Ceylon for joining Seychelles’ financial market and hailed the efforts and political will of the Seychelles and Sri Lankan governments who have made it possible for the bank to open here today.

Mr Gunasekara said the bank will offer a wide range of services including corporate, retail, offshore and internet  banking, foreign exchange transactions, deposit accounts as well as credit facilities for traders, the tourism industry, the agriculture and fisheries sectors.

Furthermore Mr Gunasekara said the bank will also go into the leasing business, a field which is new here but which has been made possible with the approval in November last year by the National Assembly of the Financial Leasing Bill. To date no bank here has ventured into that field yet.

“The Bank of Ceylon is doing the leasing business in a big way back in Sri Lanka and therefore it will be easy to capture that market here. No bank is offering the service yet as it is a new product but we will be offering it,” said Mr Gunasekara.

With regard to challenges he pointed out that the Bank of Ceylon plans to do more and offer more than the already well established banks are providing.

“If we offer many more services, attractive things and deliver in an efficient way, people will come to us,” Mr Gunasekara stressed.

He further added that local ordinary consumers could open accounts, save money and get loans from the bank as in any other banks but at competitive and attractive rates.

The Bank of Ceylon Seychelles branch has recruited two Sri Lankan nationals and seven Seychellois to run its services.

The decision to open the Bank of Ceylon branch in Seychelles was taken in August last year and it has taken some two months for it to obtain its domestic and offshore banking licences and incorporation.

The Bank of Ceylon has 75 years of experience in the banking industry as Sri Lanka’s international bank with branches in Male (Maldives), Chennai (India), London (United Kingdom) and intends to open some more in other parts of the world in the future.

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