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The Commercial Bank of Ceylon has once again announced a series of attractive discounts for Credit and Debit Cardholders at 44 popular retailers of clothing, lingerie,footwear, jewellery, home appliances and perfumesduring the festive season.

Discounts of 10% to 25% will apply on purchases paid for with Commercial Bank Credit Cards while discounts from 10% to 20% will be available on Debit Cards under this promotion on specified days between 4th to 28th December 2014, the Bank said.

The participating retailers are Ashee Collection,Beverly Street,Brand Wearhouse, Choice Park, CIB Shopping , Cool Planet ,Diliganz,Dilly & Carlo,Emerald /Crocodile,Dockers, French Connection, Galleria, Giordano, Levi’s, Mango, Mothercare, Nike, Double XL, DSI, Reebok, Clarks,Fashion Bug,Genesis & Basics, Glitz,Hameedia, Adidas, Planet Fashion, Signature, The Raymond Shop,Kreations,Mahanathi, Much More,New Sriyani Dress Point,Nolimit, Pallu,Romafour, Saree Mandir, 7 stories Ranjanas,Spring & Summer, TFO, The Parfumerie, Triumph andVogue Jewellers.

At Emerald/Crocodile, Diliganz, Beverly Street, Cool Planet, Saree Mandir and The Parfumerie discounts will be offered from 4th to 7th December, while discounts at Glitz will be offered on8thand 9th December. Discounts at Brand Wearhouse, Romafour, Softlogic outlets, Double XL, Kreations and the TFO are offered from 8th to 10th December, the Bank said.

Spring & Summer, 7 stories Ranjanas, New Sriyani Dress Point, Dilly & Carlo, Mahanathi and Fashion Bug offer discounts for Credit and Debit Cards from 10th to 14th December. Nolimit and Pallu will offer discounts on 12thand 13th December, while Much More, Triumph and Choice Park will offer discounts from 12th to 14th of December. Hameedia will also join the promotion for Credit and Debit cards from 13th to 15th December.

CIB Shopping, Vogue Jewellers (offering 17% on GoldJewellery and up to 45% on Diamond jewellery), DSI, Clarks, Reebok and Ashee Collection offer discounts for Credit and Debit Cards from 16th to 21st December. Genesis & Basics join the promotion from 22nd to 24th December, while discounts at the Beverly Street Rajagiriya outlet will be from 26th to 28th December.

“As always, Commercial Bank reserves special offers for every major festive season of the year,” said Mr.ThusithaSuraweera, Chief Manager of the Commercial Bank Card Centre. “Commercial Bank Credit and Debit Cards make the shopping experience much more enjoyable at such times.”

These promotions significantly enhance the benefits already offered by ‘Comdeals,’ a programme which provides value addition to Commercial Bank Cardholders through discounts at a number of major retail outlets in the country and 0% easy payment schemes for Credit Cardholders, the Bank said. Commercial Bank Cardholders are also eligible to participate in global promotions carried out by Visa and MasterCard.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

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Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe has been named one of the ‘100 Most Talented Global Marketing Leaders’ by the Chief Marketing Officer (CMO) Council.

This prestigious accolade was presented at the 2014 Global Marketing Excellence Awards of the World Marketing Congress at Taj Land’s End, Mumbai recently.

The World Marketing congress is an annual event at which marketers from around the globe are rewarded for their achievements. Recipients are selected by an experienced and prestigious panel of judges after many rounds of evaluation which assess their leadership in achieving marketing excellence, brand building abilities and outstanding contribution to mentor marketing professionals. Candidates from more than 50 countries are considered for this award.

This is the second international marketing-related award won by Mr Munasinghe this year. In August, he was recognised as ‘Marketing Professional of the Year’ at the CMO Council Global Brand Excellence Awards in Singapore.

He holds nine professional and academic qualifications including two Masters qualifications, a MSC in IT from the University of Moratuwa and an MBA from the University of Southern Queensland, and a Post Graduate Diploma in Marketing from the Chartered Institute of Marketing (CIM) UK. He has the distinction of being the youngest Sri Lankan to achieve both FCIM-UK and FSLIM status.

Hasrath Munasinghe counts 20 years of hands-on experience in Marketing, Sales and Communications, of which 15 have been in management. He has been involved in building many iconic brands in Sri Lanka in broadcast media, personal care and mobile telecommunications and has won multiple Gold awards for his efforts from the Sri Lanka Institute of Marketing (SLIM).

Adjudged one of the ‘Ten Outstanding Young Persons’ (TOYP) in Sri Lanka in 2013, Hasrath was twice named in the ‘Top 40 under 40’ list of the top 40 executives under 40 years of age in Sri Lanka by Echelon magazine. He is also a recipient of the Achievers and Leaders International Award from the Sri Lanka-India-South Africa-Singapore Partnership Summit.

Hasrath has taken part in many local and international forums and seminars as a speaker, panellist, moderator and trainer in ten countries. He contributes articles and papers to journals and publications on the topics Marketing, Corporate Communications, CSR and Sustainability, conducts guest lectures at the Center for Banking Studies of the Central Bank of Sri Lanka and is a part time guest lecturer at several educational institutes. Hasrath also served as a Board Member and Treasurer of the International Advertising Association (IAA) Sri Lanka Chapter and is a Council Member of Chartered Certified Management (CMA Australia) Sri Lanka Chapter. He is a member of the Sri Lanka Institute of Directors (SLID) and a member of the Association of Professional Bankers (APB), Sri Lanka. Hasrath has also been a member of the judging panels of the Effie Awards and Young Marketer Competition organised by the Sri Lanka Institute of Marketing (SLIM) and has acted as a moderator for the judges at the “Chilies” --the Sri Lankan Advertising Awards organised by IAA and 4 As of Sri Lanka.

Hasrath has held many positions in bodies and committees including committees of CIM and IAA, and the “Chilies.” He also held the position of Chairman of the organising committee of “Brand Mantra” the most sought after marketing and brand management training programme in the country.

He currently serves as a board member of the Chartered Institute of Marketing (CIM) Sri Lanka region, on several committees of other institutes, and is a Trustee of the Commercial Bank’s CSR Trust.

 

Photo Caption: 

Commercial Bank’s DGM – Marketing Mr Hasrath Munasinghe (center) after receiving the award.

 

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Beligamuwa Kanishta Vidyalaya Galewela the latest beneficiary of nation-wide IT education programme

 

The CSR Trust of Commercial Bank achieved a significant milestone under its nationally-scaled IT education programme, when it donated its 150th fully-equipped IT laboratory to a school in Galewela in the Matale district.

The 150th IT lab donated by the Bank was ceremonially inaugurated by Commercial Bank Chairman Mr. Dharma Dheerasinghe at Beligamuwa Kanishta Vidyalaya, Galewela, which has a student population of 200.

The IT Lab has four computers, accessories and furniture. All computer laboratories donated by Commercial Bank’s CSR Trust are equipped with brand new computers with licensed software. The schools are also provided accessories such as computer tables, printers and chairs, and the Bank provides assistance to maintain and upgrade these computer labs when necessary to ensure that the facilities benefit many batches of students.

Speaking at the presentation of the IT Laboratory to the school, Mr. Dheerasinghe commented that the objective of the Bank is to develop a future generation fully conversant in IT. “We started this initiative with the aim of improving the IT knowledge of the future generations and we have reached our 150th milestone in this journey, which is a remarkable achievement,” he said. He also stated that the Bank is committed to create opportunities for the rural school children through IT and English education.

Commercial Bank’s IT Education programme is designed to empower younger generations and the country to face the future with confidence with world-class knowledge. The programme shares synergy with the Bank’s vision of being the most technologically-advanced, innovative and customer- friendly financial services organisation in Sri Lanka.

The Bank’s IT education programme has to date benefited more than 150,000 students in schools across the country.

The Bank has also commenced the second phase of its IT education programme by implementing an on line learning programme via the IT laboratories it has donated. More than 50,000 children from 50 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects.

Commercial Bank contributes a percentage of its post tax profits annually to its CSR Trust, established in 2004 with a start up capital of Rs 25 million. The Bank defines the overall goal of its CSR policy as ‘to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment’.

Other initiatives of Commercial Bank’s CSR Trust include presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting healthcare projects around the country, supporting facilities for war heroes, and funding projects for the preservation of culture and heritage.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated NO 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

 

Photo caption:

(Above) Commercial Bank Chairman Mr Dharma Dheerasinghe and the Principal of the school Mr H W S Peiris open the new IT Lab as the Bank’s Chief Information Officer Mr Rohan Muttiah looks on, and (Below) Mr Dheerasinghe in the new IT Lab donated by the Bank.

 

  • 3Q acceleration sees PBT & PAT growths in excess of 20%
  • Assets up by 23.19% in 9 months to Rs 747.29 billion
  • 9-month PBT tops Rs 11.2 billion

The Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 13.119 billion for the nine months ended 30th September 2014 in a performance befitting its status as Sri Lanka’s largest private bank.

In spite of a healthy10.38% growth inOperating Income, Profit before tax grew by 7.77 % due to the imposition of Nation Building Tax (NBT) effective January this year, the Bank said in a filing with the Colombo Stock Exchange.

Profit after tax improved by 7.89% to Rs 7.805 billion despite lower margins during the period under review resulting in gross income growing 2.14% to Rs 54.644 billion, the Bank said.

Net interest income for the nine months was up 6.23% to Rs 19.789 billion, and other income comprising of commissions, exchange profit, recoveries and gains on trading, grew by a noteworthy 21.63% to Rs 8.366 billion, largely due to gains from financial investments.

Commercial Bank Chairman Mr Dharma Dheerasinghe described the Bank’s nine-month performance as “characteristically robust,” with higher business volumes compensating to some degree, for the reduced margins.

The Bank’s Managing Director/CEO Mr Jegan Durairatnam said momentum had picked up during the third quarter, during which pre and post-tax profit had grown by a healthy 21.62% and 20.40% respectively over the corresponding three months of 2013, to Rs 4.739 billion and Rs 3.326 billion.

Net operating income for the period improved by 9.89% to Rs 24.713 billion, despite an increase in impairment charges by 14.04% to Rs 3.443 billion, mainly due to a change in the basis of computation of provisioning for individual impairment. This change is intended to improve provision cover.

Operating expenses for the period under review grew by 9.35% to Rs 11.594 billion.

Total assets increased by Rs 140.683 billion or23.19% over the nine months to Rs 747.290 billion, from Rs 606.607 billion at 31st December 2013, averaging a growth of over Rs 15 billion a month.

Total loans and receivables to banks and customers amounted to Rs 482.940 billion at the end of the period under review, an increase of Rs 63.435 billion or 15.12% since end December 2013. This represents an average loan book growth of Rs 7 billion a month during the period.

Total deposits grew by Rs 53 billion or 11.75% over the nine months at an average of almost Rs 6 billion a month, to Rs 504.161 billion as at 30th September, 2014.

The Bank’s Tier I capital adequacy ratio stood at 12.97% while the total capital adequacy ratio (Tier I + Tier II) stood at 16.13%, both well above the minimum statutory requirement of 5% and 10%.

Commercial Bank improved gross and net NPL ratios to 3.84% and 2.10% respectively, from 3.88% and 2.12% at the end of 2013. The interest margin narrowed to 3.91% from 4.53% for the whole of 2013.

Shareholder funds grew by 14.36% to 69.084 billion in the nine months reviewed. The Net Asset Value per share improved by 11.27% to Rs 79.87.

The Bankhas declared an interim dividend of Rs 1.50 per share in respect of the period under review. The Commercial Bank share which traded as Rs 155.90 (voting) and Rs 113.90 (non-voting) at the end of the third quarter, traded at Rs 174.00 and Rs 118.50 respectively on 13th November 2014. Commercial Bank has the highest market capitalisation among companies in Sri Lanka’s financial services sector and ranks No.3rd among all listed companies.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

 

More than 100 entrepreneurs of the Ratnapura District benefitted from a seminar organisedrecently by the Commercial Bank of Ceylon under its ‘Diribala Viyapara Pubuduwa’ programme designed to develop the entrepreneurial skills of Small and Medium Enterprises (SMEs).

The latest seminar emphasisedtheimportance of striking a balance between business needs and stakeholder needs while enhancing productivity ethically, and provided an insight on how this can be achieved, the Bank said. Entrepreneurs from the Pelmadulla, Kahawatte, Balangoda, Godakawela and Kuruwita areas attended the seminar, which was conducted by Dharshana Welikala, a corporate trainer and consultant.

This was the 21st such seminar conducted by the Bank for the SME sector. Seminars conducted in 2014 in the Districts of Batticaloa, Ampara, Jaffna, Vavuniya and Ratnapura have benefitted more than 500 entrepreneurs.

The ‘Diribala’ Development Loan scheme of Commercial Bank is the only dedicated credit line offered by a bank in Sri Lanka for the benefit of SMEs in the country. Special attention isfocusedon the SME sector due to its high contribution to GDP, employment creation and export earnings of the country, the Bank said. ‘Diribala’ loans are offered under attractive and flexible terms to help SMEs develop their business activities.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Announces new rate of 1.83% per month on all Credit Cards

The Commercial Bank of Ceylon has announced a reduction in the interest rate applicable on all credit cards issued by the Bank, effective from 5th November 2014.

The interest rate on outstanding balances on Platinum, Gold, Silver and Classic cards has been reduced from 24%to 22%per annum or 1.83%per month, the Bank said.

This reduction is in line with the trend of reducing lending rates, is timely in the context of the approaching festive season, and comes in addition to the many promotional benefits, discount packages and zero percent installment benefit schemes available on Commercial Bank Credit Cards, the Bank added.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

The Commercial Bank of Ceylon has commissioned its latest drive-through Automated Teller Machine (ATM) at the Bank’s Gampaha branch, for the convenience of busy customers. Similar drive-through ATMs set up recently by Sri Lanka’s largest private bankare at the Bank’s branch at Reid Avenue and at the ‘K Zone’ Shopping Complex in Ja-Ela.

In addition to facilitating withdrawals, Commercial Bank’s ATM machines enable convenient settlement of water and electricity bills, bills of Dialog, Mobitel, Etisalat, Hutch and Lanka Bell networks, and Commercial Bank Credit Card payments 24-hours a day, 365-days of the year. The Bank’s network of 600 plus teller machines is also linked with millions of ATMs across the world.

In the picture, Commercial Bank’s Deputy General Manager - Personal Banking Mr Chandana Gunasekara commissions the new drive-through ATM at Gampaha in the presence of the Bank’s AGM-Personal Banking Mrs Sandra Walgama, Senior Manager Mr Nishantha De Silva and Senior Regional Manager – Colombo Metro Mr Roshan Perera.

The Commercial Bank Ceylon and Paycorp International (PYCI), a leading provider of enterprise payment processing solutions to banks, corporates and industry specific vertical markets, have formed a strategic alliance to launch ‘PAYCOM,’ Sri Lanka's first Multilingual MobilePOS solution.

The PAYCOM solution will allow any business to accept credit card and debit card payments anywhere, any time. Businesses can simply download the PAYCOM app to an Android or IOS smart phone or tablet and choose their preferred language, Sinhala, Tamil or English to perform transactions.

This MobilePOS Solution has undergone Chip Transaction Processing (EMV) certification with the major card schemes, the Bank said. EMV is a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. The PAYCOM solution has high security and inbuilt fraud protection capabilities, as well as added security features such as 2-factor authentication.

Commercial Bank’s Assistant General Manager Operations Mr. Palitha Perera said: "Commercial Bank has always aimed to implement solutions that cater for both SMEs and large enterprises. We have formed a strategic alliance with Paycorp to implement a transactional banking solution that includes all aspects such as ease of connectivity, security, speed and cost effectiveness. Our PAYCOM MobilePOS solution will enable many business and their sales teams to accept secure card payments whilst on the move, 24 hours of the day, seven days a week."

MazeenFarook - Managing Director of Paycorp International said:“MobilePOS has recently generated a lot of interest in Sri Lanka with a few other banks and payment gateways providing similar solutions. The key differentiators with the Commercial Bank PAYCOM solution is that it is very easy to use with the multilingual capability and is offered and supported for a fraction of the cost, making is accessible to any business or individual.”

Commercial Bank and Paycorp will offer a number of stylish and innovative MobilePOS hardware devices that meet various requirements such as offline PIN, online PIN and Bluetooth connectivity.

John Caliguri - Chairman of Paycorp Group said: "We are very pleased to work closely with Commercial Bank of Ceylon PLC. This partnership showed how speed of deployment has conferred the Commercial Bankwith a first mover technical advantage to meet customer needs and offer local businesses world class technology. Our next phase of implementation with Commercial Bank will feature another range of products that will change how merchants consider and perform business transactions.”

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker, and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), the Commercial Bank is also the most valuable private sector brand in the country in 2014. The Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. Commercial Bank has also been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Paycorp is a fully certified PCIDSS Level 1 compliant technology provider. Paycorp’s PCI Level 1 status is the benchmark for the provision of payment processing services to multi-national organisations. Paycorp provides robust payment technology to banks, large enterprises and SME in Australia and New Zealand. Paycorp’s Industry leading PCI-DSS Compliance solutions are well known globally and are currently being used by many clients to reduce overheads, mitigate risk and to increase security and operational efficiencies. Paycorp supports more than 50,000 businesses in the territories they operate in while processing close to 400 million transactions per annum.

Photo Caption:
Commercial Bank’s AGM - Operations MrPalithaPerera (Right) exchanges the agreement with MrMazeenFarook, GM - Paycorp in the presence of MessrsSurenAttanayake, Director Operations and Imran Sanoon, Business Development Manager of Paycorp, and ThusithaSuraweera, Chief Manager, M.Thiruchelvanathan, Senior Manager and AsithaVidanagamage, Senior Manager of the Bank’s Card Centre.



The Commercial Bank of Ceylon has strengthened its presence in the deep south of Sri Lanka with the opening of a branch at Nugasevana, Urubokka, in the Matara District.

The Bank’s 239th branch in Sri Lanka, the new branch was formally declared open by Commercial Bank Chairman Mr Dharma Dheerasinghe in the presence of the Managing Director/CEO Mr Jegan Durairatnam,Chief Operating Officer/Director Mr S. Renganathan and other senior officials of the bank.

The new branch is equipped with two automated teller machines that are linked to Commercial Bank’s 600 plus other ATMs in Sri Lanka,as well as to millions of ATMs of the MasterCard, Maestro, Cirrus, Visa, Plus, Amex, Discover and Diner’s Club networks worldwide, offering residents as well as visitors access to funds in their accounts at Commercial Bank as well as in other banks.

Speaking at its opening, Mr Dheerasinghe said Commercial Bank is delighted to extend the services of the Bank recently internationally rated the strongest in Sri Lanka to the people of Urubokka, and to play an active role in supporting their economic aspirations.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Picture shows Commercial Bank Chairman Mr Dharma Dheerasinghe (left) and a customer of the Bankcutting the ribbon to open the new branch at Urubokka.



Bags two Golds, one Silver and one Bronze including the coveted Service Brand of the Year

The Commercial Bank of Ceylon won the coveted ‘Service Brand of the Year’ and three other accolades at the 2014 SLIM Brand Excellence Awards to become the bank that won the most awards at this prestigious event conducted by the Sri Lanka Institute of Marketing.

Sri Lanka’s largest private bank took the Golds in the ‘Service Brand’ category and in the ‘Best New Entrant’ category for its ‘Anagi’ Savings Account for Women, as well as the Silver in the ‘Best Local Brand’ and the Bronze in the ‘CSR Brand of the Year’ categories in a dominant showing at this annual gala.

“There can be no better acknowledgement of the emphasis we place on service excellence than to be adjudged the best overall in the Services sector in Sri Lanka,” Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said. “This award reaffirms that we are committed to continuously update and improve our processes and product offering to give the best to our stakeholders. All the hard work put in at many levels to build our corporate image, as well as our holistic approach to marketing have clearly paid off. These awards for Brand Excellence are a tribute to the passion of the entire Commercial Bank team.”

The ‘Service Brand of the Year’ is one of the six main categories (Product Brand of the Year, Service Brand of the Year, Innovative Brand of the Year, Turnaround Brand of the Year, Local Brand of the Year and Export Brand of the Year) awarded annually by SLIM. The scores achieved in these categories are evaluated by the judges to decide on the Brand of the Year award.

In the Special Awards categories, Commercial Bank’s Gold for ‘New Entrant of the Year’ recognises the success of the ‘Anagi’ Savings Account developed exclusively for women and launched in late 2012. The new account offers an interest rate over the normal savings rate, one of the best rates in the savings account category for women, Gold Loans at a concessionary rate and a Commercial Bank Shopping Debit Card. It was launched by Commercial Bank in recognition of the fact that women are shouldering an increasing number of responsibilities while heading more and more Sri Lankan households, resulting in the economically active female population undergoing rapid growth.

The Silver in the highly competitive ‘Local Brand of the Year’ category acknowledges the strength of the Commercial Bank as a wholly home-grown corporate brand not only in the Banking sector but across all sectors of business in both the ‘Products’ and ‘Services’ segments. “This award speaks to the extent to which Commercial Bank has won the hearts and minds of Sri Lankan consumers, competing against local brands across the entire spectrum of commercial activity,” the Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe said.

In the sphere of Corporate Social Responsibility, the Bronze awarded to Commercial Bank recognises the impact of the multi-faceted community initiatives undertaken by the Bank on its brand value. These initiatives include the Bank’s nationally-scaled programme of donating computer laboratories to schools, a project to supplement English language classes in rural schools, the annual presentation of scholarships and laptops to undergraduates, the donation of medical equipment to hospitals around the country, assistance to war heroes, projects to promote and conserve the country’s cultural heritage, and emergency assistance in times of flood or drought.

Commercial Bank’s flagship community initiative in the sphere of IT Education has resulted in 150 IT Labs donated by the Bank benefitting an estimated 150,000 children to date. Significantly enhancing the value of these IT Labs, the Bank recently launched an innovative online education programme under which more than 46,000 children from 46 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects.

Held for the 13th successive year, SLIM Brand Excellence Awards honour the brand building efforts of organisations. It is a keenly contested event and this year the entries reached an all time high of over 100 applications from more than 40 industries. Many leading brands vied for the 12 awards on offer at the awards ceremony held at the BMICH.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Photo Caption:

Commercial Bank's Deputy General Manager Marketing HasrathMunasighe and Senior Manager Marketing IreshaDegamboda (second right and extreme right) receive the Service Brand of the Year award from SLIM President KalanaRatnayake.

 

 

The Commercial Bank of Ceylon rewarded four students who achieved the 1st, 2nd and 3rd places in the island at the 2014 Year 5 scholarship examination, at a ceremony held recently with the objective of supporting their educational endeavours.

Conducted as part of the scholarship rewards programme of ‘Arunalu,’ the Bank’s signature Children’s Savings Account, the presentation saw the student who achieved the highest marks, the student who scored the second highest marks and two students placed third island-wide being recognised for their academic excellence.

At the ceremony, W.A. Venuja Nimsath of Embilipitiya Junior Secondary School Embilipitiya was honoured for achieving the 1st place in the island, Malaka Nethmal Thilakarathne of Royal Primary School, Polonnaruwa was rewarded for obtaining second highest marks and Sahani Yasodara Gunasekara of Pitiyegedara Primary School, Bemmulla Gampaha, and Niswar Fathima Samah of Zahira National College, Mawanella were rewarded for the third highest marks they achieved. Apart from attractive cash prizes, the students were presented with valuable gift packs courtesy of Arunalu Children’s Savings Account.

“The Arunalu rewards scheme is a significant activity in the Bank’s portfolio of annual commitments. It reflects the continuous effort by the Bank to motivate students and reward them for their academic achievements,” said Mr. Hasrath Munasinghe, Deputy General Manager – Marketing of Commercial Bank.

In 2013, Commercial Bank’s Arunalu Children’s Savings Account paid Rs 4 million in cash rewards to 575 students placed first, second and third in their respective schools at the Year 5 scholarship examination. This was in addition to nine students who were placed first, second and third in the island at the examination.

Under the revised Arunalu scheme announced by the Bank in 2013, an account holder who is placed 1st in the island at the Year 5 scholarship examination receives up to Rs 170,000 in monthly instalments of Rs 2,000 each, until he or she turns 18 years of age. The students placed second and third in the island receive up to Rs 127,500 and Rs 85,000 respectively in monthly instalments of Rs 1,500 and Rs 1,000, until the age of 18 years if they are Arunalu account holders. Even if they are non-account holders of Arunalu, students who are placed 1st, 2nd and 3rd in the island are rewarded with attractive cash prices of Rs. 50,000, Rs. 35,000 and Rs. 25,000 respectively.

Additionally, ‘Arunalu’ account holders who are placed first, second and third in their respective schools receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each, in a continuation of the previous rewards scheme operated by Sri Lanka’s largest private bank, while all district winners receive Rs. 50,000 if they are Arunalu account holders, the Bank said.

Launched in 1991, Arunalu has been Commercial Bank’s key savings account which caters to children of the school going age. In 1998 Commercial Bank was the first bank to introduce the year 5 Scholarship examination cash prize scheme with the intention of strengthening its enduring commitment to excellence in education.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. The bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Photo Caption: The four students placed 1st, 2nd and 3rd in Sri Lanka at the 2014 Year 5 Scholarship exam with the rewards they received from Commercial Bank’s ‘Arunalu’ Children’s Savings Account.



As Hindus around the world celebrate Deepavali – ‘the festival of lights’ – on Wednesday, 22nd October, a Public and Bank holiday, the Commercial Bank of Ceylon will keep 65 branches open for business onthat day for the convenience of customers.

This includes the 28 Supermarket Banking Centres operated by the Bank and 19‘365-day’ branches which will work their customary hours, and another 18 branches that will be open from 9 am to 1 pm on that day, the Bank said.

These 18 branches are Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwela, Kiribathgoda, Avissawella, Piliyandala, the Foreign Branch, Main Street (Colombo 1) and Katunayake Branch

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Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years , Commercial Bank is also the most valuable private sector brand in the country in 2014.TheBank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years.It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.



Offers faster approvals and access to discounts on building materials and fittings

The Commercial Bank of Ceylon has announced further reductions in interest rates applicable to the Bank’s Home Loans along with fast-tracked approvals and discounts from selected suppliers of materials and fittings.

The Floating Rate has been reduced to 9.5%, while the Fixed Rates have been reduced to 10.5% and 12% for loans up to 10 years and above 10 years respectively, the Bank said.

For fixed income earners, Home Loans are now being approved within three working days on receipt of all specified documents.

Apart from that, the Bank said it has secured discounts up to 35% from building material suppliers on selected building materials such as cement and allied products, paint and wood care products, floor and wall tiles, roofing sheets, electrical wiring, switches and allied electrical accessories, and bathroom ware and accessories for customers who obtain Home Loans for construction purposes.

“Supporting the aspirations of Sri Lankans to build their own homes fits perfectly with our brand promise of ‘For a Better Future.’ We therefore periodically review products like Home Loans in order to give our customers the best deal possible. Our Online banking customers can apply for Home Loans through the online banking platform,” said Chandana Gunasekera, Deputy General Manager – Personal Banking at Commercial Bank.

Commercial Bank Home Loans are available for the purposes of purchase of land, a house or condominium apartment, construction of a house, purchase of land and construction of a house, renovations, extensions or completion of construction or for repayment of a home loan obtained from another institution.

The Bank even offers foreign currency Home Loans designed for Sri Lankans working overseas who are in a position to repay the loan in foreign currency.

Applicants are also offered the flexibility and convenience of choosing the loan amount according to their specific requirements and income, and a maximum repayment period of 20 years.

Applications for Home Loans are available at any of Commercial Bank’s 238 branches and can be downloaded from the Bank’s website www.combank.lk

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), and ranked the most valuable private sector brand in the country in 2014, the Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.


Bank also helps Jaffna islanders develop alternate source of income through seaweed cultivation
 

The gift of a regular supply of life sustaining water has eased one of the many hardships faced by the residents of a small village located on a geological formation of limestone on an island off Jaffna.

For the 225 families of Melinchimunai, on the island of Kayts, the donation by the Commercial Bank CSR Trust of a Massey Ferguson 4-wheel tractor, a 4,000-litre water bowser and 100 25-litre water cans represents a tangible improvement in their quality of life.

Melinchimunai and its surrounding villages are situated on a geological formation of limestone that offers no proper water sources for the basic needs of their inhabitants, most of whose livelihood is fishing. The villagers have had to cope with a severe scarcity of water for many years, until the intervention of Commercial Bank in the form of a water supply project that will directly benefit more than 400 people.

Using the tractor and bowser donated by the Bank, they can now transport water from Chaddy or the Jaffna mainland to their village and store the water in the cans provided.

The Bank’s donation to the people of Melinchimunai was presented by Commercial Bank Regional Manager – Northern Region Mr Roy Nicholas to Rev. Fr. E. S. C. Mariathas, Parish Priest of St. Sebastian’s Church, Karampon, Kayts, who is also the Patron of the Melinchimunai Development Society. The project was coordinated by the Development Credit Department (DCD) of Commercial Bank and the staff of the Bank’s Velanai branch.

“Being able to help needy communities with projects of this nature gives us a great deal of satisfaction, because we know that we are truly making a difference,” said Mr Nandika Buddhipala,Commercial Bank’s Chief Financial Officer and Trustee of the Bank’s CSR Trust. “In many instances like Melinchimunai, all that is needed is to provide the wherewithal to enable the community to overcome a hurdle. The fact that there are organisations like Commercial Bank that care for their wellbeing can give them new hope and motivation and rejuvenate the community.”

Besides helping the village of Melinchimunai resolve its water problem, Commercial Bank also organised an awareness programme on the economics of seaweed cultivation to encourage the fishing communities of the islands of Jaffna to develop an alternate source of income. The programme conducted at the Bank’s Velanai Branch was attended by 98 fishermen from the islands of Kayts, Mandathivu, Punkuduthivu, Nagadeepa, Delft and Analathivu.

Resource persons for the programme included Mrs Rajani Vijayalan, Senior Manager at the Jaffna Regional Office of the Central Bank of Sri Lanka (Financial Literacy), Dr M. Shanmugam, General Manager – R & D at AquAgri Processing (P) Ltd. Tamil Nadu, (Seaweed cultivation), Mr K Sivaram, Head Of Business Operations – at Hayleys Aquaagri (Pvt) Ltd., and Mr S Saleepan, Fisheries Development Officer (Assistance/Regulations in Seaweed cultivation).

Commercial Bank’s Velanai Branch was established in 2011, with the intention of serving the communities of Velanai, Kayts, Mandathivu, Punkuduthivu and Analathivu islands. The Velanai branch has granted micro-finance loans worth of Rs. 90 million to 588 fishermen to date with the help of 12 fishermen’s societies.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker, and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), the Commercial Bank is also the most valuable private sector brand in the country in 2014. The Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. Commercial Bank has also been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

 

 

Commercial Bank’s signature Children’s Savings Account ‘Arunalu’ partnered with ITN by sponsoring a fun filled event for children at the Leisure World Theme Park at Kaluaggala, Hanwella to recognise and reward youngsters in commemoration of World Children’s Day on Wednesday, 1st October.

The grand event which attracted thousands of children from across Sri Lanka, included many activities such as art competitions, darts competitions and many games with a special competition for mothers by the Bank’s ‘Anagi’ Women’s Savings Account as a tribute to motherhood. Three children who were revered on a national scale for their heroic rescue acts and sports achievements were also honoured by Arunalu Children’s Savings Account by presenting each of them with an Arunalu Account worth Rs 10,000.

“Children represent the future of our country. It is our duty as a leading corporate entity to motivate them to achieve their goals recognising and appreciating their talents in every possible manner,” said Mr Hasrath Munasinghe – Deputy General Manager Marketing of Commercial Bank.

This was the third consecutive year that Commercial Bank’s Arunalu Children’s Savings Account sponsored this grand annual event.

All participating children were presented attractive Arunalu branded gifts along with Anagi branded memorabilia while the winners of each competition were presented with special Arunalu branded gift packs.

Offering an interest rate of 6.5% per annum, ‘Arunalu’ is considered the best Children’s Savings Account in Sri Lanka. The Arunalu account has established the largest year 5 Scholarship cash prize scheme in the country with an educational support scholarship scheme for children who are placed 1st, 2nd and 3rd in the country each year, until they are 18 years of age. Furthermore, the Arunalu Children’s Savings Account presents attractive cash prizes annually to account holders who are the top scorers at the Year 5 scholarship examination in every school while the account balance of District winners holding ‘Arunalu’ accounts will be doubled up to a maximum of Rs. 50,000. In 2013, students were rewarded over Rs. 4 million under the Arunalu Scholarship scheme.

‘Arunalu’ accounts can be opened for children below 18 years of age at any of Commercial Bank’s branches island-wide.

Ranked the most valuable private sector brand in the country in 2014, the Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 for Honesty in 2013 and 2014 by the magazine.

 

Photo Caption:

Scenes from the Arunalu sponsored ITN event for World Children’s Day

 

Joins region’s leading banks on The Asian Banker ‘500 Largest and Strongest Banks’ list

 

The Commercial Bank of Ceylon has added another prestigious international accolade to its collection, being adjudged ‘The Strongest Bank in Sri Lanka in 2014’ by The Asian Banker, a leading provider of strategic intelligence on the financial services industry.

The award is based on a detailed and transparent scorecard that ranks commercial banks on six areas of balance sheet financial performance: the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.

It was formally presented to Commercial Bank Chief Operating Officer and Executive Director Mr S Renganathan on Tuesday, 30th September in Boston, USA,by Todd R. Burwell, President/CEO of BAFT, the association for organisations actively engaged in international transaction banking. The presentation took place on the side-lines of Sibos 2014, the annual conference, exhibition and networking event organised by SWIFT for the financial industry. Billed the world’s premier financial services event, this year’s Sibos conference was attended by 7,000 international decision makers and topic experts from financial institutions, market infrastructures, multinational corporations and technology partners.

This ranking as Sri Lanka’s strongest bank places Commercial Bank among The Asian Banker ‘500 Largest and Strongest Banks’ – a ranking widely followed by investors, analysts and the media as the leading source to assess the financial strength of commercial banks in the region.

Commenting on this latest international ranking accorded to the Bank, Commercial Bank’s Managing Director/CEO Mr JeganDurairatnam said: “The key performance indicators assessed by the panel of international experts are the components of the financial strength that is the ultimate goal inBanking. This ranking reaffirms that Commercial Bank continues to get all its fundamentals right even in tough conditions.”

Ranked alongside Commercial Bank in The Asian Banker 500 as the strongest banks in their respective countries are Westpac Banking Corporation (Australia), Janata Bank (Bangladesh), China Construction Bank Corporation (China), HDFC Bank (India), Sumitomo Mitsui Financial Group (Japan), Maybank (Malaysia), ANZ Bank New Zealand (New Zealand), MCB Bank (Pakistan), DBS Group (Singapore), Shinhan Financial Group (South Korea), Cathay United Bank (Taiwan) Siam Commercial Bank (Thailand) and Standard Bank Group (South Africa).

The Asian Banker Strongest Bank is an annual assessment of the financial and business performance of the commercial banking industry in the Asia Pacific region. The assessment ranks the top performing banks in each country by strength, an evaluation that is based on a belief that a strong bank demonstrates long-term profit ability from its core businesses.

The winners are determined using a scorecard approach based on the six crucial performance indicators rated on a scale of 0-5. In 2013, The Banker introduced a forward looking element called the “Watch List” into the evaluation. This identifies and considers the ex-ante impact of specific evaluation parameters, without changing the composition of the scorecard. For example, in this year’s ranking the magazine identified high net loan growth (CAGR of more than 30%) and low NPL (less than 1%) in the preceding two years as a possible source of vulnerability if there were a slowdown in macroeconomic conditions and a downturn in credit cycle and asset quality in the region.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), and ranked the most valuable private sector brand in the country in 2014, the Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Commercial Bank operates 238 branches and an ATM network of 600 terminals in Sri Lanka.

 

Photo Caption:

Commercial Bank’s Executive Director/Chief Operating  Officer Mr S. Renganathan (second left) and Todd R. Burwell, President/CEO of BAFT (extreme left)with the award presented to the Bank

 

The Commercial Bank of Ceylon has announced it will keep 65 branches open for business on Monday, 6th October, declared a Public and Bank holiday on account of Id-Ul-Alha (Hadji Festival Day).

This includes the Bank’s 28 Supermarket Banking Centres and 19‘365-day’ branches which will work their customary hours, and another 18 branches that will be open from 9 am to 1 pm on that day, the Bank said.

These 18 branches are Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwela, Kiribathgoda, Avissawella, Piliyandala, the Foreign Branch, Main Street (Colombo 1) and Seeduwa.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), and ranked the most valuable private sector brand in the country in 2014, the Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

 

Attractive annual Bonus + insurance cover of Rs 50,000 a year for surgery and hospitalisation


The Commercial Bank of Ceylon has launched a pensions plan in an effort to empower the future aspirations of the youthas well as help imminent retirees fulfil their expectations.

Commercial Bank ‘Future Pensions Plan’ can be opened by anyone between the ages of 18 and 65 years under one of five deposit plans offered by the Bank.

Under the first option, depositors aged 18-54 may deposit equal instalments every month till the age of 55 andstart receiving the pension at the age of 55.

The second option, for the same age group, enables a depositor to make a single, lump sum deposit and start receiving the pension at the age of 55 or 60.

The third option allowsdepositors aged 18-59 years to deposit equal instalments every month till 60 years and start receiving a pension from 60 years.

Depositors aged 55 to 60, can make a single, lump sum deposit and start receiving the pension from the end of the same month, while those aged 60 to 65, who will be exempt from Withholding Tax, may make a single, lump sum deposit and also start receiving their pensionsfrom the samemonth.The Pension Plan provides an opportunity forpeople who are retiring to deposit their Provident fund, Trust Fund or Gratuity as a lump sum payment.

The Future Pensions Plan allows both individual and joint pension plans to be opened if both parties are above 60 years of age, the Bank said.

Depositors may choose a pension receivable period ofthree options – 15,20, or25 years.

The depositor will also benefit from a very attractive annual bonus payment paid by the bank, during the agreed period of payment. The annual bonus is equivalent to the monthly pension payment, the Bank said.

“There is an identified need in our country for investing in retirement, but the options have hitherto been limited,” said Mr. S. Renganathan, Commercial Bank’s Chief Operating Officer. “A bank of the size and stature of Commercial Bank can play a significant role in addressing this need, helping to secure the future for both the younger generation and the senior citizens of the country.”

The minimum monthly pension payment will be Rs. 10,000 andthe maximum Rs. 100,000, depending on the need and the capacity of the depositor.

A surgical and hospitalisation cover of Rs 50,000 annually from the age of 18 years up to the age of 75 years will be available topersons covered by this pension plan.

If a third party wishes to open an account on behalf of a senior citizen, such a request will be considered subject to the pension plan being opened in the name of the senior citizen.

The new Future Pension Plan allows the depositor to nominate his / her spouse or any other beneficiary who will receive the balance of the pension payments and the bonus payments due, throughout the agreed period of the plan, in the event of the depositor’s unexpected demise. However the other benefits will not be available tothe nominees.

The Future Pensions Plan can be obtained from any one of the Commercial Bank’s 238 branches in Sri Lanka and is backed by the strength and stability of the country’s largest private bank.

Ranked the most valuable private sector brand in the country in 2014, the Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 for Honesty in 2013 and 2014 by the magazine.



Branch network grows to 238 with latest opening at new Gold Centre in Colombo

The milestone 600thautomated teller machine (ATM) of the Commercial Bank in Sri Lanka was ceremonially commissioned by Minister of Fisheries and Aquatic Resources Development Dr RajithaSenaratneand Defence Ministry Secretary MrGotabhayaRajapaksaon Friday 5th September at the new Colombo Gold Centre.

The ATM is located at the Bank’s Gold Centre branch, its 238th branch in Sri Lanka, on theGround Floor of the refurbished complex in the precincts of the former St. John’s Fish Market.

Commercial Bank Managing Director/CEO MrJeganDurairatnam said both the new branch and the ATM would provide an invaluable service to the many gold and jewellery retailerswho open shops at the new Gold Centre, as well to the buyers who visit the complex.

Commercial Bank’s ATM network has set many records for the value of cash dispensed and the number of transactions processed during peak shopping periods in Sri Lanka, and continues to improve on them each year. The latest record for cash dispensed in a single day was set on 11th April 2014, when users of the Bank’s ATM network withdrew Rs 2.05 billion. Between the 1st and 12th of April 2014, the Commercial Bank ATM network, then at 585 terminals, dispensed Rs 15.438 billion.

“The importance of a robust, reliable and well-serviced network of strategically located ATMs needs no better testament than these figures,” Mr Durairatnam said. “Our ATM network plays a huge part in enhancing convenience for millions of people in Sri Lanka. The Bank is therefore fully committed to upgrading and expanding the network in keeping with the evolving needs of the populace.”

Commercial Bank’s 500th ATM was installed at the Maradana Railway Station, and its 400th was at the Bank’s Ruwanwella Branch.

In addition to facilitating withdrawals, the Bank’s ATM machines enable convenient settlement of water and electricity bills, bills of Dialog, Mobitel, Etisalat, Hutch and Lanka Bell networks, and Commercial Bank Credit Card payments 24-hours a day, 365-days of the year. The Bank’s network of teller machines is linked with millions of ATMs across the world.

Commercial Bank ATMs also support the networks of Mastercard, Maestro, Cirrus, Visa, Plus, Amex, Discover and Diner’s Club thus enabling tourists and other visitors to Sri Lanka to withdraw money from their overseas accounts for spending in the country.

Holders of Commercial Bank’s standard ATM cum Shopping Debit Cards can withdraw up to Rs 40,000 from the Bank’s ATMs per day. The Bank also offers customers the option of setting their own ATM withdrawal limits up to a maximum of Rs 100,000 a day, and a point-of-sale limit of up to Rs 500,000.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, Commercial Bank was ranked the most valuable private sector brand in the country in 2014. The Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. In August this year, the Bank was rated the Most Respected Bank in Sri Lanka by LMD for the 10th successive year, was named the second Most Respected Corporate entity in the country overall for the fourth year, and was rated No 1 overall by the magazine for Honesty for the second consecutive year.

Photo caption:
Minister of Fisheries and Aquatic Resources Development Dr RajithaSenaratne and Defence Ministry Secretary Mr GotabhayaRajapaksa formally open Commercial Bank's 600th ATM at the Colombo Gold Centre in the presence of the Bank's Deputy Chairman Mr M P Jayawardena, Chief Operating Officer Mr S Renganathan and other senior officials.



In one of the first transactions under the Financial Sector Consolidation Road Map mandated by the Central Bank of Sri Lanka, Commercial Bank of Ceylon PLC acquired a 100% stake of Indra Finance Limited, with the Share Sale and Purchase Agreement signed on 1st September 2014 at the Commercial Bank Head Office in Colombo.

Representing the Bank, were Mr. Jegan Durairatnam – Managing Director/ Chief Executive Officer, Mr. S Renganathan – Chief Operating Officer, Mr. Sanath Manatunge – Deputy General Manager Corporate Banking (Designate), Mr. Isuru Thillekewardena – Deputy General Manager, Human Resources Management, Mr. Naveen Sooriyarachchi – Assistant General Manager Corporate & Investment Banking, Mr Athula Samarasinghe – CEO Designate for Indra Finance, Mrs. Ranjani Gamage – Company Secretary and Mrs. Namal Gamage – Chief Manager Legal.

Representing Indra Finance Limited, were Mr. Indra Silva – Principal Shareholder, Mr. Rushanka Silva – Director, Mr. Athula Silva – Director, Mr. Saliya Rajakaruna – Managing Director and Mr. Chandima Wijetunga – Company Secretary.
This acquisition will significantly strengthen Commercial Bank’s leasing operations, enabling it to offer lower priced re-finance options for customers of Indra Traders, which has a strong share of the motor vehicles import and leasing business, the Bank said.
Established in 1969, Commercial Bank is the largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks. The Bank was ranked the most valuable private sector brand in the country in 2014, has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. In August this year, the Bank was rated the Most Respected Bank in Sri Lanka by LMD for the 10th successive year, was named the second Most Respected Corporate entity in the country overall for the fourth year, and was rated No 1 overall by the magazine for Honesty for the second consecutive year.

Indra Finance Limited (INFL) located at No.182, Katugastota Road, Kandy was incorporated in 1987. The Company was licensed as a Specialized Leasing Company in 2007 and then as a Licensed Finance Company in 2013. The Company’s principal activities are granting lease facilities, hire purchase, mortgage loans and other credit facilities. INFL benefits from close affiliation to the Indra Group as a majority of its business flows from financing both passenger and commercial vehicles sold and distributed by Indra Traders (Pvt) Limited. INFL presently has offices in 11 locations throughout the country.

Photo caption:

Commercial Bank Managing Director/CEO Mr Jegan Durairatnam (fourth from right) and Mr Indra Silva, Chairman of Indra Traders exchange the agreement in the presence of senior representatives of the Bank and Indra Finance