ComBank among first to partner Port City Colombo with fully-fledged branch

Commercial Bank Managing Director/CEO Sanath Manatunge (centre right) and CHEC Port City Colombo Ltd. Managing Director Xiong Hongfeng exchanging the agreement in the presence of senior representatives of the two companies

Commercial Bank of Ceylon yesterday said it has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the bank’s strategic expansion into the country’s emerging international financial hub.

The agreement was signed by Commercial Bank Managing Director/CEO Sanath Manatunge and CHEC Port City Colombo Ltd. Managing Director Xiong Hongfeng. 

The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.

By establishing a presence within Port City Colombo, the bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.

Manatunge said the decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.

“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”

A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.

“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Hongfeng. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”  

Port City Colombo will feature a mix of commercial, residential and leisure components, including a yacht marina, duty-free retail spaces and luxury waterfront developments. With a strong focus on attracting international businesses and investments, it is expected to play a transformative role in positioning Sri Lanka as a competitive regional hub for financial and professional services.