The Cargills group yesterday said it entered into an agreement with Bank of China Limited to promote cooperation and strengthen business ties between the two entities.
The Cargills group has interests in supermarkets, FMCG, restaurants and banking through Cargills Bank.
Bank of China, the fourth largest bank in China, is expected to open a branch in Colombo this year, its first in South Asia.
The Bank of China officials are said to be in contact with the Sri Lankan authorities to finalize the process.
A Chinese embassy spokesman earlier had told Daily Mirror that the branch would be opened with an initial capital of US $ 90 million.
He said the bank’s presence in Colombo would facilitate Sri Lanka’s financial transactions with China.
It has overseas branches in the United States, United Kingdom, Canada, South Africa and Kenya.