Bank of Ceylon (UK) Ltd
Banking license: United Kingdom (AA)
Deposit amount: Min. £1,000 – Max. £85,000
Protection limit: Up to £85,000 payout in GBP
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Bank Details
Bank of Ceylon (UK) Limited (BOC UK) is a wholly owned subsidiary of Bank of Ceylon, Sri Lanka (BOC) and has a single office in the UK. BOC is the largest bank in Sri Lanka in terms of asset base and has branches in India, Maldives and Seychelles.
BOC UK’s business operated as a branch of BOC since 1949 until it was converted into a subsidiary in 2010, and is now authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The bank’s business model focuses on providing wholesale banking, trade finance, correspondent banking services, and granting commercial and buy-to-let loans within retail banking.
The Financial Services Compensation Scheme (FSCS), the UK’s statutory deposit guarantee scheme, protects all eligible deposits offered by BOC UK through the savings marketplace.
Security & Deposit Protection
The FSCS is the United Kingdom’s statutory deposit guarantee scheme. If an FSCS-protected bank fails or is unable to meet its financial obligations, the FSCS can provide compensation for eligible customer deposits up to a limit of £85,000 per person, per bank. The FSCS’ £85,000 protection limit applies to all deposits held with a bank (including current and savings accounts), as well as any deposits held with intermediaries of the same bank (for example, where a bank operates multiple banks under different trading names). Read our dedicated FAQ page to learn more about the FSCS.
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