June 10, Yangon: The Commercial Bank of Ceylon opened its representative office in Yangon on Monday, 8th June, formally launching its operations in Myanmar, initially to offer Advisory Services to Sri Lankan and Bangladeshi businesses wishing to enter that country, and to arrange Banking and Advisory facilities, funds transfer and encashment services.
Commercial Bank is the first Sri Lankan bank to be granted a license by the Central Bank of Myanmar to operate a representative office in the country. Myanmar is Commercial Bank of Ceylon’s second overseas operation after Bangladesh.
The Bank’s Representative Office, located at No 42 A, Pantra Street, Dagon Township, Yangon, Myanmar was formally declared open by the Bank’s Chairman Mr Dharma Dheerasinghe, Managing Director/CEO Mr Jegan Durairatnam, Acting Sri Lankan Ambassador to Myanmar Mr Hemantha Swarnathilake and other senior officials.
Mr Sajeeve Piyaratne is the Manager of the Bank’s Yangon Representative Office in Myanmar.
Speaking at the ceremony, Mr Dheerasinghe said: “We believe that there is significant potential to increase bilateral trade between Myanmar and Sri Lanka, and that there is interest among Sri Lanka’s leading apparel exporters and other industries to set up operations in Myanmar. The presence of a Representative Office of Sri Lanka’s largest private bank would facilitate this process, and be mutually beneficial to the two countries.”
Commercial Bank Managing Director/CEO Mr Jegan Durairatnam said: “We have noted that the Banking Sector in Myanmar is expanding rapidly. By opening a Representative Office, it would also be possible for Commercial Bank to build closer relationships with Myanmar banks and offer them its experience in very successfully moving from manual and mechanical systems to high-tech banking.”
Source: Colombo Page