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Sri Lanka’s Commercial Bank kicks off operations in Maldives

commercial-bank

Sep 26, 2016 (LBO) - Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing.
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Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the partner Maldivian group of companies is involved in businesses ranging from financial services, hotel and tourism and retailing.
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Commercial Bank said it would invest in a 55 percent stake in this banking subsidiary with the remaining 45 percent owned by the partner company.
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The new bank is to offer individuals and corporate entities in the Maldives a variety of financial services including savings and current accounts, FDs, ATMs, remittances, housing and other loans. Sri Lankan companies operate hotels in the Maldives, a large number of Sri Lankans are employed in the Maldivian hospitality industry, and Sri Lanka provides services to Maldivian visitors in many spheres including education and healthcare.
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