Commercial Bank wins Euromoney’s Best Bank award
Receives its fourth international award of 2012, from leading international financial magazine
Euromoney, a leading international financial magazine, has adjudged the Commercial Bank of Ceylon the Best Bank in Sri Lanka, giving the country’s largest private bank its fourth such accolade since March this year.
The Bank received the prestigious ‘Euromoney’ Best Bank in Sri Lanka award at a gala awards event in Hong Kong on 12th July.
Founded by Sir Patrick Sergeant in 1969, Euromoney is read by 140,000 of the world’s top financial decision makers in more than 100 countries, making it the prime magazine of the financial world, its institutions and its users.
In March 2012, another leading international financial publication Global Finance chose Commercial Bank as the Best Bank in Sri Lanka for the 14th consecutive year, and on 5th July the Bank received the award for the Best Sri Lankan Trade Bank from Trade Finance magazine. Commercial Bank was also named Sri Lanka’s Best Bank in 2012 by the prestigious FinanceAsia magazine earlier this month.
“Being rated the best in the entire sector by high-calibre financial publications such as these is an exceptional achievement by any standards,” said Ravi Dias, Commercial Bank’s Managing Director and CEO. “Our key performance indicators have been scrutinised by international experts as a pre-requisite to these awards, making them credible evaluations of our fundamentals. These accolades are therefore relevant to our customers, shareholders, investors and other stakeholder groups.”
The evaluation by Euromoney covers banks in all major countries in Asia, Middle East, Europe, Africa, North and Latin America, the Caribbean as well as the Nordic and Baltic regions. Euromoney honours institutions that demonstrate leadership, innovation and momentum in the markets in which they excel and presents a number of awards to the Asian region’s banks and securities houses.
The selection criteria for these awards involves an in-depth analysis by Euromoney editors based on qualitative and quantitative criteria such as market position, volume of business transacted, new product development, management system, credit ratings, efficiency ratios and annual key performance indicators.
Commercial Bank is the largest private bank in Sri Lanka, and the only Sri Lankan Bank to be ranked in the Top 1000 banks of the world for a second successive year. It operates a network of 220 service points in Sri Lanka and a network of 521 ATMs, the single largest ATM network operated by a bank in the island. Commercial Bank’s operations in Bangladesh comprise of 17 service points and it is the fourth largest foreign bank in that country.