ComBank completes liquidation of money transfer subsidiary in Italy

The Commercial Bank of Ceylon yesterday announced the completion of the voluntary liquidation of Commex Sri Lanka S.R.L., a wholly-owned subsidiary of the company located in Italy.

In a disclosure to the Colombo Stock Exchange (CSE) yesterday, Commercial Bank shared that all procedures related to the voluntary liquidation of Commex Sri Lanka S.R.L. have now been finalised.

The said Commex Sri Lanka S.R.L. has been removed from the Chamber of Commerce, Craft, Industry and Agriculture of Rome, (which acts as the Registrar of Companies in Italy). 

“Antonio Caporale the duly appointed liquidator of the said Commex Sri Lanka S.R.L. has confirmed that all liquidation formalities have been completed,” the filing said.

The initial announcement of the liquidation was made in August 2022. In the earlier disclosure, Commercial Bank said the decision was taken considering the economic impact following Covid-19.

Commex Sri Lanka S.R.L. launched its money transfer operation in Italy in 2016, following the grant of a Money Transfer License from the Bank of Italy.

Commercial Bank is the first Sri Lankan bank to open a firm in Italy for money transfer operations.