New foreign banks entering market should incorporate business locally: CB

3 January 2014 09:08 am - 0 - {{hitsCtrl.values.hits}}

A A A

New foreign entrants to Sri Lanka’s banking sector will be required to incorporate their businesses locally commencing from 2016, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.

The requirement will not apply to foreign banks already operating in Sri Lanka but will only be imposed on foreign banks which enter the market from 2016.

“This requirement is being imposed in order to maintain a higher standard of transparency and accountability for such banks in Sri Lanka.

“We will not be requiring foreign banks already in the country to comply as we did not want to disturb our existing relationships. However we feel that requiring new entrants to incorporate locally will demonstrate greater participation with the economy,” Cabraal stated.

According to CBSL data, currently there are 10 foreign banks operating in Sri Lanka with an asset base below Rs. 50 billion.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

New foreign banks entering market should incorporate business locally: CB

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

Racing event tragedy leaves seven dead including eight-year-old child

Gota fires back at Cardinal, rebuts allegations

SL on alert on possible genocide allegations by Canada

Two racing drivers arrested over Fox Hill tragedy

Astrologer Chandrasiri Bandara passess away

MIRROR CRICKET

TODAY'S HEADLINES