Combank’s fully owned subsidiary Commex inaugurated in Italy
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Commercial Bank Chairman Dharma Dheerasinghe opens the new office.
Commex Sri Lanka S.R.L, a fully-owned subsidiary of Commercial Bank of Ceylon PLC, has opened its money transfer operation in Italy, following the grant of a Money Transfer Licence from the Bank of Italy.
Commex Sri Lanka S.R.L. of Via Giacomo Leopardi, Rome, incorporated and registered in Italy under the supervision of the Bank of Italy, had received the necessary regulatory approvals from both countries to engage in fund transfers on its own from a market that generates an estimated about Rs 3 billion in remittances to Sri Lanka per month, the local bank said in a media statement.
Commercial Bank is the first Sri Lankan bank to open a company in Italy for money transfer operations.
“We are delighted to launch the Commex operation as a fully-owned Sri Lankan Exchange House offering money transfer facilities,” Commercial Bank’s Managing Director/CEOÂ Jegan Durairatnam said. “The company was incorporated for that purpose, recognising the potential in Italy for remittance services to
Sri Lanka.”
He said the bank plans over time, to open branches in other Italian cities with high potential for money transfer services to
Sri Lanka.
Italy is one of the biggest markets for Sri Lankan migrants with an estimated 150,000 Sri Lankans living and working there.