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The Commercial Bank of Ceylon provided new concessionary lending of nearly Rs 30 billion in 2020, its centenary year, to help Sri Lankans weather the impacts of the COVID-19 pandemic and ended the year as the most generous lender among the country’s private banks.
This high volume of concessionary loans was in addition to the relief the Bank granted to customers in the form of debt, capital or interest moratoriums on a staggering 81,387 existing loans with a capital outstanding of Rs 443 billion as well as repayment of outstanding credit card balances, the Bank disclosed this week.
“We began the year on a celebratory note, with an ambitious portfolio of community initiatives to commemorate our 100-year history, but it soon became evident that we would have to play a far more urgent and vital role to underwrite the survival of people and businesses impacted by the effects of the pandemic,” Commercial Bank Managing Director Mr S. Renganathan said. “We are proud to end the year as the leading provider of COVID-19 linked concessionary loans among the private banks, and the process continues.”
The total of Rs 29.6 billion in COVID-19 support loans disbursed by the Bank as at 30th December 2020 under multiple relief schemes to provide working capital loans to pandemic affected businesses included loans provided under the Central Bank mandated programme as well as the Bank’s own support schemes.
Under the working capital loan scheme titled ‘Saubagya COVID-19 Renaissance facility’ launched by the Central Bank of Sri Lanka (CBSL), Commercial Bank registered 5,637 applications with a total value of Rs 28 billion over the three phases of the programme and disbursed 5,387 loans with a value of Rs 26.6 billion at the close of 2020. Notably, Commercial Bank disbursed the highest loan value within a short period during the first wave of the pandemic, and disbursed Rs 2.8 billion, Rs 17.7 billion and Rs 6.1 billion respectively under Phases I, II and III of the programme. Moreover, the Bank lent another Rs 1.4 billion under the Liquidity Facility for Contractors in the construction sector and other suppliers to the government.
Commercial Bank also funded two other special loan schemes of its own, one for SMEs affected by COVID-19 and the other the ‘Dirishakthi COVID-19 Support Loan’ scheme to assist micro enterprises disrupted by the pandemic. The Bank lent Rs 1.4 billion via 102 loans to help small and medium businesses and Rs 34 million via 313 loans to micro enterprises under these bank-funded loan schemes.
Taking on the mantle of the driving force in economic recovery in the post-pandemic period, the Bank grouped 12 different schemes implemented for affected businesses and individuals under the umbrella of the ‘Arunella’ Financial Support Scheme and extended these relief programmes beyond the mandated debt moratorium. These concessions included flexible payment options, up to 20% rebates on accrued interest during the moratorium periods, extension of moratorium periods for up to another six months, further reductions on Credit Card repayments and applicable interest rates, and Debt Consolidation Plans.
Commercial Bank became the first private bank in Sri Lanka to surpass Rs 1.5 trillion in assets, Rs 1 trillion in deposits, and Rs 900 billion in loans in 2020. The Bank also introduced several innovative products and services such as the upgraded online banking platform ‘ComBank Digital’ with multiple new and enhanced features, a trilingual multi-channel Integrated Contact Centre, and QR-enabled payment option for Credit Cards for the first time in the country and also introduced WhatsApp Banking for the first time in Sri Lanka.
The Bank also completed a landmark private equity placement with IFC in 2020. It launched CBC Finance Ltd., its fully owned Licensed Non-bank Finance Institution (NBFI) and installed its 250th Cash Recycler Machine (CRM) by the end of 2020, taking its network of automated machines to 905. The Bank increased its stake in Commercial Insurance Brokers, and its subsidiary CBC Myanmar Microfinance Ltd. expanded its operations by opening a branch in Pyinmana.
In the sphere of CSR initiatives, Commercial Bank donated Rs 10 million to the National COVID-19 Healthcare and Social Security Fund and joined forces with the Sri Lankan Army’s ‘Thuru Mithuru’ project focused on driving Sri Lanka towards self-sufficiency in essential food. Marching on with its contribution towards IT education in Sri Lanka, the Bank donated its 200th fully-equipped IT laboratory and set up Coding Clubs in 50 schools and initiated a project to established 100 STEM (Science Technology Engineering and Mathematics) classrooms in 100 schools as part of its 100-year celebrations. The Bank has also pledged to reforest 100 hectares of land in the dry zone of Sri Lanka to mark its centenary.
The concluded year saw the Bank winning 25 international and local awards including being listed among the Top 1000 Banks of the World for the 10th successive year by The Banker Magazine, UK – the only local bank to achieve such a feat – being adjudged the Best Bank in Sri Lanka in 2020 by Global Finance Magazine USA as well as Euromoney, being named the Best Bank for SMEs and the Best Bank for CSR by AsiaMoney, being ranked No 1 in the Business Today’s Top 30 corporates and conglomerates in the country, and being voted the Most Respected Bank for the 16th consecutive year by LMD as well as achieving the top position in the ‘Most Awarded 2019/20 Hall of Fame’ published by LMD Magazine.
Sri Lanka’s most awarded financial institution by far, Commercial Bank operates a network of 268 branches in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Cash and cheques can now be deposited paper-free into current or savings accounts at Commercial Bank of Ceylon, following the launch of an innovative new app that generates ‘e-slips.’
This is the first app to be launched in Sri Lanka for cheque deposits, and significantly enhances customer convenience in the new normal environment, the Bank said.
The Commercial Bank e-Slip app enables customers to create electronic deposits on their smart phones in respect of cash and cheque deposits.
This app can be downloaded free of charge from the App Store or Google Play Store. The app is operable in English, Sinhala and Tamil and is compatible with both Android and iOS powered smartphones and devices. The Bank said anyone with the app can now support its green initiative by eliminating the paper and envelopes used in the standard deposit process.
Catering to a clientele that is environment-conscious, the app also helps save time, as customers can digitally fill their e-slips on the app for cash deposits or capture an image of the cheque after crossing the reverse with the words ‘Com e-Cheque’ for cheque deposits before arriving at the Bank. Depositors can also conveniently maintain a record of all their deposits in one place on the app, without the hassle of filing the receipts of their bank slips.
After downloading the ‘ComBank e-Slips’ app users simply self-register themselves, activate their app after receiving a one-time-password (OTP), and begin their slip-less deposits. Whenever an e-slip is created the app generates a QR code which can be shown at the bank counter when the cash is handed over. After making a cheque deposit via the e-Cheque app, the customer or his agent is required to deposit the original cheque in a designated ‘Drop Box’ at the nearest branch within three days. The customer’s app will be updated with the status of the cheque when the bank submits it for clearing.
The e-Slips app provides users the facility of verifying the account numbers of recipients before making deposits, and categorising each deposit according to purpose for convenient tracking and retrieval. Each completed transaction is acknowledged with an e-receipt.
Customers can only deposit one cheque per transaction via the e-Cheque app at a time, although any number of transactions can be submitted in a day, the Bank said. Cheques up to the value of Rs 2 million can be deposited through the app. Customers are also required to state the purpose of the transaction in the app when depositing cheques with a value of over Rs 200,000 to a Savings Account or above Rs 500,000 to a Current Account.
When cheques are deposited via the app for utility bill payments, for Commercial Bank Credit Card payments or to accounts with special narrations, it is mandatory to state such details on the reverse of the cheque prior to scanning it. The depositor is also required to type in the narration in the space provided in the app for it to be processed.
The e-receipt generated after a successful transaction will include a QR code and a reference number, and will be saved in the app with the image of the relevant cheque for a period of three months.
In 2019, Commercial Bank was presented the ‘Excellent Green Commitment Award’ for the Banking Sector by the Green Building Council of Sri Lanka (GBCSL), the country’s leading authority on implementing green concepts and green building practices, in acknowledgement of the Bank’s progress in eco-friendly operations.
The Bank also broke new ground in 2016 when it became the first bank in Sri Lanka to offer customers an e-Passbook that provides access to details of savings, current, personal and business foreign currency accounts and Credit Card transactions on Android and iOS powered mobile devices.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
A simple “Hi” is all it now takes to access services at the Commercial Bank of Ceylon.
Demonstrating its innovative use of new-age communications, the country’s largest private bank has pioneered a ground-breaking product on the world’s most widely-used messaging platform WhatsApp to become the first Sri Lankan bank to offer Banking Services on the platform.
Possibly the easiest and fastest form of contactless banking yet for smartphone users, Commercial Bank’s WhatsApp Banking offers services to both accountholders and non-customers, and importantly, can facilitate opening of accounts for those seeking to become customers, the Bank said.
Customers of Commercial Bank of Ceylon can use this facility simply by typing ‘Hi’ on WhatsApp and sending the greeting to the designated number, 0713 353 353. A set of simple instructions such as entering numerical commands to receive the information they are looking for will follow, and the required information will be shared with the customer after he or she enters a unique One-Time-Password (OTP) sent by the Bank via SMS. A simple onetime registration process would be in place to verify the customer’s identity prior to sharing any sensitive data, ensuring sensitive data is secured and protected.
Account holders can access several services including finding out their account balance, viewing account history, or requesting a cheque book, while both customers and non-customers can ask for fixed deposit rates and foreign exchange rates, self-register with the ComBank Digital app or open a new account through the Flash Digital Bank Account via WhatsApp Banking.
“More than two billion people worldwide now use WhatsApp for their messaging needs, and in Sri Lanka it is estimated that more than 6.5 million people use social media,” Commercial Bank’s Managing Director Mr S. Renganathan said. “The most popular messaging platforms are therefore the most logical path to enhancing access to services, especially at a time when social distancing has become the norm. WhatsApp Banking does not require the user to be particularly tech-savvy as the app is widely used and familiar to millions of people.”
The launch of this service eliminates the need for customers to visit a branch for basic banking services. WhatsApp Banking will function as an interim digital offering through which the Bank can reach busy customers inclined towards digitizing their banking experience, the Bank said.
Earlier this year, ComBank announced the integration of all its Online and Mobile Banking channels on a single omni-channel platform with the launch of ‘ComBank Digital’ powered by Fiserv, the US-based global provider of financial services technology. The Bank also recently upgraded its ePassbook app with new features including self-registration, real time transaction notifications, and biometric login which led to 100,000 downloads in just four months.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank celebrated its 100th anniversary in 2020. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd., the Bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.
The formal re-naming of the entity acquired by the Bank in 2014 marks the completion of its transition into the Commercial Bank Group. The restructured company will operate under its new name and new corporate logo from 30th December 2020, the Bank said.
With this relaunch, the finance company can be instantly identified with its parent company, the benchmark private bank in Sri Lanka and the most awarded bank in the country.
Commercial Bank renamed Indra Finance as Serendib Finance Limited after the company’s acquisition. Total assets of the company have increased from Rs 1.95 billion in 2014 to Rs 8 billion as at end November 2020. CBC Finance operates 10 branches island-wide, delivering a wide range of financial services including vehicle leasing, mortgage and business loans and fixed deposits.
CBC Finance’s Fitch rating AA-(lka) is driven by the rating agency’s view that its parent company, Commercial Bank of Ceylon PLC, the largest private commercial bank in Sri Lanka, would provide it with extraordinary support, if required. CBC Finance is a licensed finance company approved by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No.42 of 2011.
Products offered by CBC Finance include Leasing solutions for a wide range of vehicles and equipment including personal and commercial vehicles, special purpose vehicles, and agricultural equipment; Fixed Deposit facilities with attractive interest rates; and Loan facilities including Business Loans, Mortgage Loans, and Pledge Loans. Its branches are located in Kandy, Colombo, Anuradhapura, Kaduruwela, Dambulla, Embilipitiya, Matara, Kiribathgoda, Kurunegala and Negombo.
The Company says it offers leasing customers the best lease rental rates and flexible payment options, tailor-made leasing packages, hassle-free documentation and quick approval processes, and special insurance packages.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo caption:
(Above) CBC Finance Ltd. Chairman Mr Dharma Dheerasinghe (Centre), Senior Director Dr Mrs Janaki Kuruppu (Left) and Manager – Colombo Branch Mr Prasad Baduwatta at the launch of CBC Finance Ltd. and (Below) Chairman Mr Dharma Dheerasinghe, Commercial Bank’s Managing Director Mr S. Renganathan and Chief Operating Officer Mr Sanath Manatunge (3rd and 4th from left respectively), Dr Mrs Janaki Kuruppu and CBC Finance Managing Director/ Chief Executive Officer Mr Upul Dissanayake at the launch.
The Commercial Bank of Ceylon, a leader in tech innovation in Sri Lanka, has won the Banking and Financial Services Category Award presented by Sri Lanka Association for Software Services Companies (SLASSCOM) at its Robotic Process Automation (RPA) Awards Conference 2020.
The RPA Award for the category was presented to the Bank for its end-to-end automation of User ID Management function which automates key Human Resources Management request processes. The Bank has established a special unit to facilitate the process using the latest robotic technology and hyper automation approach.
Case studies submitted for the consideration of the SLASSCOM RPA Awards had to include any solution which involved Robotics Process Automation as a key catalyst in deriving desired outcomes and showcase improvements in process efficiency, client delivery, increased quality, and cost savings.
Upon being adjudged the winner of the Award for its case study in the automation of the User ID Management function, the Commercial Bank was invited to present a video demonstration of its RPA journey at the virtual SLASSCOM RPA Conference 2020 in December.
The Bank revealed that the Application Programming Interface (API) of its User ID Management function is integrated with the Bank’s HR systems to obtain details of permanent and banking trainee employees, employment changes on the effective date, and backdated employment changes.
Other banking systems integrated with Robotic Process Automation include the active directory, anti-money laundering (AML), leasing, branch letter generation module, payment processing, cheque clearance, trade finance, core banking, core banking query, card management, loan origination, operational risk management, signature & documents management, email management, bank guarantee, credit monitoring and procurement approval, the Bank said.
SLASSCOM is the national chamber for the knowledge and innovation industry in Sri Lanka and acts as the catalyst of growth by facilitating trade and business, propagation of education and employment, encouraging research and innovation, and influencing a national policy framework of value to the industry. SLASSCOM has over 200 member companies with a 30,000+ employee base.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Legal luminary Justice K. Sripavan and top academic Prof. A. K. W. Jayawardane to head Board of Sri Lanka’s benchmark private bank
The Commercial Bank of Ceylon PLC has announced the appointment of former Chief Justice Kanagasabapathy Sripavan as Chairman and senior academic Prof. A. K. W. Jayawardane as Deputy Chairman with effect from 21st and 29th December 2020 respectively.
Justice Sripavan and Prof. Jayawardane succeed Messrs. Dharma Dheerasinghe and Preethi Jayawardena, who retire from the positions of Chairman and Deputy Chairman of Sri Lanka’s benchmark private bank after completing their tenures.
Justice K. Sripavan was appointed Chief Justice in January 2015 and held office until March 2017. During this period he functioned as the Chairman of the Judicial Services Commission of Sri Lanka, Chairman of the Incorporated Council of Legal Education, Chairman of the Sri Lanka Judges’ Institute and Chairman of the Superior Court Complex Board of Management.
He was enrolled as an Attorney-at-Law of the Supreme Court of Sri Lanka in 1977. He obtained a Diploma in Industrial Law from the University of Colombo in 1992 and Master of Laws from the University of London in 1994.
Justice Sripavan functioned as the Head of the Court of Appeal Unit in the Attorney General’s Department and handled a large volume of work both in the Court of Appeal and in the Supreme Court including Bills and Fundamental Rights Applications. Prior to the elevation to the Court of Appeal Bench he functioned as a Legal Consultant for the National Savings Bank for two years.
He was appointed a Judge of the Court of Appeal in May 2002 and was elevated to the post of President of the Court of Appeal in March 2007. In March 2008 he was elevated to the Supreme Court Bench.
Prof. A. K. W. Jayawardane is currently a Commission Member of the University Grants Commission and a Senior Professor in Civil Engineering. He served as the Vice Chancellor of the University of Moratuwa for six years, Dean, Faculty of Engineering for six years and as an Endowed Professor in Entrepreneurship at the University of Moratuwa for one year.
He obtained a BSc Eng Degree in Civil Engineering with first class honours from the University of Moratuwa, a Master of Science Degree in Construction from the Loughborough University of Technology UK and a PhD in Construction Management from the same University.
Prof. Jayawardane served as the President of the Institution of Engineers, Sri Lanka. He is also a Director of Sierra Cables PLC and a member of Board of Management of several other institutions. He is also a Corporate Member, a Fellow and an International Professional Engineer of the Institution of Engineers, Sri Lanka (IESL), CEng, FIE(SL), IntPE(SL), Fellow of the National Academy of Sciences of Sri Lanka, FNAS(SL), Founder Member of the Society of Structural Engineers Sri Lanka, MSSE(SL), Fellow of the Institute of Project Managers, Sri Lanka, FIPM (SL), a Life Member of Sri Lanka Association for Advancement of Science and a Graduate Member of the Sri Lanka Institute of Directors GSLID.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo caption:
Commercial Bank Chairman Justice K. Sripavan and Deputy Chairman Prof. A. K. W. Jayawardane
The Commercial Bank of Ceylon’s nationally-scaled community initiative to elevate computer literacy levels in Sri Lanka reached an important milestone this week with the opening of the 200th IT lab donated by the Bank, a landmark achievement in the year that the Bank celebrates its 100th anniversary.
The recipient of the fully-equipped and furnished IT Lab was the Janadhipathi Vidyalaya, Matara, which also received a STEM (Science, Technology, Engineering and Mathematics) classroom from Sri Lanka’s benchmark private bank.
The IT Lab was formally declared open by Commercial Bank’s Chairman Mr Dharma Dheerasinghe accompanied by the Bank’s Chief Operating Officer Mr Sanath Manatunge and trustees of Bank’s CSR Trust.
Funded as a flagship corporate social responsibility initiative of the Bank’s CSR Trust, the 200 IT labs donated by Commercial Bank to schools and other institutions across the country are intended to raise IT literacy and facilitate the digital learning aspirations of students.
In the sphere of corporate social responsibility, Commercial Bank’s largest contribution is towards IT education in Sri Lanka. Besides the 200 fully-equipped IT laboratories it has donated to date, the Bank is a partner to the ‘Smart Schools Project’ helping to introduce a comprehensive Learning Management System (LMS) to 65 schools in the country. The Bank is also supporting a project to set up 100 Smart classrooms that focus on the STEM subjects as part of its centenary celebrations and funding projects to set up math labs in schools and to enhance vocational training opportunities for students that do not qualify for higher education. The Bank has also launched ‘Sipnena’ – its own innovative online educational website that brings the universe of knowledge closer to Sri Lankan children.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo caption : (Above) Commercial Bank's Chairman, Chief Operating Officer and Trustees of the Bank's CSR Trust at the opening of the 200th IT Lab and (Below) observing a lesson in the STEM Classroom donated by the Bank.
History and nostalgia came to the fore when the Galle Fort branch of the Commercial Bank of Ceylon was reopened in its original location this week in one of the last events of the Bank’s 100th year.
The Bank’s Chairman Mr Dharma Dheerasinghe, Managing Director Mr S. Renganathan, Chief Operating Officer Mr Sanath Manatunge and members of the Corporate Management graced the occasion when the early 19th century edifice at No 22, Church Street was formally declared open following a refurbishment that restored its colonial grandeur.
One of the oldest buildings owned by Commercial Bank and one of the oldest buildings in the Southern Province, this building is listed as being the property of a George Henry Boggar, who is recorded as its first owner. It was also once a hotel named ‘Old Mansion’ and was the home of the Galle branch of the Mercantile Bank of India (MBI) when in 1973, the Commercial Bank of Ceylon acquired three branches of MBI and came into possession of this heritage building.
The building’s refurbishment was carried out in consultation with the Galle Heritage Foundation and the Department of Archeology, preserving the old structure wherever possible. The restoration encompassed a Green concept including the installation of solar panels, use of specified green-rated raw materials, a facility to harvest rain water and facilities to recycle waste food in meal rooms and facilities to recycle un-perished material in an environmentally friendly manner.
The formal reopening of this building took place on 15th December as one of the events planned for the centenary celebrations of the Commercial Bank. The three storey building, complete with wooden floors, windows and doors that showcase the grandeur of the architecture of that era, also houses the
Bank’s Southern Regional Office, a mini auditorium, a mini museum displaying historical artifacts from the Bank and a staff holiday bungalow.
Commercial Bank’s own history dates back to 1920 when its forerunner Eastern Bank was established in Ceylon. The present Commercial Bank of Ceylon was incorporated in 1969.
The Bank celebrated its 100th anniversary with religious ceremonies representative of the four main religions of the country and a staff event which brought 4000 staff from all corners of Sri Lanka to Colombo in January and February this year. The Bank has also undertaken to establish 100 STEM classrooms that provide school students a novel learning experience in the Science, Technology, Engineering and Mathematics subjects, complete with a digitised curriculum, and to reforest 100 hectares of land as part of its centenary celebrations.
Pictured here at the reopening of Commercial Bank’s refurbished Galle Fort branch are (above) distinguished guests and staff that participated in the ceremony and (below) the Bank’s Chairman Mr Dharma Dheerasinghe speaking at the event.
The Commercial Bank of Ceylon was recently named among the ‘10 Most Admired Companies in Sri Lanka’ in 2019-20 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA).
The Bank has been ranked among the Top 10 companies in this prestigious list in every one of the three years since the two organisations launched the list in 2018.
Commenting on this latest accolade, Commercial Bank Managing Director Mr S. Renganathan said: “Being named among the ten most admired companies in Sri Lanka is a remarkable achievement, especially because admiration is subjective, and like respect, is earned. It means that our unwavering focus on the triple bottom line of People, Planet and Profit is appreciated by stakeholders.”
Open to both listed and unlisted companies, the ICCSL-CIMA Most Admired Company Awards recognise entities that are a cut above the rest in terms of not just their financial performance but also the value they create for their shareholders, customers, employees, and the wider community in general. Commercial Bank was recognised for proving its mettle with consistency, authority, and sustainable growth, creating excellent business performance.
In terms of financial performance, Commercial Bank is the largest private bank in the country with the highest operating income, market capitalisation and gross income. Total assets as at end June 2020 stood at Rs 1.567 trillion, total deposits at Rs 1.155 trillion and total loans at Rs 941.5 billion.
With more than 5000 employees and over 3.5 million customers, the Bank said it strives to manage the business to achieve sustainable growth and optimise return on shareholders’ funds, considers staff as a valuable asset and attaches high importance to employee welfare and development, while contributing to the government’s efforts to improve socio-economic life in Sri Lanka.
As one of the leading employers in the country, the Bank said it practices equal opportunity in all hiring processes, promotes a culture of continuous learning and knowledge gathering, performance-based appraisals, and teamwork. The Bank’s Training and Development strategy is formulated to facilitate ultimate job satisfaction, skills and talent enhancement, and career progression among others to ensure that its staff is well-equipped with the competencies to undertake current as well as future tasks.
To add value to its customers, the Bank launched several new products in the period of assessment for the award. Among these were several that bring convenience with the aid of technology. They include ComBank Q+ which is Sri Lanka’s first QR based payment app under LANKAQR, ComBank RemitPlus a mobile app for users of remittance services, WeChat Pay acceptance, the launch of UnionPay Cards, and becoming the only bank in Sri Lanka that is PCI-DSS certified.
Other innovative initiatives that contributed towards the Bank’s ranking includes the launch of the ‘Achiever Salary Account,’ ‘Yasasa’ Savings Account exclusively for pensioners, Vibe Youth Account, money remittance facility, Pre-paid Spend Cards and Pre-paid Web Cards with online top-up facility, the introduction of Online and Mobile Banking registration via ATMs, and the trilingual eSlip mobile application.
The Bank was also recognised for its successful efforts in meeting the challenges faced by its staff during the COVID-19 necessitated lockdown and for the launch of the ‘Arunella Financial Support Scheme’ to support customers affected by the pandemic.
The Bank’s sustainability initiatives include environmentally responsible financing, blue conservation, financial inclusion, Green Banking services and establishing Green buildings. Its corporate social responsibility initiatives in the year reviewed exceeded 400 projects to the value of over Rs 500 million. These projects are focussed on uplifting the state of education with emphasis on IT and STEM, healthcare services, cultural heritage, and environmental conservation.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Christmas shoppers armed with Commercial Bank Credit and Debit Cards can embark on a purse-easy shopping experience this year, with the Bank securing discounts of up to 50% and Easy Payment Plans for them at more than 2,000 leading retail outlets in the country.
Encompassing an array of exciting prospects ranging from home makeovers, wardrobe upgrades, vacations at top-notch hotels and even overseas travel to a colourful spectrum of shopping and entertainment options, these special offers unveiled by the country’s leading private bank can be enjoyed until the end of December by both Credit and Debit Card holders and includes Easy Payment Plans for up to 60 months on an assortment of Credit Card purchases.
While the discounts will be applicable at a cross section of retailers of clothing & fashion, leather & footwear, accessories, jewellery, watches, lifestyle products, opticians, salons & spas as well as on online shopping sites and supermarkets; the Easy Payments Plans will be available on purchases of electronic home appliances and furniture from 20 leading lifestyle brands and on dream overseas holidays purchased at 36 participating travel agents and companies island-wide.
All Credit and Debit Card offers commenced on 1st of December and will be applicable on specified days or periods until the end of 2020. Participants include 121 Clothing, Fashion and Accessories retailers offering discounts of up to 50% on both Credit and Debit Cards; 17 Footwear & Leather wear retailers offering discounts of up to 25% on Credit Cards and 20% on Debit Cards; Jewellers offering discounts of up to 50% on both Credit and Debit Cards; eight Watches & Accessories boutiques offering discounts of up to 50% on Credit Cards and 40% on Debit Cards; 30 Lifestyle stores offering discounts of up to 50% on Credit and Debit Cards; six Opticians offering discounts of up to 50% on both Credit and Debit Cards; a Salon & Spa offering discounts of up to 25% on Credit Cards; 16 Online Shopping sites offering discounts of up to 35% on Credit Cards and 25% on Debit Cards; and five Supermarket chains offering discounts of up to 25% on Credit Cards and 10% on Debit Cards. Additionally, five Education institutes are offering up to 30% off and Easy Payment Plans on various educational programmes, five Automobile dealers are offering up to 30% discounts and two Insurance companies are offering Easy Payment Plans, the Bank said.
Outbound holidays can be purchased on Easy Payment Plans of up to 24 months on Credit Cards. Discounts of up to 75% on Credit Cards will also be applicable for stays at 57 local hotels and will run until 31st December 2020.
Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Cardholders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 880 ATMs in Sri Lanka.
Enables instant settlement via mobile phone apps from the safety of cardholders’ homes
The Commercial Bank of Ceylon has become the first bank in Sri Lanka to enable its Credit Card holders to conveniently and instantly settle their Credit Card outstanding by scanning a QR code appearing on their monthly Credit Card statements.
The Bank has announced it is now printing a unique QR code on each statement which can be scanned through the ComBank Q+ App, Sri Lanka’s first QR based payment app under LANKAQR, the ComBank Flash app, any other QR payment app that supports LANKAQR standards, or any application that supports the Mastercard QR or Visa QR apps.
This development eliminates the need for cardholders to enter their Credit Card details during the payment process, making it more convenient, the Bank said. Customers are only required to cross check whether the six-digit Credit Card account number that appears once they scan the QR code on the statement is accurate.
While any amount equal to or greater than the minimum payment amount can be entered and settled, customers can also pay their total outstanding bill in this manner, the Bank said. This feature enables customers to pay their dues from the safety of wherever they are without having to visit a Bank branch.
Commercial Bank Credit Card holders can avail of this facility at no extra cost and will be notified of their payments instantly via SMS or email.
The Bank said this initiative supports the Central Bank’s ‘Ratapuraama LANKAQR’ programme launched recently to introduce LANKAQR as the way forward for mobile phone and digital payments countrywide.
Notably, Commercial Bank was also the first Bank in the country to enable QR code payments to settle Credit Card dues by scanning a QR code appearing on the Commercial Bank website.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 875 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.