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BoC
accepts Foreign Investments, Deposits
The Bank of Ceylon (BoC) – Sri Lanka’s highly regarded
Bank – announced today that, it would now accept Investments
and Deposits from foreign citizens, Sri Lankan citizens resident
overseas, Corporate bodies incorporated outside Sri Lanka
and Foreign Institutional Investors. This announcement from
BoC comes on the heels of an announcement by the Central Bank
of Sri Lanka (CBSL), on the easing of regulations restricting
local banks from accepting Deposits from foreign states and
citizens.
In view of this liberalisation, BoC will make available services
for Investments in Savings and Time Deposits in designated
foreign currencies or in Rupees.
This
Savings scheme will now bring a new dimension of services
to the many clientele of this Bank. It will also be helpful
in securing a comparative advantage by moving to global financial
markets for the mobilisation of foreign savings. This will,
in turn, fill the country’s domestic Savings-Investment
gap, in the interest of enhancing its macro-economic performances.
Chairman, BoC, Dr. Gamini Wickramasinghe, in view of the easing
of the regulations by the CBSL said, “The positive move
taken by the CBSL to permit Investments and Deposits from
foreign citizens is indeed commendable. I am proud to say
that BoC is geared to undertake this initiative, as it will
certainly boost the country’s economy. The BoC has always
been a leader in Corporate and Offshore banking, and with
this new initiative, it will further strengthen the Bank’s
superior Client Servicing capabilities.”
This permission has been granted with effect from June 2,
2008 and is subject to the conditions that a Deposit Account
should maintain a minimum Balance of at least US$ 10,000 or
its equivalent. Negotiable rates will be offered by BoC for
higher Account Balances.
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