The Commercial Bank of Ceylon has stepped up efforts to encourage Sri Lankans living abroad to invest in Sri Lanka with the support of the country’s benchmark private bank.
The Bank has launched a series of electronic forums designed to publicize the local investment opportunities available to Sri Lankans living or working in other countries and about the many special products and services offered by the Bank to facilitate an influx of foreign exchange. foreigners in the country. The forums are also a platform to share some ideas with the expat community on the economic conditions created in the country by the Covid pandemic.
The Bank has already concluded two such virtual events which have benefited members of the Sri Lankan expat community, workers and professionals living in the United Arab Emirates (UAE) and Kuwait. Two more are expected to be held soon for this segment in Oman and Qatar, the banks said.
Led by the Bank’s Senior Deputy Managing Director – Treasury Prins Perera, these electronic forums are held with the participation of the Bank’s overseas remittance partners, staff from Sri Lankan diplomatic missions, promotion officers foreign affairs of the Bank and members of its corporate management.
In addition to providing a comprehensive picture of the Sri Lankan economy backed up by statistics, these virtual forums are organized to encourage foreign direct investment in Sri Lanka and to maintain the Bank’s relationship with all of its stakeholders, the Bank said. Bank.
Participants are informed about the high yield investment opportunities available in Sri Lanka and the particular advantages that Commercial Bank offers to its investors and clients. They are also informed of the Bank’s Special Deposit Accounts (SDA) and other transfer accounts. Sri Lankan expatriate workers and potential investors receive valuable information about the Sri Lankan economy through these forums and find out about products and services that allow them to invest money in foreign currency accounts and term deposits. .
Commenting on the launch of the electronic forums, Managing Director and Managing Director of Commercial Bank, MS Renganathan said: âThese virtual events have been organized to allow us to connect directly with our partners and Sri Lankan business communities to the foreign exchange when Sri Lankan banks vigorously attempt to import foreign currency to help alleviate the challenges the economy is currently facing. As Sri Lanka’s largest private bank, we have earned the trust of the people and are well positioned to play an important role in this effort.
The Bank provides all necessary facilities for expatriate investors who wish to invest in Sri Lankan companies by facilitating the opening of inbound investment accounts, offshore accounts and providing all support services associated with these accounts.
Commercial Bank also educates participants about the personal finance products and services it offers to help them maximize returns on the foreign currencies they earn. These include the payment account which can be accessed via a RemitPlus debit card issued free of charge when the account is opened. Sri Lankan citizens 18 years of age or older, who are recipients or senders of overseas funds are eligible to open a transfer account with no initial deposit and existing account holders who have received three or more transfers in the past. last six months can convert their existing accounts into RemitPlus Savings Accounts. This account helps meet the emergency cash needs of account holders through a specially designed cash advance facility of up to Rs 50,000.
Additionally, those who receive direct remittances through Commercial Bank receive Rs 2 off the going exchange rate on converting every US dollar or the equivalent into the currency they receive.
Senders and payees can also use the ComBank RemitPlus app to share the payout PIN securely with each other and can track their payout through the Remittance Tracker option in the app. In addition to these features, the ComBank RemitPlus app can be used to find information and services related to Bank remittances, such as contact details of specially trained business promotion officers stationed in Kuwait, Oman, in the United Arab Emirates, Korea and Qatar, as well as contact details for Sri Lankan diplomats. overseas missions and the Bank’s overseas remittance partners.
The first fully carbon neutral Sri Lankan bank, the first Sri Lankan bank to be among the 1000 best banks in the world and the only Sri Lankan bank to be so for 11 consecutive years, Commercial Bank operates a network of 268 branches and 931 automated agencies. machines in Sri Lanka. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he has a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.