ComBank liquidates money transfer subsidiary in Italy

Commercial Bank Ceylon PLC yesterday announced the voluntary liquidation of Commex Sri Lanka S.R.L, a wholly owned subsidiary of the bank located in Italy.
A disclosure by the bank said the decision was taken considering the economic impact following Covid-19.
Commex Sri Lanka S.R.L. launched  its money transfer operation in Italy in 2016, following the grant of a Money Transfer Licence from the Bank of Italy.
Commercial Bank is the first Sri Lankan bank to open a firm in Italy for money transfer operations.