Govt. Securities promoted among Lankan expatriates

Combank offers Lankan expatriates high interest to promote Government Securities overseas.

The Sri Lankan diaspora and migrant workers can now purchase Treasury Bills and Bonds through Commercial Bank of Ceylon PLC, following the Bank's appointment by the Central Bank of Ceylon as a Joint Lead Manager to promote Government Securities.

Under the recently introduced package of investment opportunities, Sri Lankans abroad, including migrant workers and businessmen, Sri Lankan professionals living in Sri Lanka and overseas who earn foreign exchange, Sri Lankan citizens with dual citizenship irrespective of their country of residence, can now purchase, hold and sell Rupee-denominated Treasury Bills (T-Bills) and Bonds (T-Bonds) and earn much higher returns than what is available in most Financial Centres , while enjoying government guarantee on the interest as well as the capital.

Investors can channel money through any of the Commercial Bank's branches, Business Promotion Officers or Agents in overseas locations via a special rupee account named 'Treasury Bonds/Bills Investment External Rupee Account - Deshabhimani (TIERA-D) opened in the name of the investor.

These accounts may be held by eligible individual investors or jointly by two or more eligible investors. "This scheme will provide a safe and highly liquid investment opportunity for Sri Lankan expatriates, while generating a smart return on their investments and making it more convenient for them to access Government Securities," Commercial Bank's Head of Global Treasury Dula Weeratunga said. "It will also eliminate the hassle of paying taxes or stamp duty and investors can also enjoy the freedom to transferring capital and interest without foreign exchange restrictions."

He said that the new scheme would help widen the Central Bank's investor base, would diversify the Government Securities market and make it more stable.

In its capacity of Joint Lead Manager, the Commercial Bank will undertake a vigorous marketing campaign to promote the new scheme, Weeratunga said.

The campaign would include promoting Government Securities in foreign countries through the Bank's Business Promotion Officers (BPOs) and agent network and undertaking periodical advertising and public relations campaigns in local and foreign media.

Established in 1969, Commercial Bank is Sri Lanka's leading bank with dominant positions in consumer banking and treasury and securities market. It is also the first local bank to enter the ranks of Top 1000 Banks in the World in terms of 'Tier-1' Capital.