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Sunday, 05 January 2014 - 7:52
New foreign banks entering market should incorporate business locally; CB
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According to Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, New foreign entrants to Sri Lanka’s banking sector will be required to incorporate their businesses locally commencing from 2016.

The requirement will not apply to foreign banks already operating in Sri Lanka but will only be imposed on foreign banks which enter the market from 2016.

“This requirement is being imposed in order to maintain a higher standard of transparency and accountability for such banks in Sri Lanka.

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