‘No evidence of money laundering’:

BoC keen to expand business in Seychelles

by Chandani Jayathilleke

The Bank of Ceylon (BoC) wants to expand and continue its businesses in Victoria, Seychelles as the present management sees a huge potential for business growth in that country.

“We want to create a positive image for the bank and increase the number of customers in Seychelles,” Chairman Ronald Perera said.

The bank, he said it is now making operating profits – that is within two years of the opening. In 2015 the bank earned Rs. 32 million as operating profits and plans to increase it to Rs. 46 million in 2016. “We see a lot of untapped potential there and we can do much better in the future,” he told the Sunday Observer.

The BoC branch has 691 customers including Sri Lankans living there and residents and locals in the island. However, the Chairman confirmed that the BoC in Seychelles does not maintain accounts owned by anyone living in Sri Lanka. The branch’s main business includes maintaining savings and current accounts, lending and trading.

Perera also ruled out any possibility of wrongdoings or misusing the bank for illegal, unethical activities since the branch was opened in January 2014. “We have conducted thorough investigations and there was no evidence to confirm illegal activity or money laundering based on this branch,” he said.

Therefore, there is no reason to close down the branch. If it is to be closed down, there should be a good reason such as consistent losses or mismanagement. “We have no such issue with the Seychelles branch. “

There are eight foreign banks in Seychelles and the competition is growing.

“But it is not a tax haven for dodgers. There are strict banking regulations.” Three senior Sri Lankan officials work in the Victoria branch. However, the chairman admitted that the adverse publicity in Sri Lanka has affected the business sentiments in the Seychelles branch.

“We have to convince our existing customers that we are going to be there for a long time and attract new customers to do banking with us in the future. We plan to do a publicity campaign for that,” he said.