NDB Bank enters into a MoU with CSE

NDB Bank and the Colombo Stock Exchange (CSE) have entered into a Memorandum of Understanding (MoU) to pave the way for foreign investors to seamlessly invest in the exchange through Inward Investment Accounts (IIA), accessible via the CSE mobile application.

Under this collaboration, NDB Bank assigned the Custody and Trustee Services Department as the central coordinating entity, facilitating a smooth linkage between the two organisations and ensuring uninterrupted account services and on-going assistance, NDB said in a media release.

The key objective of this strategic alliance is to enhance the investment platform for foreign investors interested in opening Central Depository Systems (CDS) accounts using the CSE mobile application. Through an electronic exchange of information, the CDS will relay the details of foreign applicants and their stockbrokers to the bank. Subsequently, NDB Custody and Trustee Services will open the Inward Investment Accounts upon completion of the Know Your Customer (KYC) process and promptly confirm the IIA details to initiate the CDS accounts.

Eligible customers, including non-national residents in or outside Sri Lanka, Sri Lankan nationals with permanent resident status or citizenship in another country, dual citizens, and Sri Lankan citizens employed abroad, will benefit from this initiative.

This collaboration not only simplifies the investment process but also marks a significant step in attracting foreign investment into the Colombo Stock Exchange. It aligns with the broader vision of fostering a conducive environment for international investors and contributes to the overall growth and development of Sri Lanka’s financial markets.

This collaboration not only simplifies the investment process but also marks a significant step in attracting foreign investment into the Colombo Stock Exchange.