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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



The Commercial Bank of Ceylon has once again partnered with Diesel and Motor Engineering PLC (DIMO) to offer attractive leasing options for TATA commercial vehicles in a sixth month promotion commencing August 2014.

Under the agreement, DIMO will provide substantial discounts to Commercial Bank customers to lease TATA vehicles. The Bank will provide low interest rates and monthly rentals for leasing facilities. The vehicles covered under the special scheme include TATA trucks and buses.

A special insurance cover through Commercial Bancassurance has also been introduced for customers who lease vehicles through the Bank. This cover requires a low insurance premium.

“The partnership between Commercial Bank and DIMO will cater to the demand for quality commercial vehicles with low operating cost,” said Mr. S. Renganathan, Chief Operating Officer of Commercial Bank. “We believe it will be particularly helpful in the context of the construction boom in the country.”

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 is one of the leading leasing service providers in the country and is a member of the Leasing Association of Sri Lanka. It provides leasing facilities for a range of assets of diverse values including machinery.

The only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 237 branches and 599 ATMs in Sri Lanka. 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.

DIMO, which celebrates its 75th anniversary this year, is the market leader in the commercial vehicle segment in Sri Lanka. DIMO and TATA have a strong relationship of over 53 years in the Sri Lankan market. DIMO has sales, service and spare parts outlets island wide with 24 hour road side assistance to provide an effective and an efficient service to the company’s customers.



The CSR Trust of the Commercial Bank of Ceylon has donated a large number of 1,000 litre water storage tanks to the people of Kaduruwela, Ampara and Nikaweratiya and deployed 10,000 litre water bowsers for 15 days in the Mullaitivu District, in a project to help families survive the severe drought affecting these areas. Pictured here is a donation of water tanks in the Nikaweratiya area, by officials of the Bank. (From left to right) Mrs N. D. Pathirana (Assistant Divisional Secretary – Nikaweratiya, Mr Amal Alles, Commercial Bank’s Regional Manager – Wayamba and Mr Manoj De Silva, the Manager of the Bank’s Nikaweratiya branch.

 

 - Assets up 22% YoY to Rs 683.6 billion
 - Deposits cross Rs 500 billion in first half of 2014
 - Loans & Advances up 12% YoY to Rs 438.2 billion 

The Commercial Bank of Ceylon PLC has reported a noteworthy performance, posting profit before tax of Rs 6.474 billion and net profit after tax of Rs 4.479 billion for the first half of 2014, despite shrinking margins.

Sri Lanka’s largest private bank reported a 9.39% improvement in its total operating income of Rs 17.698 billion for the six months ended June 30, 2014, through higher business volumes coupled with a notable increase in recoveries, despite there being a drop in foreign exchange income which was largely attributable to the appreciation of the Sri Lankan Rupee against the US Dollar. Gross income for the first six months of 2014 grew by 1.9% to reach Rs. 35.374 billion, the Bank said in a filing with the Colombo Stock Exchange.

Interest expenses declined by 5.13% to Rs 17.301 billion with an improvement in the Bank’s CASA ratio, the Bank said. Consequently, net interest income for the period at Rs 13.133 billion reflected an improvement of 10% over the first half of 2013.

Total expenses for the period amounted to Rs 7.626 billion, and this reflected an increase of 9.09% compared to the corresponding period last year.

The Bank’s profit before financial VAT and NBT was up 1.92% to Rs 7.587 billion. The imposition of Nation Building Tax (NBT) from 1st January 2014 resulted in the Bank’s NBT for the six months amounting to Rs 159 million. Financial VAT and NBT together totalled Rs 1.113 billion for the first half 2014, an increase of 18.88%. These factors contributed to the marginal drop in the profit before tax of Rs 6.474 billion for the period under review. However, the profit after tax of Rs 4.479 billion reflected an increase of Rs 7.5 million.

Commenting on these results, Commercial Bank Chairman Mr Dharma Dheerasinghe said the higher business volumes recorded, strong deposit and asset growth and improvement of key ratios during the six month reviewed are indicative of the ability of the Bank to weather the changing conditions in the banking industry.

Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said the Bank had adopted a more robust mechanism in provisioning for individual impairment aimed at improving the provision cover. Although this resulted in an increase in the total impairment charges by Rs. 741.559 million, the operating profit of the Bank reflected an improvement over the first half of 2013.

The Bank’s total assets reached Rs. 683.579 billion as at 30th June 2014, a growth of Rs 125.468 billion or 22.48% over corresponding period last year and Rs. 76.973 billion or 12.69% since December 31, 2013.

Loans and receivables totalled to Rs 438 billion at the end of the period under review, an increase of Rs 18.7 billion or 4.46% since December 31, 2013, and a growth of Rs 48 billion or 12.33%, over corresponding period last year.

The focus on recoveries enabled the Bank to reduce both the Gross NPL ratio and the Net NPL ratio to 4.32% and 2.48% as at end June 2014 from 4.40% and 2.54% respectively as at end March 2014 despite industry NPL levels remaining high at 6.2%.

Total deposits grew by Rs 38.216 billion or 8.21% over the six months at an average of more than Rs 6.4 billion a month, to Rs 503.563 billion as at June 30, 2014. Deposit growth over the corresponding period of last year was Rs 74 billion or 17.23%.

The Bank’s Tier I capital adequacy ratio stood at 13.39% while the total capital adequacy ratio (Tier I + Tier II) stood at 16.73% and both these ratios were well above the minimum statutory requirement of 5% and 10%.

The only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 237 branches and 599 ATMs in Sri Lanka. 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
Commercial Bank Chairman Mr Dharma Dheerasinghe (left) and Managing Director/CEO Mr Jegan Durairatnam.




Overall, second Most Respected entity in Sri Lanka for 4th year in a row

The Commercial Bank of Ceylon has been rated as the most respected bank in Sri Lanka for the 10th consecutive year and the second ‘Most Respected’ corporate entity in the country for the fourth consecutive year in the annual LMD rankings.

Additionally, the Bank was ranked No 1 in Sri Lanka for ‘Honesty’ for the second successive year, topping the category that is most important to businesses in the financial services sector.

Commercial Bank is the only bank among the Top 5 Most Respected entities in Sri Lanka, and is ranked among the Top 3 in several other key aspects such as Financial Performance, Quality Consciousness, Management Profile, CSR and Vision. The Bank has been the Most Respected bank in the list since its inception in 2005.

The 2014 and tenth edition of this prestigious list of Sri Lanka’s most respected companies includes the most diversified conglomerates in the country and some of the world’s best-known multinationals.

“For an entity whose business is dependent on public trust, confidence and respect, being ranked second among the top corporates in Sri Lanka is an important endorsement,” Commercial Bank Managing Director/CEO Mr. Jegan Durairatnam said. “The opinions of the business leaders and others who participate in the LMD survey reflect the emphasis the Bank places on integrity, performance, best practices and commitment to the community.”

The LMD rankings are based on the opinions of the general public. Respondents include senior executives from the state and private sectors and their views are obtained under 10 areas of evaluation: Financial Performance, Quality Consciousness, Management Profile, Honesty, Innovation, Dynamism, Corporate Culture, CSR, Vision and Nation-mindedness. In eight of these 10 areas, the Bank was placed within the top five in the 2014 survey.

The only Sri Lankan Bank to be ranked among the world’s top 1000 Banks for four successive years, Commercial Bank operates a network of 237 computer-linked service points and the country’s single largest ATM network of 599 terminals. Ranked the most valuable private sector brand in the country in 2014, the Bank has been adjudged ‘Best Bank in Sri Lanka’ for 16 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best Bank from ‘The Banker’, ‘Finance Asia’, ‘Euromoney’ and ‘Trade Finance’ magazines.



The Marawila Branch of the Commercial Bank of Ceylon recently organised a seminar in Marawila for nearly 500 students preparing for the Year 5 scholarship examination from eight schools in the area. This seminar was organised under the aegis of the Bank’s ‘Arunalu’ Children’s Savings Account for the third consecutive yearand was conducted by an award winning teacher in the area. The entire Year 5 school syllabus was discussed using PowerPoint and video presentations. Pictured here is the seminar in progress.



Recognised for conducting 275 CSR projects within 3 years

The Commercial Bank of Ceylon has won double honours for its commitment to the community from the Chief Marketing Officer (CMO) Asia Council, which has presented Sri Lanka’s largest private bank with two prestigious international awards.

The Bank received the award for ‘Support and Improvement in quality of Education’ and a Merit Certificate for ‘Concern for Health’ at the 4th Asia’s Best CSR Practices Awards at Pan Pacific, Singapore, on Friday, 1st August 2014, attended by a prestigious gathering of business leaders, Chief Marketing Officers and Human Resource professionals.

Preceded by the World Brand Congress at the same location, the Best CSR Practices Awards are Asia’s highest recognition of corporate organisations that have a significant and positive impact on the lives of people around them.

The awards presented to Commercial Bank recognise the tangible impact the Bank’s multifaceted community initiatives have had in the spheres of education and health in Sri Lanka. These 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 and the donation of medical equipment to hospitals around the country.

The Bank’s IT Education initiative is intended to enable younger generations and the country to face the future with confidence with world-class knowledge. This programme shares synergy with the Bank’s enduring vision of being the most technologically-advanced, innovative and customer friendly financial services organisation in Sri Lanka. By the first half of 2014, the 140 IT Labs donated by the Bank had benefitted an estimated 140,000 children.

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.

Significantly enhancing the value of these IT Labs, the Bank recently launched an innovative online education programme under which more than 20,000 children from 20 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 CSR Trust gifts necessary critical care equipment and other infrastructure facilities to government hospitals in the country. The emphasis is on maternity and children’s hospitals when making such donations.

Among other community commitments of Commercial Bank’s CSR Trust are assistance to war heroes, and support for projects to promote and conserve the country’s cultural heritage.

These initiatives have already won Commercial Bank several local and international awards, including four awards at the 2013 Best Corporate Citizen awards presented by the Ceylon Chamber of Commerce, at which the Bank was also adjudged one of Sri Lanka’s 10 best corporate citizens. Earlier this year, the Bank received the Gold and Silver awards for its corporate social responsibility initiatives in Education and Healthcare respectively at the JASTECA CSR Awards presented by the Japan Sri Lanka Technical & Cultural Association. The Commercial Bank CSR Trust also won the prestigious Asia Responsible Entrepreneurship Award (AREA) in the sphere of ‘Social Empowerment’ at the 2014 awards held in New Delhi.

The only Sri Lankan Bank to be ranked among the world’s top 1000 Banks for four successive years, Commercial Bank operates a network of 237 computer-linked service points and the country’s single largest ATM network of 597 terminals. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 16 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best Bank from ‘The Banker’, ‘Finance Asia’, ‘Euromoney’ and ‘Trade Finance’ magazines.

Photo caption:
Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe receives one of the awards at the CMO Asia Best CSR Practices Awards in Singapore



The Commercial Bank of Ceylon recently extended its support to another 200 entrepreneurs of the Northern Province by providing them with valuable information on developing their businesses, at three programmes.

Two programmes in Jaffna and one in Vavuniya were conducted in collaboration with the Central Bank of Sri Lanka (CBSL), and covered the topic ‘Entrepreneurship Development and Financial Literacy.’

Eighty entrepreneurs who were nominated by Commercial Bank’s main branch in Jaffna participated in the first programme while 75 entrepreneurs nominated by the Kilinochchi, Atchuvely, Chavakachcheri, Nelliady, Stanley Road, Manipay, Kodikamam, Chunnakam, Thirunelvelly, Mannar and Velanai branches of the Bank participated in the second programme. Forty five entrepreneurs nominated by the Bank’s Vavuniya branch attended the programme in Vavuniya.

Mr. Sri Pathmanathan – Consultant to the Central Bank of Sri Lanka was the key resource person for these programmes at which Commercial Bank’s Regional Manager – Northern Region, Senior Manager – North Central Region, respective Branch Managers and officers of the Development Credit Department represented the Bank.

The Commercial Bank has conducted similar programmes for SMEs and micro entrepreneurs in areas such as Narammala, Galle, Monaragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, Matara, Batticaloa and Ampara in the recent past.

The Bank’s Agriculture and Micro Finance units are located in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya and Tissamaharama.

They identify and support people who need financial assistance to start new businesses or to expand existing ones, provide guidance on how to improve their businesses and help resolve difficulties.

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 operates a network of 237 branches and 597 ATMs in Sri Lanka. 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.

Photo caption:
Two of the entrepreneurship programmes in progress.



Commercial Bank’s new Chairman Mr Dharma Dheerasinghe formally assumed duties yesterday (30th July) at the Bank’s Union Place branch, which houses the Chairman’s Office. Pictured here are the Bank’s Managing Director/CEO Mr Jegan Durairatnam (standing, extreme left) other members of the corporate management and Mr Dheerasinghe’s son, during the formalities.



For the convenience of customers, the Commercial Bank of Ceylon has announced it will keep 65 branches open for business onRamazan Festival Day(Tuesday 29th July),a Public and Bank Holiday.

This includes the Bank’s 28 Supermarket Banking Centres and 20 ‘365-day’ branches which will work their customary hours, and another 17 branches that will be open from 9 am to 1 pm on that day, the Bank said.

These 17 branches are Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwela, Kiribathgoda, Avissawella, Piliyandala, Foreign branch and Main Street (Colombo 1).

The only Sri Lankan Bank to be ranked among the world’s top 1000 Banks for four successive years, Commercial Bank operates a network of 237 computer-linked service points and the country’s single largest ATM network of 597 terminals. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 16 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best Bank from ‘The Banker’, ‘Finance Asia’, ‘Euromoney’ and ‘Trade Finance’ magazines.



More than 20,000 children from 20 schools now learning Math & Science via IT Labs donated by the Bank’s CSR Trust

The Commercial Bank’s role as a key corporate supporter of children’s education in Sri Lanka has taken a giant leap forward with the launch of an innovative online education programme by the country’s largest private bank.

More than 20,000 children from 20 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects.

Using the IT labs it has already donated to 140 schools around the country, the Commercial Bank’s CSR Trust is working with seven undergraduates of the University of Colombo to provide these online educational programmes to students from Year 6 to the GCE Advanced Level classes, with the active involvement of the IT and subject teachers in the respective schools.

The schools covered represent a wide cross section of the community, as the programme even extends to schools in areas such as Kilinochchi, Padavi Sri Pura, Godakawela, Beddegama, Koggala, Peraliya and Marawila in addition to schools in the Colombo and Gampaha districts.

The content is chosen from educational websites of the Khan Academy and tvokids.com on the basis of the national educational curriculum, and selected batches of students use the computers donated by Commercial Bank to access these lessons. Each student has his or her own email address and can seek the help of the teachers or the undergraduates running the programme whenever required.

“Online education is one of the most effective ways to provide extra coaching to students,” said Commercial Bank’s Deputy General Manager Marketing, Mr. Hasrath Munasinghe. “This programme also develops the IT skills of the participating students, and fits well with the vision of the Bank’s CSR initiatives in the sphere of education.”

The involvement of the undergraduates of the Colombo University in the project is through the University’s Service Learning programme, under which undergraduates work with corporate entities on projects of this nature. Commercial Bank intends to extend this online education project to more schools to provide its benefits to a wider group of children, Mr Munasinghe added.

The Bank’s nationally-scaled IT Education initiative is intended to enable younger generations and the country to face the future with confidence with world-class knowledge. This programme shares synergy with the Bank’s enduring vision of being the most technologically-advanced, innovative and customer friendly financial services organisation in Sri Lanka. By the first half of 2014, the 140 IT Labs donated by the Bank had benefitted an estimated 140,000 children.

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.

Besides this initiative in the sphere of education, Commercial Bank’s CSR Trust also funds a programme to provide English language training to students of rural schools, and presents scholarships and laptops to 50 undergraduates every year.

Among other community commitments of Commercial Bank’s CSR Trust are donations to facilities for war heroes, the donation of essential equipment to hospitals and support for projects to promote and conserve the country’s cultural heritage.

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.’

Photo Caption:

An online lesson in progress at an IT Lab donated by Commercial Bank.



The Commercial Bank of Ceylon has once again pledged to help students who excel at the Year 5 scholarship examination to secure a better future by presenting them with cash prizes totalling millions of Rupees under the Bank’s ‘Arunalu’ Children’s Savings Account.

In order to instil in students the value of a good education, the Arunalu Account of Commercial Bank has taken steps to assist students as they continue their studies. Students placed first, second and third Island-wide at the 2014 examination to be held in August will be rewarded with up to Rs 382,500 if they are holders of ‘Arunalu’ Children’s Savings Accounts.

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 will be eligible to receive 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 will 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.

Additionally, ‘Arunalu’ account holders who are placed first, second and third in their respective schools will 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 will also receive up to Rs. 50,000 if they are Arunalu account holders, the Bank said.

In 2013, Commercial Bank’s Arunalu Children’s Savings Account paid Rs 3.7 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 the cash rewards paid to nine students who were placed first, second and third in the island at the examination.

“While encouraging the savings habit among students at an early age, the Bank has understood the importance of rewarding students for their academic achievements and motivating them,” said Mr. Hasrath Munasinghe, Deputy General Manager – Marketing of Commercial Bank. “We have seen thousands of students reap the benefits of the Arunalu rewards scheme, and have inspired them to continue excelling academically.”

A minimum balance of Rs. 5,000 should be maintained in the Arunalu account by the date of the Scholarship examination in order to receive the cash rewards, the Bank said.

An Arunalu children’s savings account can be opened at any of Commercial Bank’s branches island-wide with a minimum sum of Rs. 100, and offers the highest interest rate of eight per cent.

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.

Commercial Bank operates a network of 237 branches and 597 ATMs in Sri Lanka. 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.



Commercial Bank of Ceylon PLC has announced the appointment of career banker Mr Jegan Durairatnam as the Bank’s Managing Director and CEO effective 17th July 2014, on the retirement of the incumbent Mr Ravi Dias.

Mr. Durairatnam is currently Executive Director and Chief Operating Officer of the Bank.

A senior member of Commercial Bank’s corporate management team for the past nine years, Jegan Durairatnam joined the Bank in 1982. His banking experience covers all aspects of International Trade, Off-shore Banking, Credit, Operations and IT. The holder of a Bachelor’s Degree from the University of Peradeniya, he has served Commercial Bank in several senior management positions, including Deputy General Manager, Assistant General Manager – International Division and Head of Imports. He was appointed the Bank’s Chief Operating Officer/Executive Director in April 2012, in which capacity he oversaw the Corporate Banking, Personal Banking, Information Technology, Imports and Exports, Procurement and Premises, Operations, Foreign Currency Bureau/Travels and Recoveries functions of the Bank.

Mr. Ravi Dias, who took the helm of Commercial Bank in April 2012, commenced his career with the Bank in 1974 and has held many important posts while playing a pivotal role in its growth. A member of the Bank’s Corporate Management from July 1995, he was appointed Chief Operating Officer in February 2008 and to the Board in December 2010.

Commenting on his appointment as MD and CEO of Commercial Bank, Mr Durairatnam said: “The country is going through a development drive in which the Commercial Bank has a crucial role to play as the biggest private bank in the country. Ravi Dias has provided exemplary and inspiring leadership to Commercial Bank over the past two years, and I look forward to building on what he has achieved by turning the challenges the sector faces into opportunities for growth.”

The only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, the Bank ended FY 2013 with gross income of Rs 73.16 billion, profit before tax of Rs 14.51 billion, profit after tax of Rs 10.445 billion and assets of Rs 606.607 billion.

Commercial Bank operates a network of 237 branches and 597 ATMs in Sri Lanka. 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 Commercial Bank of Ceylon PLC has announced the appointment of Mr Sivakrishnarajah Renganathan, the Bank’s Deputy General Manager – Personal Banking, as Chief Operating Officer (COO) and Executive Director with effect from 17th July 2014.

A career banker who has served Commercial Bank throughout the entirety of his 34-year working career, Mr Renganathan has held several key positions in the Corporate Management.

In July 2003, he led the Bank’s acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), Commercial Bank’s first ever acquisition of a banking operation, and was appointed Country Manager – Bangladesh, in which capacity he led a team of 225 over a five year tenure, building up the Bank’s operations in Bangladesh.

S Renganathan is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA), Fellow of the IFS School of Finance, UK (Fifs) and a Fellow of the Institute of Bankers Sri Lanka (FIB). He is also an associate member of Financial Services Institute of Australasia.

He has served among others, as a Member of the General Council of the Institute of Bankers of Bangladesh, as founder President of the Sri Lanka Bangladesh Chamber of Commerce and Industry, Executive Committee member of the Foreign Investors Chamber of Commerce and Industry and as Assistant Treasurer of the Sri Lanka India Society.

Commercial Bank ended FY 2013 with gross income of Rs 73.16 billion, profit before tax of Rs 14.51 billion, profit after tax of Rs 10.445 billion and assets of Rs 606.607 billion.

The only Sri Lankan Bank to be ranked among the world’s top 1000 Banks for four successive years, Commercial Bank operates a network of 237 computer-linked service points and the country’s single largest ATM network of 597 terminals. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 16 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best Bank from ‘The Banker’, ‘Finance Asia’, ‘Euromoney’ and ‘Trade Finance’ magazines.



The Commercial Bank of Ceylon has opened its 237th branch in Sri Lanka at Hulftsdorp, the hub of the country’s legal fraternity.

The new branch located at the Bar Association of Sri Lanka (BASL) Modern Office Complex, No 36, St. Sebastian Hill, Colombo 12 was opened on Monday, 14th July by the Bank’s Managing Director Mr Ravi Dias.

It is equipped with two automated teller machines that are linked to the 594 other ATMs of Commercial Bank 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.

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 operates a network of 237 branches and 597 ATMs in Sri Lanka. 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 the picture Commercial Bank Managing Director Mr Ravi Dias (second right) and President of the Bar Association of Sri Lanka Mr Upul Jayasuriya accompanied by Chief Operating Officer Mr Jegan Durairatnam and senior officials of the Bank declare open the new branch.



A school in Nikaweratiya in the Kurunegala District is the latest recipient of a fully-equipped IT Laboratory from the CSR Trust of Commercial Bank of Ceylon, under the Bank’s nationally-scaled IT education programme.

The 140th IT Lab donated by the Bank to date, the new IT Lab was formally declared open by Commercial Bank Managing Director and CEO Mr Ravi Dias at the Mahamithawa Junior School, Nikaweratiya, a mixed school with 200 students.

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.

The Bank has also commenced the second phase of its IT education programme by implementing an on line learning programme via the IT laboratories donated by the Bank.

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.

Pictured here are Commercial Bank Managing Director/CEO Mr Ravi Dias and other representatives of the Bank at the opening of the new IT Lab.



The Commercial Bank of Ceylon PLC has entered into an agreement with the Central Bank of Sri Lanka to participate in the new credit guarantee scheme for pawning advances, introduced by the latter in June 2014.

The new credit guarantee scheme enables licensed commercial banks and licensed specialised banks engaged in pawning activities to provide an enhanced level of credit to their customers.

Pictured here is the exchanging of the signed agreement between Commercial Bank of Ceylon and the Central Bank of Sri Lanka by Commercial Bank’s Chief Operating Officer Mr Jegan Durairatnam (fifth from right) and Central Bank Director, Regional Development Department, Mr Srinath Abeysinghe, in the presence of senior officials of the two institutions.




The Commercial Bank of Ceylon has opened a branch at the Arpico Supercentre at Nawinna, extending the services of Sri Lanka’s largest private bank to visitors to this popular shopping complex. Visitors to Arpico Supercentre previously enjoyed access to an ATM machine from the Bank and will now enjoy many other banking services with the opening of a branch at the premises.

The 236th branch of Commercial Bank in Sri Lanka, the new branch was declared open by the Bank’s Chief Operating Officer Mr Jegan Durairatnam on Thursday, 10th July 2014.

In the picture, Commercial Bank’s Chief Operating Officer Mr Jegan Durairatnam accepts the first deposit at the Bank’s new branch at Arpico Supercentre, Nawinna.


One hundred and twenty five entrepreneurs of the eastern province were provided with valuable information relevant to their businesses, at two programmes conducted by the Commercial Bank of Ceylon recently.

The two programmes conducted in collaboration with the Central Bank of Sri Lanka (CBSL), were held in Batticaloa and Ampara and covered ‘Entrepreneurship Development and Financial Literacy’ for SME’s in the region.

Sixty five entrepreneurs from the Batticaloa, Valachchenai, Kattankudi, and Eravur areas participated at the Batticaloa programme, while the Ampara programme was attended by sixty entrepreneurs from the Ampara, Pottuvil, Kalmunai and Akkaraipattu areas.

Mr. N M Theseem, Assistant Director and Mr. N A A Wijesiri, Senior Assistant Director of the Regional Development Department of Central Bank of Sri Lanka, Commercial Bank Regional Manager for the Eastern Region Mr. S Ganeshan, Branch Managers and officers of Development Credit Department of the Bank were present at these programmes.

The Commercial Bank has conducted programmes for SMEs and micro entrepreneurs in areas such as Narammala, Galle, Monaragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, and Matara in the recent past.

The Bank’s Agriculture and Micro Finance units are located in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya and Tissamaharama. They identify and support people who need financial assistance to start new businesses or expand existing ones, provide guidance on how to improve their businesses and help resolve difficulties.

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 operates a network of 235 branches and 594 ATMs in Sri Lanka. 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.

Photo caption:

The two programmes for Eastern entrepreneurs in progress.