Commex Sri Lanka S.R.L., a fully-owned subsidiary of Commercial Bank of Ceylon PLC has inaugurated its money transfer operation in Italy, following the grant of a Money Transfer Licence from the Bank of Italy.
Sri Lanka’s benchmark private sector bank said 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.
Commercial Bank is the first Sri Lankan bank to open a company in Italy for money transfer operations.
Italy is one of the biggest markets for Sri Lankan migrants with an estimated 150,000 Sri Lankans living and working there. The monthly value of fund inflows to the country from Italy is in the region of about Rs 3 billion, the Bank said.