Bank of Ceylon is a major commercial bank based in Colombo, Sri Lanka. Government-owned, the bank has hundreds of branches throughout the country plus branches in Male, Chennai, and Seychelles alongside a subsidiary in London.
The bank was founded in 1939 when Sri Lanka was still a British colony; it was the British government that opened the bank. The bank was transferred to the Sri Lankan government when Sri Lanka gained independence from Britain in 1948.
Bank of Ceylon Products and Services
Bank of Ceylon offers a full range of banking services, including:
Export and import
E-cash remittance service for sending monies to Sri Lanka
Customers opening personal accounts must make a minimum initial deposit of £250, which must be maintained to earn interest and avoid account maintenance fees. Earned interest is paid into accounts every six months.
The bank also offers import and export services, including export bill discounting, pre and post-shipment financing, LC opening, advising and confirmations.
Non-customers can send money to Sri Lanka via Bank of Ceylon; they must not be an account holder but can register online for the service. This e-remittance service is offered in three ways – in branch, in cash, up to the value of £700, via bank-to-bank transfer, and via cheque made payable to Bank of Ceylon.
Bank of Ceylon also has a 24-7 call centre, and around-the-clock branch based at the Colombo head office.
Bank of Ceylon Security
Bank of Ceylon (UK) LTD is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Deposits up to the value of £85,000 are covered by the Financial Services Compensation Scheme (FSCS).