Commercial Bank in Sri Lanka Offers SFIDA, Foreign Investment Deposit Accounts for Foreign and Sri Lankan Investors

23rd July 2008, www.dailynews.lk

Sri Lanka's benchmark private bank to accept deposits from foreigners and Sri Lankan expatriates. The Commercial Bank of Ceylon has become one of the first Sri Lankan banks to open its vaults to foreigners, enabling them to open bank accounts following the Central Bank's decision to further liberalize rules on local banks accepting deposits from persons resident outside Sri Lanka.

Special Foreign Investment Deposit Accounts (SFIDA) can be opened in designated Foreign Currencies and Sri Lankan Rupees. SFIDA Deposits are offered in a variety of investment tenures to suit the requirements of each customer.

Citizens of foreign states, Sri Lankan citizens resident outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and foreign institutional investors such as country funds, mutual funds and regional funds can now open SFIDAs with Commercial Bank.

"Through Sri Lanka's largest private sector bank, we would like to provide great investment opportunities to overseas clients and at the same time help the country attract Foreign Funds for its' development activities. Investors would have the comfort of dealing with the Bank enjoying the highest Credit Rating among all the local private banks." Commercial Bank's Chief Operating Officer Ravi Dias said in a statement.

The Minimum Initial Deposit required to open a SFIDA is US$ 10,000 or its equivalent in other designated Foreign Currencies or Sri Lankan Rupees. All SFIDA accounts are exempted from Income Tax, Withholding of Income Tax and Debit Tax. Foreign Currency will be accepted in the form of Travellers' Cheques, Bank Drafts or Currency Notes brought into the country by the account holder on declaration to Sri Lanka Customs as applicable during his / her temporary visits to Sri Lanka. Outward remittances, transfers to other SFIDAs, disbursements of the account holder in Sri Lanka are possible.

Established in 1969, Commercial Bank is Sri Lanka's leading bank, with dominant positions in consumer banking, treasury and securities markets. The Bank owns a network of 166 computer-linked branches, supermarket banking outlets and service centres and 317 ATMs in Sri Lanka while its operations in Bangladesh have grown to nine branches.

The Bank has been adjudged Sri Lanka's 'Bank of the Year' six times by 'The Banker,' a top notch global banking magazine and also been rated the 'Best Bank in Sri Lanka' for ten consecutive years by the US based 'Global Finance' magazine. In July 2007, the Bank was named the 'Best Bank' in Sri Lanka by another prestigious international financial magazine 'Euromoney'. Commercial Bank has been rated AA+(lka) by Fitch Ratings.