Bank of Ceylon keen to expand business in Seychelles |28 April 2016

The Bank of Ceylon, considered as Sri Lanka’s number one bank which opened a branch here in 2014, has expressed the desire to expand and continue its businesses in Victoria, as the present management sees a huge potential for business growth.

“We want to create a positive image for the bank and increase the number of customers in Seychelles,” Bank of Ceylon (BoC) chairman Ronald Perera is quoted as telling the Sri Lankan newspaper Sunday Observer last weekend.

The bank, he said it is now making operating profits – that is within two years of the opening. Last year it earned R32 million as operating profit and plans to increase it to R46 million in 2016.

“We see a lot of untapped potential there (Seychelles) and we can do much better in the future,” he told the newspaper.

The BoC branch has at present 691 customers including Sri Lankans living in Seychelles, other residents and locals. However, Mr Perera confirmed that the BoC in Seychelles does not maintain accounts owned by anyone living in Sri Lanka. The branch’s main business includes maintaining savings and current accounts, lending and trading.

Mr Perera also ruled out any possibility of wrongdoings or misusing the bank for illegal or unethical activities since the branch’s opening.

“We have conducted thorough investigations and there was no evidence to confirm any illegal activity or money laundering based on this branch,” he said.

Therefore, there is no reason to close down the branch. If it is to be closed down, there should be a good reason such as consistent losses or mismanagement.

“We have no such issue with the Seychelles branch,” he added.

Though there are eight foreign banks in Seychelles and the competition is growing, Mr Perera has insisted that the country “is not a tax haven for dodgers; there are strict banking regulations.”

However, the chairman has admitted that recent adverse publicity in Sri Lanka has affected the business sentiments in the Seychelles branch.

“We have to convince our existing customers that we are going to be there for a long time and attract new customers to do banking with us in the future. We plan to do a publicity campaign for that,” he has concluded.