Bank of China to open its first Sri Lankan branch in Port City

Bank of China to open its first Sri Lankan branch in Port City

By Jamila Husain

Colombo, Aug 10 (newsin.asia) – Bank of China, one of the biggest state owned commercial banks in China will open its first branch in Colombo this year in the presently constructed 1.4 billion dollar Port City, China’s Ambassador to Sri Lanka, Yi Xianliang said.

The Bank would bring in an initial capital of 80 million dollars which has already reached Colombo.

Xianliang said the bank’s opening within the Port City would help support its aim as a financial hub.

“I have spoken with the President of the Bank of China. This year the Bank will open its first branch in South Asia in Colombo. This will support the idea of a financial city. They will be located in the Port City,” Xianliang said.

Colombo’s Port City better known as the Colombo International Financial City is a mega 1.4 billion dollar project constructed close to the Colombo Harbour.

It is the first of its kind in South Asia and will attract large scale investments into Sri Lanka promoting Colombo as a financial hub.

The entire land reclamation of the project is expected to be completed by 2018.

Meanwhile, Xianliang said a war ship, donated by China to the Sri Lanka Navy would reach the island within 15 days.

“It is a modern one and it is a support to the Sri Lanka Navy. Because Sri Lanka is a great country particularly in the maritime sector. You need this strong development,” the Ambassador said.

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