The Commercial Bank of Ceylon opened its representative office in Yangon this week (June 8th), 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 licence by the Central Bank of Myanmar to operate a representative office in the country.
The bank’s representative office, located at Pantra Street, Dagon Township, Yangon, Myanmar was formally declared open by the bank’s Chairman Dharma Dheerasinghe, Managing Director/CEO Jegan Durairatnam, Acting Sri Lankan Ambassador to Myanmar Hemantha Swarnathilake and other senior officials.
Speaking at the ceremony, Dheerasinghe said: “We believe that there is significant potential to increase bi-Iateral 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 JeganDurairatnam 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 ofafer them its experience in very successfully moving from manual and mechanical systems to high-tech banking.”