Commercial Bank supports ‘Ransalu’ loyalty privilege programme for apparel sector

Partners with JAAF, CH17 and MasterCard to offer co-branded debit card with unique loyalty features for the betterment of sector employees

Sri Lanka’s apparel sector associates are to be supported by the country’s largest private bank with an exclusive Debit Card that confers special benefits, under a partnership between the Commercial Bank of Ceylon, the Joint Apparel Association Forum (JAAF) and Channel 17, the company tasked with managing an employee loyalty programme for the sector.

The JAAF membership targeted Commercial Bank – MasterCard issued ‘Ransalu Privilege Card’ will be available free of charge to any member of the JAAF operated Ransalu Loyalty Programme who has, or opens an account with Commercial Bank.

The Debit Card will make its owners eligible to receive the extensive collection of discounts and offers normally enjoyed by Commercial Bank Debit Card holders, in addition to the benefits they are entitled to under the Ransalu programme. The card will also serve as identification for them to claim benefits from the Ransalu loyalty programme, which targets a membership of over 350,000.

The Ransalu Privilege Loyalty Programme already offers its members discounts on essential consumer items, hospitalisation, pharmaceutical products and clothing.

“The apparel industry is a vital constituent of Sri Lanka’s export economy, and retaining and rewarding its workers is mission-critical,” Commercial Bank Managing Director/CEO Mr Jegan Durairatnam said. “Commercial Bank is therefore delighted to join the Ransalu Loyalty Programme to support the aspirations of our apparel sector workers through this exclusive Debit Card.”

JAAF Secretary General Mr Tuli Cooray said: “Commercial Bank’s support to the Ransalu loyalty programme will significantly add value to the programme and enhance its attractiveness to members.

Mr R B Santosh Kumar, Country Manager, Sri Lanka & Maldives for MasterCard said: “The combined strength of MasterCard and Commercial Bank has benefitted many thousands of Sri Lankans. MasterCard is pleased to be part of an effort to improve the lives of apparel sector workers through this initiative. This Debit card will enable them to manage their finances better and at the same time receive a host of other benefits.”

Channel 17 CEO Mr JumarPreena added that the Ransalu Loyalty Programme is one element of anisland-wide employee retention and motivation drive for the apparel sector, the largest single industrial employer in the country and the fastest growing contributor to the national economy.“Channel 17’s unique loyalty programme is fully supported by the Ministry of Industry & Commerce. National Telco leader Mobitel provides the IT platform while Lake House Printers and Publishers are official card suppliers,” he said. “Commercial Bank which provides banking services to a good share of the apparel workforce, is a very welcome addition to the programme and we look forward to great value additions through the Bank,” he said.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 248 branches and 623 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

Photo caption: 

Commercial Bank Managing Director/CEO Mr Jegan Durairatnam (5th from left) and Channel 17 CEO Mr Jumar Preena exchange the agreement in the presence of (from left) Messrs Arjuna Herath, Manager Marketing, Thusitha Suraweera, Head of Card Centre and Hasrath Munasinghe, Deputy General Manager Marketing of Commercial Bank; and M.L.N. Piyathilake, Chairman, Executive Committee of JAAF, R. B. Santosh Kumar, Country Manager Sri Lanka & Maldives of MasterCard, M.P.T. Cooray, Secretary General, JAAF and Tony Johnpillai of Lake House Printers.

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Commercial Bank opens branch in BIA’s Departures Terminal

The Commercial Bank of Ceylon has opened a second branch at the Bandaranaike International Airport (BIA) Katunayake, to serve the foreign currency needs of passengers using its Departures Terminal.

The new branch will be open around the clock, 365 days of the year, and will serve Sri Lankans and foreigners leaving the country, the Bank said.

The new branch is the Bank’s 248th in Sri Lanka. An ATM machine was also unveiled at the DeparturesTerminal on the same day by the Bank. In October last year, the Bank opened a similar branch at the airport’s Arrivals Terminal.

Commercial Bank also has a branch at Seeduwa which operates from 9 am to 9pm, 365 days of the year, for the benefit of area residents and for the convenience of travellers flying through BIA.

Pictured here is the opening of the Commercial Bank branch at the BIA Departures Terminal by the Bank’s Assistant General Manager Operations Mr Palitha Perera, accompanied by the Branch Manager Mr Ushan Perera, the Bank’s Senior Regional Manager Colombo North Ms Dharshanie Perera and Managing Director/CEO Mr Jegan Durairatnam.

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Commercial Bank opens supermarket banking unit at Laugfs Delgoda

 

 

The Commercial Bank of Ceylon has enhanced its presence in the Biyagama area with the opening of a supermarket banking unit at the Laughs Supermarket at 328A, New Kandy Road, Delgoda. The new branch, which is equipped with its own ATM, will be open from 9.30 am to 7.00 pm daily. It is the 247th branch of Commercial Bank in Sri Lanka. Pictured here is the opening of the branch by Commercial Bank’s Assistant General Manager Personal Banking II Mr Niran Costa. The Bank’s Senior Regional Manager – Colombo Metro Mr Roshan Perera and the Manager of the Delgoda Minicom Branch Mr Kapila Vishvanath are also in the picture.

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Commercial Bank ties up with Bank Muscat Oman for instant money transfers

Instant, real-time fund transfers between Oman and Sri Lanka have become possible as a result of a tie-up between the Commercial Bank of Ceylon and Bank Muscat, the leading financial services provider in the Sultanate.

Commercial Bank is the first Sri Lankan bank to link with Bank Muscat for this purpose. Account holders of Bank Muscat can now use the Bank’s all-new feature-rich mobile banking app to send cash remittances to recipients in Sri Lanka or transfer money to accounts at Commercial Bank 24/7. They may also transfer funds to accounts at other banks in Sri Lanka via Commercial Bank.

“Commercial Bank was already a key facilitator of remittances to Sri Lanka from Oman,” the Bank’s Chief Manager e-Banking& Remittances Mr Pradeep Banduwansa said. “With this partnership with Bank Muscat, the remittances arrive in Sri Lanka instantly and become available to recipients within minutes.”

Users of the Speed Transfer facility offered by Bank Muscat’s mBanking app can send up to 500 Omani Riyals a day to Sri Lanka. The app already has more than 350,000 registered users, including Omani nationals and expatriate account holders.

Commercial Bank recently launched a similar instant funds transfer facility between Bahrain and Sri Lanka by integrating its web system with that of Bahrain Financing Co. (BFC), enabling real time remittances via BFC’s EzRemit service to beneficiaries in Sri Lanka.

Commercial Bank is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options. Remitters can send money even without having an account in the Bank. The Bank has its own Business Promotion Officers (BPOs) in key markets around the world where significant numbers of Sri Lankans are employed.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches, and a network of 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

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Cash rewards from Commercial Bank for bill payments via Mobile Banking

 

The Commercial Bank of Ceylon is to reward customers for usage of the Bank’s Mobile Banking facility,with Rs 1.5 million in cash prizes over the next three months.

Customers already registered for Mobile Banking who pay a minimum of three utility bills such as Electricity, Water, Telephone and Pay TV a month to the cumulative value of Rs 2,500 or more between 15th January and 15th April 2016 will be eligible to win 300 cash prizes of Rs 5,000 each, the Bank said.Draws are to be conducted after the 15th of the month in February, March and April in respect of each preceding month, and each month’s 100 winners will have their prize money credited to their accounts.

Commercial Bank offers mobile phone users the convenience of accessing many of its services via USSD (Unstructured Supplementary Service Data) technology, via the Bank’s own sophisticated app for users of Apple or Android-powered smart devices and via SMS.

Available to mobile phone users on the Etisalat, Dialog and Mobitel networks, Commercial Bank’s easy to access menu-driven USSD-based mobile banking service offers greater convenience and functionality, enabling users to carryout numerous banking transactions including Account Balance and Credit Card Balance Inquiries, Utility Bill Payments, Fund Transfers, Exchange Rate Inquiries, PIN Changes, Mobile Reloads and request Micro Statements.

Because these services are offered on the USSD platform, they can be accessed via virtually any mobile phone and do not require an Internet connection.Access the Mobile Banking menu by dialling #8823#.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 621 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

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130 Commercial Bank branches converted for disabled access

 

The Commercial Bank of Ceylon has announced that an on-going initiative to make its branches island wide accessible to differently abled customers has passed the half way mark.

The Bank said it has completed the construction of wheel chair ramps at 130 branches, facilitating disabled access to customer areas and automated teller machines (ATMs) under this project.

“We believe that the widest possible cross section of the community must have access to our branches, and hope to expedite the construction of ramps as the project progresses,” Commercial Bank’s Chief Operating Officer/Executive Director Mr S. Renganathan said.

The bank pays attention to the needs of all its customers including differently abled customers who are an important section of the bank’s clientele.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches, and a network of 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

Photo caption:
An access ramp at a Commercial Bank branch.

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Commercial Bank’s ATMs set new records for December

Rs 37.3 billion dispensed at average of Rs 1.2 billion a day as Sri Lankans celebrated the festive season

 

The automated teller machines (ATMs) of Commercial Bank dispensed a mind-boggling Rs 37.321 billion in December 2015, averaging Rs 1.204 billion a day, and processing an incredible 6.682 million transactions at a daily average of 215,548, Sri Lanka’s largest private bank reports.

The 618-terminal network, the largest owned by a single bank in the country, dispensed Rs 1,976.8 million on 23rd December, as festive shopping reached its peak around the island. On 24 days in December, the Commercial Bank ATM network recorded withdrawals in excess of Rs 1 billion a day, and withdrawals totaling more than Rs 1.5 billion a day on five days, the Bank said.

Total withdrawals in December 2015 reflected an increase of Rs 4,160 million or 12.5% over the total for December 2014.

On two days in December, the 23rd and 31st, the Commercial Bank switch processed a record 407,000 and 411,000 ATM and Point of Sale transactions, demonstrating its capacity.

The highest single day total for withdrawals recorded by the Commercial Bank ATM network to date was set on Friday, 10th April 2015, when users withdrew Rs 2.49 billion in the run up to the Sinhala & Tamil New Year.

The Bank said the figures for December 2015 reflect a consistent increase in dependence on the Bank’s ATM network, underline the indispensable role it plays in the lives of millions of people in Sri Lanka, and reaffirms the value of the technology as well as the capacity, robustness and reliability of the network. These aspects assume greater significance during peak shopping seasons such as the Sinhala and Tamil New Year and Christmas.

The Commercial Bank ATM network is the largest automated cash dispensing facility owned by a single bank in Sri Lanka.Holders of Commercial Bank’s standard ATM cum Shopping Debit Cards can withdraw up to Rs 40,000 from the Bank’s ATMs per withdrawal. 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 only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

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Commercial Bank the highest ranked Bank in latest LMD 100

Wins Sector Award for Banking, leads all listed companies in total assets; placed second overall on PAT

The Commercial Bank of Ceylon has topped the LMD 100 ranking of Sri Lanka’s leading listed companies in terms of Assets, taken second place overall on Profit After Tax (PAT) and fifth place overall on Turnover in the magazine’s just published rankings for 2014-15. The Bank also won the Sector Award for Banking at the ceremony.

The highest ranked bank in the LMD 100, Commercial Bank is also ranked second overall in terms of Shareholders’ Funds in this prestigious list compiled by LMD since 1993-94 when it was the LMD 50.

Ahead of several of the country’s leading diversified conglomerates, telcos, insurers and retail giants in 2014-15, Commercial Bank ended the year with Total Assets of Rs 797.258 billion, Turnover of Rs 74.538 billion, PAT of Rs 11.243 billion and Shareholder’s Funds of Rs 71.206 billion.

The LMD 100’s primary ranking is based on Turnover.

“We generally benchmark our financial performance against the performances of peer banks, but it is most encouraging to see that the Bank is amongst some of the top business groups in our country,” Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said. “This is possible as a result of the depth of penetration the Bank has achieved in retail and corporate banking over the years to become an integral part of the national economy and the lives of our citizens.”

In 2015, Commercial Bank was rated the most respected bank in Sri Lanka for the 11th consecutive year and the second most respected corporate entity in the country overall for the fifth successive year by LMD. The only bank in the top five on the most respected list, Commercial Bank was also ranked No 1 in Sri Lanka for ‘Honesty’ for the third consecutive year and No 1 in Financial Performance and was among the top five in several other areas of evaluation.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches, and a network of 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

 

Photo caption:

Commercial Bank Managing Director/CEO Mr Jegan Durairatnam (extreme right) at the LMD 100 awards ceremony

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Commercial Bank unveils new initiative to sharpen students’ math & analytical skills

 

Propagation of ‘Math Lab’ concept begins with pilot project for 4,500 students from four schools and a home for differently-abled

A ground-breaking new initiative to stimulate and develop the mathematical and analytical skills of school children in Sri Lanka has been launched by the Commercial Bank of Ceylon as a project aligned with the Bank’s education-centric corporate social responsibility agenda.

Inspired by the results achieved by the ‘Math Lab’ concept pioneered at the Miyenakandura government school, Passara, by former teacher and innovative learning materials designer H. A. Dharmasiri, the Commercial Bank initiative begins with a pilot project involving 4,500 students at four government schools and a home for differently-abled children.

Commercial Bank will fund the establishment and equipping of Math Labs at these locations, the training of teachers and students on how to use and maintain these labs, the establishment of mechanisms for monitoring and assessing progress and the formation of Math Societies in these institutions, as part of the Bank’s Sustainable Math Lab Development project.

“The importance of mathematics skills in an increasingly technology driven world cannot be over emphasised,” the Bank’s Managing Director/CEO Mr Jegan Durairatnam said. “The proposed Math Labs are designed to create a sustainable impact on the way the subject is taught and learned in our school system, by using the tools and methods developed by the pioneer of the concept.”

Designed to provide students with the environment, instruments and stimulus to unleash their logical and analytical thinking power by learning difficult theories through 70 interactive mathematical games, game tools and interesting activities, the Math Lab uses simple and enjoyable mathematical activities to help students comprehend what the practical math problems actually mean, and to understand complicated calculations and formulae. It guides and trains students to practice amazingly simple techniques to solve mathematical problems.

The five institutions chosen for Commercial Bank’s pilot project are Anura Central College, Yakkala, Wewita Maithree Navodya Maha Vidyalaya, Bandaragama, Siri Piyarathana Maha Vidyalaya, Padukka, Dompe Primary School and the Sevana Children’s Home, Pita Kotte.

The rate of failure in mathematics at the GCE Ordinary Level at these schools ranges from 34% to 55%, while of the students that passed, 70% obtained only a ‘Simple Pass’ grade.

For the implementation of its Math Lab project, Commercial Bank has brought together a team of resource persons led by the founder and developer of the Math Lab H. A. Dharmasiri as Lead Teacher and comprising Messrs R.M.Premathilaka, a retired Assistant Director of Education; H.P. Leelaratne, a retired mathematics teacher; and Dileep Rohana, a former Vice Principal and mathematics teacher as Supporting Teachers and Anural Jayewardene, a Senior Trainer in Learning Methods and Life Skills, as Trainer.

They will be supported by Advisors Dr R. Sanjeewa,Head of the Departmentand Senior Lecturer at the University of Sri Jayewardenepura and Sanath P. Vidanagamage, a Certified Corporate Trainer with the International Finance Corporation, and a Visiting Lecturer and corporate sector consultant.

Commercial Bank’s flagship CSR project in the sphere of education involves the donation of fully-equipped and furnished Computer Labs to schools and needy institutions across the country to raise national computer literacy levels. The IT Labs donated by the Bank to date have benefitted an estimated 170,000 students.

Other initiatives of the Bank’s CSR Trust in the area of education include presenting scholarships and laptops to undergraduates annually, providing English education to rural school children, and a project in partnership with Cisco Networking Academy to offer a comprehensive ‘IT Essentials’ course for teachers and students free of charge, via the Bank’s online Education programme. In 2015, the Bank launched a new educational website called ‘Sipnena’ to support online education in schools and commenced a pilot project to use online test papers to sharpen the mathematics skills of students preparing for their GCE Ordinary Level examinations.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

 

Photo caption:

Students engage in games that build math and analytical skills (Above) at the Math Lab donated by Commercial Bank to Dompe Primary School (Below)

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Commercial Bank branches go green

The Commercial Bank of Ceylon has announced that its environment-related initiatives have made steady progress in 2015 with the installation of solar power systems at four branches, the award of tenders for five more branch conversions, and the acquisition of 20 more paperless deposit machines.

Sri Lanka’s largest private bank said it is already generating 40kW of solar power for its branches at Balangoda, Borella, Narahenpita and Maharagama, and will increase this figure to 240kW when the installation of solar power systems at the Kollupitiya, City Office, Main Street, Gampaha and Nugegoda branches is complete.

“The harnessing of clean, renewable energy to reduce consumption of power from the national grid is one of several Green initiatives launched by the Bank as part of its obligations to the planet,” Commercial Bank Assistant General Manager Services Mr Chinthaka Dharmasena said. “The investments we are making to reduce the Bank’s environmental footprint will benefit present and future generations, and generate savings over the long run.”

The Bank invested Rs 10 million on the solar power installations at the first four branches converted, at an average of Rs 2.5 million per branch. Branches already identified for conversion require higher capacities ranging from 30kW to 60kW, the Bank said. Solar power is used mainly for lighting and charging uninterruptible power supply (UPS) units.

At least five more branches operating in buildings owned by the Bank are to receive solar power systems in 2016, under this programme.

Under its “Green Banking” programme, Commercial Bank has also invested a further Rs 36 million on 20 more units of a new generation automated cash deposit terminal that completely eliminates the use of paper. Dispensing with deposit slips and envelopes, the new machine has a stacker than can accept and count up to 200 notes at a go, enabling customers to make deposits of up to Rs 200,000 per deposit at a time into savings or current accounts, 24 hours of the day.The same machine may also be used to pay dues on Commercial Bank credit cards.

A significant reduction in the use of paper has also been achieved by the Bank’s efforts to actively promote the migration of customers from traditional banking channels to digital platforms such as mobile and online banking.

These Green initiatives are supplemented by programmes to reduce the Bank’s carbon footprint through energy saving, energy optimisation and responsible fleet and vehicle management, responsible disposal and recycling of materials, responsible water consumption, the discontinuation of the use of products that emit ozone-depleting substances and protecting the bio diversity in areas where its branches are present.

The Commercial Bank also supports the efforts of the Bank’s customers to make their businesses more eco-friendly through Green Development Loans at concessionary interest for small and medium enterprises (SMEs) and entrepreneurs that wish to invest in energy saving, energy efficiency or off-grid renewable energy projects, including investments in solar power.Commercial Bank Green Development Loans are available to organisations that need to comply with national environmental standards by improving their waste management systems or by installing waste water treatment plants, air pollution control systems, solid waste recycling/treatment plants or sound pollution control systems.

Extending its commitment to the environment to its corporate social responsibility agenda, Commercial Bank funded a ground-breaking initiative to replant damaged corals in the seas off Hikkaduwa, and landscaped one and a half acres of land of the National Hospital premises to minimise environment pollution and improve the mental wellbeing of the patients.

These and other environment-related initiatives of the Bank were recently acknowledged internationally with the award for ‘Best Sustainability – Green Initiative’ at the 2015 Asian Customer Engagement Forum (ACEF) Awards in Mumbai.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives. The Bank also received license to operate a fully owned Money Transfer Operation in Italy recently.

 

Photo caption: Solar panels installed at Commercial Bank's Narahenpita branch.

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Commercial Bank celebrates Christmas with carol service

Staffers of the Commercial Bank of Ceylon displayed another facet of their versatility recently, when they celebrated the advent of Christmas at the Bank’s annual carol service. A 60-strong choir entertained guests at the Bishop’s College auditorium at the event, themed ‘Miracle in a manger.’ Music for the event was provided by a band made up of Commercial Bank staff members. The celebration was attended by the Chairman, Managing Director, Chief Operating officer, Corporate Management and staff of Commercial Bank. Pictured here is the Bank’s choir at the service.

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Commercial Bank honours 88 staff for 25 years of service

The Commercial Bank of Ceylon recently felicitated 88 employees who have completed 25 years of service at the 2015 edition of the Bank’s annual Long Service Awards gala at the Cinnamon Grand, Colombo.

These employees were presented with service awards and gold coins by the Bank’s Chairman Mr Dharma Dheerasinghe, Deputy Chairman Mr Preethi Jayawardena, and Directors Mr S. Swarnajothi and Mr K Dharmasiri accompanied by Managing Director Mr Jegan Durairatnam, Chief Operating Officer Mr. S Renganathan and DGM Human Resources Management Mr Isuru Tillakawardana.

Many of the recipients of these long service awards were school leavers when they joined the Bank in 1990,and now hold key positions as managers, senior managers and chief managers at Sri Lanka’s largest private bank.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from several international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Photo caption:
The employees honoured for long service with Commercial Bank’s Board Directors and Corporate and Senior Management.

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Commercial Bank bags Gold for Best Annual Report in Banking Sector for 12th time

Annual Report Awards 2015

 

Also awarded Gold for Best Management Commentary; rated third best in Sri Lanka overall

The Commercial Bank of Ceylon was awarded the Edmund J. Cooray Memorial Trophy for the Best Annual Report among banking institutions, the Gold award for Management Commentary, the Silver award for Corporate Governance Disclosure, the Bronze award for the Best Annual Report overall across all sectors and the Bronze for CSR Reporting at the 2015 Annual Report Awards of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).

With these five awards, Commercial Bank became the most-awarded Bank of the night, reaffirming the Bank’s commitment to transparency and good governance. Since 2001, Commercial Bank’s Annual Report has been adjudged the overall best in Sri Lanka nine times and this edition of the awards takes the number of occasions the Bank has won the award for the best Annual Report in the banking sector to 12.

“The Annual Report is the easily the most important document that any public listed company produces, but its significance is particularly high in the financial services sector, where accurate and comprehensive disclosures are vital,” Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said.“We believe that as the largest private bank in the country, it is our responsibility to be a benchmark for financial reporting. Our 12th Gold Award in the Banking Sector and winning the Gold Award for Management Commentary, which is a pivotal award for a financial institution, is a fitting recognition of the efforts of the team that compiled the annual report, and is an endorsement of the bank’s continuing commitment to transparency.”

Themed ‘Combanking’ the award-winning 2014 Annual Report of Commercial Bank is a 432-page volume. The HTML web and mobile versions of the report can be accessed at www.combank.lk

The CASL awards reflect effectiveness in communication of financial and non-financial information to stakeholders and strict compliance with legislative requirements and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at the organization’s ability to effectively communicate organizational objectives, highlights, performance, personnel and management to an intended audience.

Held since 1964, the CA Annual Reports competition is considered a platform which encourages excellence in the presentations of information covering transparency, social accountability and good governance among diverse Sri Lankan business entities in the field of financial reporting.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.

Photo captions:

Image 1: (Above) Commercial Bank receives the Bronze for the Best Annual Report overall and (Below) the Gold award for the Best Annual Report in the Banking Sector.

Image 2: (Above) Commercial Bank receives the Gold award for Management Commentary and (Below) the Silver for Corporate Governance Disclosure.

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Commercial Bank –Official Banking Partner of Enrique’s historic Sri Lanka concert

Sri Lankan pop fans will be in for a treat when the Spanish superstar Enrique Iglesias, songwriter and actor performs the best of his hits on 20th December at CR & FC Grounds.

Widely considered the king of Latin pop, the multiple Grammy Award winner will be in Sri Lanka, the only South Asian destination of his wildly successful 12th world tour, to promote his album “Sex and Love.”He is the first A list star of his generation to perform in Sri Lanka. The 39 year old singer is the son of legendary singer Julio Iglesias and has captured the hearts of millions of fans with hits such as ‘Hero’, ‘I Like It’, ‘Escape’, ‘Bailamos’, ‘Tired of Being Sorry’, ‘Do You Know? (The Ping Pong Song)’, ‘Be With You’, ‘Tonight’, ‘Somebody’s Me’ and ‘Push’. Fans from many neighbouring countries are expected to arrive in Sri Lanka to witness the concert.

The Commercial Bank of Ceylon has signed up as the official “Banking Partner” ofthis concert. As a co-sponsor, Commercial Bank Visa Platinum Cards will also offer Enrique fans in Sri Lanka an opportunity to win free tickets via EFM, the Bank said.

Commercial Bank Platinum Cards are for those who want to belong to a privileged and exclusive club, and confers on them an array of splendid offers and exclusive benefits. In addition to exclusive offered from the Visa concierge service such as travel assistance, pre trip assistance, business serviced assistance, car rental and gift assistance they are also entitled to special benefits offered from “Com Deals”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.Commercial Bank Platinum Cardholders are also eligible to participate in global promotions carried out by Visa.

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Commercial Bank hosts capacity building programme for Eastern dairy farmers

A capacity building programme conducted by the Commercial Bank of Ceylon recently for dairy farmers of the Kokkadicholai area in the Eastern Province benefitted 150 people involved in the industry.

Jointly organised by the Bank’s Agriculture and Micro Finance Unit (AMFU) in Kattankudy, its Regional office – Eastern and the Kattankudy branch, the programme was conducted with the assistance of the Central Bank of Sri Lanka and other supporting institutions including Nestlé Lanka.

The Central Bank representative Mr S. Prabahar, Senior Manager, covered‘Financial literacy among dairy farmers’ while Dr S D M Maheer, Veterinary Surgeon Kokkadicholai and Mr P.S. Shanmuganathan, Livestock Development Officer, Batticaloa, made presentations on ‘Dairy farming and productivity improvements.’ The Commercial Bank briefed participants on the financial products it offers micro, small and medium entrepreneurs.

The Commercial Bank has conducted similar programmes in areas such as Narammala, Galle, Monaragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, Matara, Batticaloa, Ampara, Kurunegala, Jaffna, Vavuniya, Hingurakgoda, Kandy and Point Pedro, under an initiative to provide essential knowledge to SMEs and micro entrepreneurs.

The Bank’s Agriculture and Micro Finance Units are located in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya,Kattankudyand Tissamaharama. They identify and support people who need financial assistance for Agri/Micro businesses, provide guidance on how to improve their businesses and help resolve difficulties.

Pictured here is the programme in progress at the Kokkadicholai Cultural Hall.

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Commercial Bank integrates with BFC’s ‘EzRemit’ for instant remittances to Sri Lanka

Users of EzRemit, a leading remittance service in Bahrain, who send funds to beneficiaries in Sri Lanka via the Commercial Bank of Ceylon, are now offered an instant, real-time transfer, following the integration of the web systems of the two entities.

The new development, which further strengthens Commercial Bank’s remittance services in Bahrain, offers Sri Lankans living and working in the oil-rich Persian Gulf archipelago an important enhancement to the service they receive from EzRemit, the money transfer product of Bahrain Financing Co. (BFC). EzRemit is available at 39 BFC branch locations across the Kingdom.

Consequent to the integration, EzRemit senders and their beneficiaries can enjoy an innovative service that enables beneficiaries to receive money directly to their bank accounts or to pick up the money within minutes at many convenient locations throughout Sri Lanka, including any of Commercial Bank’s 246 branches.

The remittance service is available 365 days a year, 24 hours a day, including bank holidays, the Bank said.

Launched in June 2003, EzRemit was established to provide a remittance service to growing expatriate communities in Bahrain. Today, EzRemit provides remittance services in over 30 countries with more than 40,000 agent locations. With state-of-the-art technology, reliable service and wide-ranging expertise, EzRemit offers a secure and trusted means of transferring money effectively and efficiently.

Commercial Bank is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options. Remitters can send money even without having an account in the Bank. The Bank has its own Business Promotion Officers (BPOs) in key markets around the world where significant numbers of Sri Lankans are employed.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from several international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Maldives.

Photo caption: 

Commercial Bank’s Chief Manager e Banking Mr Pradeep Banduwansa (second right) and the Head of Retail Sales of Bahrain Financing Co. (BFC) Mr Deepak Nair at the announcement of the integration of the web systems of the two companies, with representatives of BFC and Commercial Bank.

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More than 100 teams compete at Combank Quiz 2015

 

More than 100 teams from branches and departments of Commercial Bank of Ceylon PLC competed at the Combank Quiz 2015 held recently at Waters Edge.

The keenly contested Quiz, which was held for the 15th consecutive year, comprised of three intense rounds of questions covering areas such as Banking, Sports, Current Affairs, Music and Arts, General Knowledge and Literature.

The coveted overall winner title was won by the Integrated Risk Management Department while the first and second runners up titles were won by the Negombo 02nd Branch and the City Office respectively. Winning teams were also selected from each region and head office.

Pictured here (Above) the winning team with Commercial Bank Chief Operating Officer Mr S. Renganathan and (Below) some of the contestants at the quiz.

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Hamper bonanza from Commercial Bank for remittance recipients

As the season of good cheer approaches, the Commercial Bank of Ceylon has announced it will present 300 hampers of goodies worth Rs. 1.5 million to customers who receive remittances via the Bank till the end of 2015.

The well-timed promotion is open to users of ‘e-Exchange’ – the Bank’s own sophisticated real-time on-line money transfer service, as well as to those who use MoneyGram, Ria or Express Money remittance services.

All recipients of remittances via these services, who collect their monies from Commercial Bank, will go into a draw to select who wins the hampers, each worth Rs 5,000, the Bank said.

The Commercial Bank of Ceylon is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options. Remitters can send money even without having an account in the Bank. Commercial Bank has its own Business Promotion Officers (BPOs) in key markets around the world where significant numbers of Sri Lankans are employed.

The Bank’s own e-Exchange platform is a highly secure, low cost money transfer facility which is available to remitters via a network of agents in over 50 countries. Recipients of remittances can collect proceeds from any of the Bank’s 246 branches in Sri Lanka, more than 60 of which are open even on bank holidays, and access their funds through its network of 618 ATMs, which is the largest cash-dispensing system owned by a single bank in the country.

MoneyGram is a global funds transfer service that operates an international network of approximately 256,000 agent locations, enabling people to conveniently and reliably send cash to recipients in approximately 192 countries and territories. Commercial Bank is one of the preferred MoneyGram agent networks in Sri Lanka for collection of remittances.

Ria Financial Services, the third largest money transfer company in the world, offers 140,000 agent locations via its global network in 136 countries on six continents.

Express Money has established one of the largest remittance networks in the industry, with 170,000 agent locations in 150 countries.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from several international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

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Commercial Bank donates Computer Lab to Maradana Technical College

The Commercial Bank of Ceylon has donated a fully-equipped and furnished computer lab to the Maradana College of Technology, the oldest technical college in Sri Lanka.

One of the largest IT Labs donated by the Bank under its flagship Corporate Social Responsibility Initiative to raise national computer literacy levels, the lab at the Technical College comprises of 20 new computers, 20 tables, 20 chairs, a multimedia projector and a photocopy machine. The bank also renovated the classroom chosen for the IT lab.

The new lab will support the recently established Accounting Process Unit of the Department of Commerce of the College of Technology. The Department offers courses for the National Certificate for Accounting Technicians (NCAT) and the National Diploma in Accountancy (NDA), as well as for the National Certificate in Secretarial Practice and the National Certificate in Shorthand, Typewriting and Computing.

“After evaluating the courses offered at the Department, the Bank felt it is a vital need for these students to have an IT laboratory since it would allow them to become IT-savvy accounting professionals,” Mr Nandika Buddhipala, Chief Financial Officer of Commercial Bank said.

Commercial 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. The IT Labs donated by the Bank to date have benefitted an estimated 170,000 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.

Other initiatives of the Bank’s CSR Trust in the sphere of education include presenting scholarships and laptops to undergraduates annually, providing English education to rural school children, and a project in partnership with Cisco Networking Academy to offer a comprehensive ‘IT Essentials’ course for teachers and students free of charge, via the Bank’s online Education programme. Earlier this year, the Bank launched a new educational website called ‘Sipnena’ to support online education in schools and commenced a pilot project to use online test papers to sharpen the mathematics skills of students preparing for their GCE Ordinary Level examinations.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from several international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Photo caption:

The IT lab donated by Commercial Bank to Maradana Technical College.

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Commercial Bank launches Green Development Loans to support country’s sustainability agenda

Offers 7-year loans of up to Rs 25 million at concessionary interest for initiatives that will make businesses more eco-friendly

The Commercial Bank of Ceylon has announced the launch of Green Development Loans, throwing its weight behind efforts by businesses in Sri Lanka to make their operations more eco-friendly.

The country’s largest private bank said loans of up to Rs 25 million are now available at concessionary interest for small and medium enterprises (SMEs) and entrepreneurs that wish to invest in energy saving, energy efficiency or off-grid renewable energy projects including investments in solar power.

Commercial Bank Green Development Loans will also be available to organisations that need to comply with national environmental standards by improving their waste management systems or by installing waste water treatment plants, air pollution control systems, solid waste recycling/treatment plants or sound pollution control systems.

Repayable in seven years with a grace period of one year, these loans will be offered at concessionary interest rates.

“Making our own operations eco-friendly, and helping our customers make their businesses sustainable is one of our principal thrust areas,” Commercial Bank’s Deputy General Manager –Personal Banking Mrs. Sandra Walgama said. “As the leader in SME sector financing in Sri Lanka, the Bank already plays a huge role in helping business grow and evolve. Commercial Bank is therefore ideally positioned to be a catalyst in the transformation of the way businesses operate vis-à-vis the environment.”

For the purpose of the new Green Development Loans scheme, Commercial Bank has identified as eligible, projects which seek to save a minimum of 10% of energy consumption over the present usage; expenditure incurred to comply with the national environmental regulations; directly identifiable expenditure relating to energy saving measures such as solar power, solar net metering systems, LED lighting systems or specialised units designed for energy saving, and investments relating to improvement of waste management systems.

One of the few banks to have participated in every refinance lending scheme which has been operating in Sri Lankafor the SME sector since SMI-1 in 1979, Commercial Bank was also an active lender under the ‘E-Friends I,’‘E-Friends II’ and ‘E-Friends I (Rev)’ schemes funded by the Japan Bank for International Cooperation (JBIC), the Bank said.

As part of its own Green operations agenda, Commercial Bank has developed a new eco-friendly model for branches in buildings owned by the Bank, actively promoted initiatives to migrate customers from traditional banking channels to digital platforms such as mobile and online banking, and is investing in automations that minimise the use of paper. These efforts include an Automated Banking Centre (ABC) at the Bank’s Ward Place branch with facilities to deposit cash and cheques, withdraw cash, open savings accounts, apply for retail loans and carry out online banking transactions; and the launch of a new generation of automated cash deposit terminals, creating a Green Banking Channel (GBC) that eliminates the use of paper for depositing cash.

These initiatives were recently acknowledged internationally with the award for ‘Best Sustainability – Green Initiative’ at the 2015 Asian Customer Engagement Forum (ACEF) Awards in Mumbai.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches and 618 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from several international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Maldives.

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