Commercial Bank of Ceylon PLC’s new branch in Port City Colombo is poised to bring world-class banking services to Sri Lanka’s emerging international financial hub.

Located at Building 04 in Area 02 of the Port City Business Centre – Commercial Hub, Commercial Bank’s Port City Colombo branch will function as a fully-fledged banking operation, strengthening the Bank’s presence in one of Sri Lanka’s most strategically significant emerging economic zones. Designed to serve the evolving financial requirements of corporates, investors, businesses, professionals and retail customers within the Port City Colombo ecosystem, the branch offers access to Commercial Bank’s comprehensive portfolio of financial solutions. These include current and savings accounts, fixed deposits, personal and business lending, housing and leasing facilities, credit and debit card services, inward and outward remittances, foreign currency accounts and transactions, trade finance solutions, import and export services, corporate banking, treasury and foreign exchange services, cash management solutions and digital banking facilities.

By combining full-service branch banking with digital capabilities and uninterrupted self-service access, the new branch reflects Commercial Bank’s commitment to delivering future-ready, accessible and internationally aligned financial services in support of Port City Colombo’s growth as a dynamic hub for commerce, investment and innovation.

Following the recent decision by the Monetary Policy Board of the Central Bank of Sri Lanka to raise the Overnight Policy Rate by 100 basis points, a corresponding increase in market interest rates has been reported.

In line with this shift, several banks have already taken steps to increase the interest rates charged on credit cards. Banks have begun notifying their customers that the annual interest rate for credit cards will rise from the current 26% to 28%, effective from July 1st.

This rate hike comes at a time when credit card usage is on the rise. According to the Central Bank of Sri Lanka, the total number of active credit cards in the country stood at 2,166,186 at the end of 2025. By the end of the first quarter of 2026, this number had grown to 2,215,853 cards.

The latest data also highlights a significant increase in consumer debt. The total outstanding balance on credit cards was Rs. 189,706 million as of December 31, 2025. By March 31, 2026, this figure had climbed to Rs. 194,105 million, reflecting a growing reliance on credit despite the looming interest rate adjustments.

ESG performance, and supply chain resilience

Peterson Solutions Sri Lanka, the consultancy and advisory arm of the globally recognized Peterson and Control Union Group, officially opened its new corporate office at Orion City, Colombo, on June 5, 2026. The event marked a significant milestone in the company’s growth journey and its long-term commitment to supporting businesses across Sri Lanka and the wider region.

The inauguration ceremony was attended by distinguished guests, including Iwan Rutjens, Deputy Head of Mission of the Embassy of the Kingdom of the Netherlands in Sri Lanka, who officiated the ribbon-cutting. Representatives from the European Union, UNIDO, Market Development Facility Australia, industry partners, and clients were also present.

Peterson Solutions draws on a century-old legacy dating back to 1920. The parent group operates in over 80 countries, undertakes projects in more than 120 countries, and serves over 40,000 clients through a network of 6,500 professionals. The company helps organizations navigate complex challenges in sustainability, compliance, sourcing, certification, and technology. Its service portfolio includes certification support, sustainable sourcing, ESG services, digital solutions, training through Peterson Academy, and international crop consultancy via Delphy.

The company serves a wide range of industries, including agriculture, food and beverage, textiles, fisheries, tourism, manufacturing, IT, logistics, and export sectors. Across Asia-Pacific, Peterson Solutions operates 14 regional offices, covering markets such as India, Vietnam, Thailand, Indonesia, Japan, China, Australia, and Singapore.

In Sri Lanka, Peterson Solutions began operations in 2023 from a smaller office in Colombo 03. Within just a few years, it has become a trusted partner to over 170 local clients, while also supporting projects in the Maldives, Cambodia, and Myanmar. The move to Orion City reflects continued growth, team expansion, and rising demand for value-added services, including crop consultancy, sustainable agriculture, digital sustainability management, and professional training.

Key clients include Barista, Pelwatte Dairy, Ethimale Plantations, Sysco LABS, INSEE Ecocycle, Ceylon Tobacco Company, Prima, and Ansell. Company representatives noted that the new office symbolizes a broader vision of helping businesses respond to evolving market expectations, regulatory obligations, and technological transformation. As organizations increasingly focus on responsible growth, ESG performance, and supply chain resilience, Peterson Solutions remains committed to being a trusted partner that turns compliance into competitiveness and strategy into measurable impact.