Sri Lanka recently gazetted regulations governing banks within the Port City. The banks will be regulated by Sri Lanka’s central bank, Wikramasuriya told reporters in Colombo.

Commercial Bank of Ceylon, HNB, Sampath, NDB, NTB, Union Bank, DFCC, Bank of Ceylon and People’s Bank have applied to set up branches.

The banks will provide services to offshore customers and businesses operating within the Colombo Port City.