Commercial Bank of Ceylon has become one of the first financial institutions in Sri Lanka to formalise plans to establish a fully-fledged branch at Port City Colombo, strengthening its strategic positioning within the country’s emerging international financial hub and reinforcing its role in supporting Sri Lanka’s next phase of economic transformation.

The agreement to establish the branch was signed between Commercial Bank Managing Director/CEO Sanath Manatunge and CHEC Port City Colombo (Pvt) Ltd Managing Director Xiong Hongfeng, marking an important milestone in the Bank’s expansion strategy and in the development of Port City Colombo’s financial ecosystem.

The proposed branch will provide a comprehensive suite of banking services tailored to businesses and individuals operating within Port City Colombo. These will include digital banking solutions, trade finance services, foreign currency transactions, corporate banking facilities, deposits, lending products, remittance services and card-related offerings.

Commercial Bank said its decision to establish an early presence within Port City Colombo is aimed at strengthening its ability to support cross-border business activity and investment flows, while positioning itself to meet the evolving requirements of multinational corporations, global investors and high-net-worth clients expected to operate within the Special Economic Zone.

Commenting on the initiative, Manatunge said the Bank’s entry into Port City Colombo reflected both its confidence in the long-term potential of the project and its readiness to support a globally integrated financial ecosystem.

“As Sri Lanka’s largest private sector bank with extensive experience in serving corporates, international clients and high-value businesses, we view Port City Colombo as a significant component of the country’s economic future,” he said. “Our presence within this Special Economic Zone will strengthen our ability to facilitate cross-border transactions, support international trade and investment and deliver advanced banking solutions through strong digital capabilities.”

Port City Colombo, a 269-hectare extension of Sri Lanka’s central business district, is being developed as a multi-service Special Economic Zone with ambitions of becoming a regional financial centre and business hub. Considered one of Sri Lanka’s largest public-private partnership projects, the development is expected to attract high-value investment through modern infrastructure, advanced technology and a progressive regulatory environment.

CHEC Port City Colombo Managing Director Xiong Hongfeng said the presence of established financial institutions was essential to creating a fully operational international business ecosystem.

“Our role extends beyond physical development. It is about creating the foundations for a dynamic international financial and business hub,” he said. “The establishment of institutions such as Commercial Bank within Port City Colombo adds operational strength and credibility to the ecosystem at an early stage and reflects growing momentum towards a more globally connected and investment-driven economy.”

Designed as an integrated urban development project, Port City Colombo is expected to feature commercial, residential and leisure components, including luxury waterfront developments, a yacht marina and duty-free retail facilities. It is expected to play a transformative role in positioning Sri Lanka as a competitive regional destination for financial and professional services.

The move further strengthens Commercial Bank’s growth strategy, aligning its future expansion with Sri Lanka’s ambitions of building a globally connected economy while reinforcing the Bank’s leadership position within the country’s financial sector.

Commercial Bank remains Sri Lanka’s largest private sector lender and the country’s biggest lender to the SME sector. The Bank also maintains the widest international footprint among local banks, with operations across Bangladesh, the Maldives, Myanmar and the Middle East.