(Seychelles News Agency) - Sri Lanka's largest government-owned bank, Bank of Ceylon opened its offices with a ribbon-cutting ceremony in the Seychelles capital Victoria this morning, becoming the fifth international bank to access the islands' financial market.

Seychelles Vice President Danny Faure cut the ribbons to the new offices in central business district, praising the arrival of a new competitor .

‘’The Seychelles economy is in need of another bank and the opening of the Bank of Ceylon is good news for the economy which in fact needs more such banks.”

The Bank of Ceylon will offer the Seychelles market its standard banking services as well as credit facilities for traders, the tourism, agriculture and fisheries sectors, mirroring services it offers in Sri Lanka, the Maldives, India and the UK.

“The Bank of Ceylon is doing the leasing business in a big way back in Sri Lanka and therefore it will be easy to capture that market here. No bank is offering the service yet as it is a new product but we will be offering it,” said D. M. Gunasekara, the Bank of Ceylon general manager in a speech at the Capital City office building.

In November 2013, the Seychelles National Assembly approved a new law which allows financial leasing services in the country.

Seychelles has a population of 90,000 inhabitants, which is a relatively small market for financial services, however with the expansion of its international financial services sector as well as increase in foreign direct investment, the demand for banking services has increased. Barclays Bank, Mauritius Commercial Bank, Habib Bank, Bank of Baroda and BMI Offshore Bank operate in the country.