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ComBank conducts e-forum series to encourage citizens overseas to invest in Sri Lanka

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The Commercial Bank of Ceylon has stepped up efforts to encourage Sri Lankans living overseas to invest in Sri Lanka with the support of the country’s benchmark private bank.

The Bank has launched a series of e-forums designed to create awareness about local investment opportunities available to Sri Lankans living or working in other countries and on the numerous special products and services offered by the Bank to facilitate an inflow of foreign currency into the country. The forums are also a platform to share some insights with the expat community on the economic conditions created in the country by the Covid pandemic.

The Bank has already concluded two such virtual events that benefitted members of the Sri Lankan expat community, workers, and professionals living in the United Arab Emirates (UAE) and Kuwait. Two more are planned to be held for this segment in Oman and Qatar shortly, the Banks said.

Conducted by the Bank’s Senior Deputy General Manager – Treasury Prins Perera, these e-forums take place with the involvement of the Bank’s overseas remittance partners, staff of Sri Lankan diplomatic missions, the Bank’s overseas Business Promotion Officers, and members of its corporate management.

Besides providing a comprehensive picture of the Sri Lankan economy supported by statistics, these virtual forums are conducted to encourage foreign direct investments into Sri Lanka and to maintain the Bank’s relationship with all its stakeholders, the Bank said.

Participants are informed of the high-yield investment opportunities available in Sri Lanka and the special benefits that Commercial Bank provides to its investors and customers. They are also briefed on the Bank’s Special Deposit Accounts (SDAs) and other remittance accounts. Sri Lankan expatriate workers and potential investors are provided valuable insights into the Sri Lankan economy via these forums and learn about the products and services that enable them to invest money in foreign currency accounts and fixed deposits.

Commenting on the launch of the e-forums, Commercial Bank Managing Director and Chief Executive Officer, Mr S. Renganathan said: “These virtual events were organised to enable us to directly connect with our partners and the Sri Lankan professional communities overseas at a time when Sri Lankan banks are vigorously attempting to bring in foreign currency to help mitigate the challenges currently facing the economy. As Sri Lanka’s largest private bank, we have earned the trust and confidence of the populace and are well positioned to play a significant role in this effort.”

The Bank provides all necessary facilities for expatriate investors who are interested to invest in Sri Lankan businesses by facilitating opening of Inward Investment Accounts, Offshore Accounts and providing all the support services associated with these accounts.

Commercial Bank also briefs participants on the personal finance products and services it offers to help them maximise returns on the foreign currency they earn. These include the Remittance Account which can be accessed through a RemitPlus Debit Card which is issued free-of-charge at the time of opening of the account. Sri Lankan citizens aged 18 years or above, who are beneficiaries or remitters of overseas remittances are eligible to open a Remittance Account without an initial deposit and existing accountholders who have received three or more remittances in the past six months can convert their existing accounts to RemitPlus Savings Accounts. This account helps meet emergency cash requirements of accountholders by way of a specially-designed cash advance facility of up to Rs 50,000.

Additionally, those who receive direct remittances via Commercial Bank receive Rs 2 over the prevailing rate of exchange on the conversion of every United States Dollar or the equivalent in the currency they receive.

Remitters and beneficiaries can also use the ComBank RemitPlus App to share the remittance PIN number securely between themselves and can track their remittance through the app’s Remittance Tracker option. In addition these features, the ComBank RemitPlus App can be used to find the Bank’s remittance-related information and services such as details of specially trained Business Promotion Officers stationed in Kuwait, Oman, UAE, Korea and Qatar as well as details of Sri Lankan diplomatic missions overseas and the Bank’s overseas remittance partners.

Sri Lanka’s first fully carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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