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HSBC will open a new Group Service Centre in Colombo to support the processing and customer service activities for HSBC Group companies overseas.

A suitable site has been identified for the new centre in Kotte. Building will start immediately and will be fully operational early 2005.

HSBC aims to start operations in Colombo as soon as possible and temporary premises have been acquired at the WTC, Colombo till the permanent site is completed. The business will employ around 600 people by the end of 2004, rising to approximately 2,000 by the end of 2006, and will create a significant number of additional jobs in the local economy.

The new site becomes HSBC's seventh Group Service Centre, with other premises in India, mainland China and Malaysia. In India, HSBC currently has centres in Hyderabad, Bangalore and Vishakhapatnam.

Mark Humble, Chief Executive Officer, HSBC Sri Lanka said "HSBC has had a presence in Sri Lanka for over 100 years. Our decision to open a Group Service Centre in Colombo reflects our long standing commitment to the country and our confidence in its prospects."

Malcolm Wagget, Chief Operating Officer of the newly established HSBC Electronic Data Processing Lanka Pvt Ltd, added: "We chose Colombo because of the excellent infrastructure that is being made available to us together with the quality of the local workforce. I am confident we will be very successful."

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