Tag Archive | "BANK OF CEYLON"

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Once again, BOC among World’s Top 1000 Banks and ranked No. 1 in Sri Lanka

Posted on 20 July 2016 by TSL

 


UK magazine ‘The Banker’ revealed Bank of Ceylon as the No. 1 Bank in Sri Lanka among the World’s Top 1000 Banks in its July 2016 issue. Untitled-1

BOC has won many accolades and recognition in the recent past including the title ‘Strongest Bank’ in the country given by ‘Asian Banker’ for the strength of its 2015 balance sheet, the Gold Award as the winner of the National Business Excellence Awards Ceremony and being named the ‘No. 1 Brand in the Country’ for the eighth consecutive time.  It was able to reach its second trillion by gaining Rs. 1 trillion deposits in 2016. 

The first trillion in assets was achieved in 2012 and BOC is set to reach its third trillion in the near future. Breaking its own record set by its 2014 profit before tax of Rs. 20.3 billion, it earned the highest-ever profit made by a single Sri Lankan business entity, which is Rs. 25.3 billion PBT in 2015. This was a 25% growth over the previous year. 

BOC owns a strong balance sheet comprising robust savings deposits in both local and foreign currencies and currently holds the largest foreign currency deposit base. Based on the Stable Outlook of the Bank, Fitch Rating Lanka ranked the Bank of Ceylon at AA+ (lka), which is the highest rating awarded to a local commercial bank and ICRA (lk) awarded it an AAA rating, which is the highest credit quality rating issued by ICRA Lanka.

With nearly 77 years of trust and stability in the Sri Lankan banking industry, the Bank of Ceylon has led the industry, shaping its landscapes on par with the international banking industry.  

‘The Banker’ is one of the premier banking and finance magazines in the world and has been so since its inception in 1926. The benchmark Top 1000 Banks list has been compiled by the ‘The Banker’ since 1970. Its database holds comprehensive financial data, news feeds and executive contact data on the leading banks in every country and its ranking sets the industry standard for measuring bank performance and strength.       

“Being able to hold the title as the leading Sri Lankan bank in the World’s Top 1000 Banks list is truly a privilege and an honour. As always we have moved forward on a steadfast track as an exemplary bank in the country’s financial industry. It is my duty to thank all our stakeholders including our customers and the Government of Sri Lanka at this juncture for encouraging us throughout these years to reach such heights,” stated BOC Chairman, State Counsel Ronald C. Perera.   

“We have been always driven by the motive of bringing the best out through every task we carry out as the leading bank in the country. It is my duty to thank my committed staff for all their hard work that was put in to get achievements such as this,” stated BOC General Manager D.M. Gunasekera. 

BOC has understood that it has to go beyond mere multichannel strategies to approach today’s customer and to deliver the service they expect. Therefore it has developed more agile operating models that are customer-centric and provide profound solutions for all our customers coming from all walks of life. 

With the expansion in banking services it enriched its network connecting all branches and all other customer touch points through a single system at the end of 2004, enabling customers to transact through any branch seamlessly. 

Adding much sophistication, BOC began its ‘transformation’ process in 2014 to deliver a best-in-class banking service to its customers. Under this project the bank has established state-of-the-art branches to extend its services to its customers. 

BOC introduced the ‘SmartZone’ concept in selected branches across the country, enabling its customers to enjoy 24-hour access to banking services. These SmartZones consist of cash deposit machines that enable the customer to deposit, transfer or withdraw money at any time. 

Addressing the social need of sophisticated and secure digital channels for banking, BOC upgraded its online banking facility along with its newest feature ‘SmartGen,’ where the traditional passbook has been replaced through emails and SMS alerts and also enabling the customer to walk into any BOC branch without producing identification to transact as the customer image is stored in the centralised system at the time of opening the account. 

Being more customer-centric, BOC opened up its Facebook, LinkedIn, YouTube and Twitter accounts, enabling its customers to approach and feel the bank more closely.   

As of today, BOC’s local market reach consists of 626 branches, 15 SME centres and 550 ATMs and CDMs which are spread throughout the country and currently serve customers ranging from individuals from all walks of life to corporate businesses. 

BOC is the Sri Lankan bank which pioneered the penetration of the international market. It has branches in Chennai, Male and Seychelles and a banking subsidiary in London which was established in 1949. It also has representatives in several countries, especially those in which many Sri Lankans work as expatriates.

BOC has also built a foreign correspondent banking network with over 860 foreign banks and exchange houses. The commitment and dedication BOC has shown towards its country and people over these years have made it truly the ‘Bankers to the Nation’.

Courtesy: DailyFT (Sri Lanka)

Daily FT

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Bank of Ceylon, the ‘Strongest Bank’ in Sri Lanka – The Asian Banker

Posted on 07 November 2015 by TSL

 

The Bank of Ceylon (BoC) was named as the 'Strongest Bank' in Sri Lanka for 2015 by The Asian Banker, in an independent research carried by the region's provider of strategic business intelligence to the financial services community.


Deputy General Manager, Finance and Planning Russel Fonseka (middle) receives the award. Head of Research, The Asian Banker, Mobasher Zein Kazmi,, Founder and CEO of Moven and international best selling author of Bank 3.0, Brett King and Managing Editor, The Asian Banker, Foo Boon Ping look on

The award was presented at a ceremony held in conjunction with SWIFT's SIBOS convention at Sands Expo and Convention Centre, Marina Bay Sands, Singapore.

The Asian Banker 500 ranking is a comprehensive annual evaluation that captures the quality and sustainability of the balance sheets of the banks in the region.

All data are sourced from Central Banks and miscellaneous publications or via informed estimates.

The evaluation was based on the balance sheet growth, scale of operations, risk profile, profitability, asset quality and liquidity for 2014. Among the other banks which won awards were Standard Chartered Bank Hong Kong, HSBC Hong Kong, Bank of China, DBS Group, West-Pac Banking Corporation, Australia, ANZ Bank New Zealand and May Bank Malaysia.

Chairman, Bank of Ceylon, Ronald C. Perera said, "With this latest ranking BoC has set an unparalleled benchmark in the Sri Lankan banking industry as the strongest bank in the country, which stands along with other banking giants in the Asia Pacific region.

We are not only proud of the bank but also of the country's economic profile for improving the standard of Sri Lanka's banking sector in the international arena."

General Manager, D.M. Gunasekara said, "The BoC topped as the strongest bank in Sri Lanka, based on our financial results for 2014.

Over the years the Bank has increased its overall balance sheet strength with strong improvements in profitability, capitalization and liquidity.

Owning the highest asset base in the country we closed 2014 on a high note on the balance sheet."

Deputy General Manager, Finance and Planning, Russel Fonseka said, "Being a responsible State bank, we are always keen on providing the best financial solution in the most comprehensive and qualitative way possible to customers whilet delivering value to our main stakeholder, the Government."

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BOC ranked above all Sri Lankan banks again

Posted on 21 July 2014 by TSL

Among the Top 1,000 Global Banks-The Banker

 

 

Sri Lanka’s leading bank with 75 years of strength, trust and stability, Bank of Ceylon has received global recognition once again as one of the top 1,000 banks in the world, from the world’s premier banking and finance Magazine, “The Banker”.

The Top 1,000 banks were selected in recognition of their achievements as global leaders in the industry.

The rankings are one of the industry’s most widely used indexes of global banking, and are internationally recognized as the definitive guide to the soundness, strength and profitability of banks. The Banker Magazine, first published in January 1926 in U.K and currently circulated over 180 countries, is the key source of data and analysis for the industry in international finance affairs.

BOC possesses the strength and the diversity of resources to offer a complete range of financial solutions to its customers. Our multi-faceted offering is one of our greatest strengths.

From the children’s savings account to corporate credit, from the state sector to private companies, we serve at every level. The bank has the strength and the diversity of resources to offer its customers a range of financial solutions; such as Corporate Banking, Personal Banking, Islamic Banking, Investment Banking, Off-shore Banking, Development Banking, International and Treasury operations and Trade Financing services, through its widely spread network of 618 branches covering all parts of the country.

The clear-cut market leader in banking, BOC now boasts over 1,000 customer touch points and over 10 million account holders and offers the full range of banking services through its overseas branches in Chennai, Male, Seychelles and Banking operations in London. The Bank also laid claim to a unique position as the only Sri Lankan brand recognized as one of Asia’s Best Brands in 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. Brand Finance Lanka ranked Bank of Ceylon as the No.1 Brand in Sri Lanka for the last six consecutive years. The Bank of Ceylon recorded yet another hat-trick in 2013 at the National Business Excellence awards ceremony organized by the National Chamber of Commerce.

 

 

 

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Sri Lanka’s Premier Financial Institution – Bank of Ceylon celebrates 74th Anniversary

Posted on 02 August 2013 by TSL

An event to mark the 74th Anniversary of Bank of Ceylon was held last week at the bank’s head office in Colombo and to recognize the bank’s loyal customers exceeding 10 million, seven major clients received tokens of appreciation. Ideal Motors Chairman and Vice Chairman Nalin Welgama and Aravinda De Silva receive mementoes from Bank of Ceylon Chairman Razik Zarook while the bank’s General Manager D. M. Gunasekara, and Director Chandrasiri Silva look on.

Bank of Ceylon (BoC) was founded in 1939, with Sir Ernest de Silva as its first Chairman. At the time, Ceylon was a British colony and the then governor Sir Andrew Caldecott ceremoniously opened the bank on 1 August. The English government introduced the banking arm for its government oriented businesses. Two years later, in 1941, BoC started to expand beyond the city of Colombo. It opened its first branch in Kandy. Subsequently BoC added branches in major cities such as Galle, Jaffna, Kurunegala, Batticaloa, Trincomalee, Badulla, and Panadura

  • 1948: The Ceylon, Obtained her independence from the British and then the monetary authorities are transferred to Sri Lanka. Thereby in 1949 The Central Bank of Sri Lanka has been founded and regulation of all banks are assigned to them. Which they carrying out to-date.
  • 1949: BoC opened its first overseas branch in London, United Kingdom. This helps the bank and the Government to handle the business between two countries easily.
  • 1961: Up until this year the bank was operated as an individual organization and The Government of Sri Lanka stepped forward and declared the bank as a public organization. By then the government has nationalized BoC and became a semi government institute.
  • 1972: The then government declared the name of the country as Sri Lanka. However the bank did not rename itself accordingly. The government also passed the Agricultural Productivity Law, which forced the bank to open Agrarian Service Centre branches in almost all villages in the country. As a result of that, the branch network of the bank expanded tremendously to majority of Sri Lanka's rural areas by the end of this period.
  • 1979: As oppose to the controlled economy by the government, the then government relaxed the exchange control regulations by making it regulate by central bank up to some period and then by the market demand itself. This Liberalization of exchange control regulations led the bank to open its first Foreign Currency Unit for handle the boom of request for non local currency requirements.
  • 1981: BoC passed another big milestone by opening the second overseas branch, this one in Malé, Maldives.
  • 1982: BoC founded the first merchant bank in Sri Lanka, which it named the Merchant Bank of Sri Lanka.
  • 1987: The bank moved into its 32-storey headquarters. Sri Lankans have nicknamed the building (Puttu bambuwa"[පිට්ටු බම්බුව]") a Sinhalese term used for a cylindrical cooking implement. The new building enabled the bank to house all its administrative offices and central operations in one location.
  • 1989: The bank joined with the Visa International to introduce first credit cards business to Sri Lanka.
  • 1994: BOC Joined SWIFT at the SWIFT BIC BCEYLKLX along with 15 other financial institutions in Sri Lanka.
  • 2003: BoC took a 15% stake in newly formed Dawood Bank in Pakistan, which was later renamed as Burj Bank. BoC then transferred all its operations in Pakistan to the new bank.
  • 2006: BOC finally was able to connect all its branches in the inland to one network.
  • 2008: Trade services (import and export services) reached the ISO9001-2008 the best and first ever Sri Lankan bank could reach.
  • 2010: BoC converted its branch in London to a subsidiary.
  • 2010: BOC achieves its highest ever profit before tax at LKR 10.1Bln (~0.8 BN USD).
  • 2011: As a result of expanding their services around the world that BOC reported the highest profit in Sri Lankan Commercial Banks as it Sri Lanka Rupees 15.5 Billion (~1.2 Bln USD).
  • 2012: BOC reaches one Trillion asset base showing its strength and stability becoming the first ever financial institute in Sri Lanka reached such position.
  • 2012: BOC reached its record ever profit of 19.7Bn LKR (~.16BN USD) and classified for AA+ (LKA) fitch rating with over subscribing of its 500Mn USD debenture issue.

 

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Razik Zarook new Bank Of Ceylon Chairman

Posted on 19 January 2013 by TSL

Top lawyer and former diplomat and head of several State enterprises, Razik Zarook has been appointed as the new Chairman of Bank of Ceylon. He succeeds Dr. Gamini Wickramasinghe, who resigned last week after a six-year stint at the State giant. Zarook is expected to assume office at BOC this week. A senior Attorney-at-Law, who was enrolled to the Bar in 1969, Zarook’s management skills came to the limelight when he was appointed Chairman of the Cooperative Wholesale Establishment (CWE) by the then Trade and Shipping Minister late Lalith Athulathmudali PC.

He was given the responsibility of turning around the CWE to become an efficient and viable much sought after consumer organisation responsible for the wide distribution of essential commodities without letting any artificial scarcities be created even during turbulent times. Under his tenure, the CWE was a model profitable and viable organisation having diversified and acquired many assets, developing real estates, and establishing a number of public quoted companies as Sathosa Motors Limited, Sathosa Printers Limited, and Lanka Milk Foods Limited, of which he was founder Chairman.

Zarook, an old boy of St. Servatius College, Matara, and Zahira College, Colombo, also held office as Chairman of the Agricultural Development Authority and National Aquatic Research and Development Authority (NARA). Late President Premadasa appointed him as Ambassador to the then Federal Republic of Yugoslavia and thereafter as the first Ambassador to Hungary. Subsequently he was appointed as Sri Lanka’s High Commissioner to Singapore. Apart from his professional education at the Sri Lanka Law College, Zarook is also an alumnus of the Indian Institute of Management Ahamedabad.

It must be said that Dr. Gamini Wickramasinghe's tenure in office as chairman was marked with stability, capiyal growth and new directions. He did a tremendous job and played an important role in maintaining the high profile of Sri Lanka's premier state bank.

 

 

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Banker D.M. Gunasekara appointed GM-Bank of Ceylon

Posted on 08 January 2013 by TSL

D. M. Gunasekara assuming duties in the presence of his family members, Gamini Wickramasinghe, Outgoing Chairman and BOC staff. Picture by Thushara Fernando.

Senior banker, D. M. Gunasekara was appointed as the new General Manager of the Bank of Ceylon (BOC) yesterday, held at the BOC Head Office. The new General Manager on assuming duties said that the BOC understood the diverse needs of the people of Sri Lanka and that he had plans to expand the bank's presence internationally. Outgoing Chairman of the bank, Dr. Gamini Wickramasinghe was also present at the ceremony.

"I look forward in taking the bank further and with my assumption, concentrate on improving the bank technology wise, provide new training programmes for the new staff and also work on further developments. We are in the process of making arrangements to transform the pace the bank has taken and with the advancement of technology for the comfort and satisfaction of our customers, we will work on innovating all our financial services," Gunasekara said.

He added that the bank was making an enormous contribution to the country's economy by being in line with the government policies to assist in the country's future developments and steer entrepreneurs towards achieving their goals.

Gunasekara served as the Deputy General Manager for Retail Banking and has 29 years of experience in the Banking field, which includes Corporate banking, International banking, Off-shore banking and Retail banking.

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