Bank of Ceylon became a source of hope, shielding the nation from economic hardships and helping people rebuild their confidence

An Exclusive Interview with Deshamanya Dr. Upul Senarath, Chairman and Managing Director of Orzone Group of Companies

The Bank of Ceylon (BOC), with its commitment to strengthening local entrepreneurship, has been a cornerstone of business resilience in Sri Lanka. One such success story is the Orzone Group of Companies, a home-grown brand that has made remarkable strides in the local and international markets. In this exclusive interview, Orzone Group of Companies Chairman and Managing Director Deshamanya Dr. Upul Senarath, shares his journey, the role of BOC in his business growth, and the bank’s pivotal contribution to Sri Lanka’s entrepreneurial landscape. 

Q: Could you share how your business evolved and how you successfully established the Orzone brand in Sri Lanka?

During the 1990s, the Sri Lankan market was dominated by imported products, including beverages, with prices reaching as high as Rs. 400 rupees per unit. Observing this, I envisioned creating a product that would not only serve the needs of local consumers but also introduce a unique quality that set it apart from existing products. My goal was to offer something superior—something Sri Lankans could take pride in. This vision led to the birth of the Orzone brand, a name synonymous with quality, reliability, and authenticity. It was crucial to ensure that our product stood out in terms of both presentation and substance, as only a distinctive offering could gain a competitive edge in the market.

Q: How did Orzone Group establish its partnership with the Bank of Ceylon?

Initially, we were disheartened by our experiences with banks, as we believed they were not genuinely interested in supporting businesses like ours. Our primary objective was to expand into international markets and our first major breakthrough came when we successfully exported our product to the Maldives. This endeavour proved to be immensely rewarding, allowing us to generate substantial revenue. However, in 2011, BOC took the initiative to visit our company and extended its support to us. This was a turning point for Orzone Group, as we finally found a financial partner that truly understood our vision and challenges. We were extremely grateful for this opportunity to collaborate with BOC, as it marked the beginning of a long-standing and fruitful relationship with the bank.

Q: How many employees did you start with, and how many do you currently employ?

When we first launched our business, we had only two employees. It was a small-scale operation, but we were determined to grow. Over the years, with perseverance, innovation, and strategic expansion, our workforce has expanded significantly. Today, we are proud to employ approximately 1,500 individuals, contributing to economic development and job creation in Sri Lanka.

Q: The years 2019 and 2020 were particularly challenging due to Sri Lanka’s economic crisis. How did you navigate this difficult period?

The crisis of 2019–2020 was one of the most difficult times we had ever faced. Businesses across the country were struggling to survive, and many had to make tough financial decisions. Traditionally, when facing financial difficulties, people turn to friends, family, or nearby sources for help. However, when all such options are exhausted, businesses inevitably look to banks for support.

During this turbulent period, BOC played an instrumental role in sustaining the business sector. The bank’s proactive approach and financial assistance helped countless entrepreneurs, including myself, withstand the crisis. If not for BOC’s intervention, many businesses would have collapsed, severely impacting the national economy. The stability that Sri Lanka enjoys today is largely due to the resilience of its business sector, which BOC helped protect during those critical years. Unlike any other institution, BOC made unparalleled sacrifices to safeguard local businesses, proving itself to be a true pillar of the nation’s financial ecosystem.

“The Bank of Ceylon, the great guiding light of the nation, has always stood as a pillar of strength in times of crisis. When the years 2019 and 2020 brought unprecedented challenges, leaving many mentally collapsed and uncertain about the future, it extended a massive umbrella of protection and stability. With unwavering support and resilience, the bank became more than just a financial institution—it became a source of hope, shielding the nation from economic hardships and helping people rebuild their confidence. Through its steadfast commitment, the Bank of Ceylon continues to illuminate the path forward, ensuring that even in the darkest times, the nation stands strong”.

Q: How has BOC’s Business Revival and Rehabilitation Unit (BRRU) contributed to the financial stability of your organisation?

BOC’s Business Revival and Rehabilitation Unit (BRRU) has been a game-changer for businesses like ours. This initiative, launched in 2021, serves as a strategic bridge between the bank and businesses in need of financial restructuring and support. One of the most remarkable aspects of BRRU is that BOC does not allow businesses to fail. Instead, it provides customised financial solutions that enable struggling businesses to regain stability and continue their operations. For the Ozone Group of Companies, BRRU has been instrumental in safeguarding nearly 70% of our business operations. The financial backing from BOC has helped us navigate challenges, sustain our workforce, and continue expanding. With BOC’s unwavering support, businesses that may have otherwise succumbed to financial difficulties have been able to bounce back and thrive.

Q: What role has BOC played in the long-term success of your business?

I firmly believe that the Bank of Ceylon is a lifeline for Sri Lankan entrepreneurs. The support provided by BOC is unmatched, and its contributions extend beyond financial aid—it offers stability, trust, and a sense of security. Many large-scale enterprises in Sri Lanka owe their success to the generous and strategic backing of BOC.

The bank’s commitment to strengthening Sri Lanka’s financial landscape is evident in the way it nurtures businesses, ensuring their survival and growth. BOC’s role is not just about banking; it is about protecting the nation’s economy, fostering innovation, and empowering businesses to reach their full potential.

Q: How do you view BOC’s contributions during the COVID-19 pandemic?

The COVID-19 pandemic was an unprecedented crisis that brought businesses to a standstill. Fear and uncertainty gripped the economy, and financial stability seemed impossible to maintain. Entrepreneurs, including myself, witnessed first-hand the struggles faced by countless businesses. There was a severe liquidity crisis, and many companies found themselves unable to pay their employees or sustain operations.

At this critical juncture, BOC once again stepped forward as a true saviour. The bank provided essential financial support, ensuring that businesses could continue functioning despite the challenges. Sri Lanka has over 1 million businesses, only 86,000 are small and medium enterprises, accounting for just 0.4% of the total population. BOC played a critical role in safeguarding this vital segment of the economy, making immense sacrifices to ensure its survival. It is our collective responsibility to protect and support this institution that has done so much for the country.

Q: What are your thoughts on BOC’s support system for Sri Lankan entrepreneurs?

Sri Lanka is currently facing significant economic challenges, and achieving business success has become more difficult than ever. However, I strongly believe that resilience and patience are key to overcoming these obstacles. The younger generation, in particular, must recognize the value of financial partnerships and align themselves with institutions like BOC to achieve long-term success. Entrepreneurship is not just about ambition; it requires strategic planning and strong financial backing. I always emphasise that if you are a business owner, you should have a strong relationship with the Bank of Ceylon. It is through such partnerships that businesses can flourish even in the toughest times.

Q: Finally, what is your opinion of BOC’s Business Revival and Rehabilitation Unit (BRRU)?

BRRU is one of the most remarkable initiatives undertaken by BOC in recent years. This unit is a beacon of hope for struggling businesses, providing them with the financial and strategic support needed to recover and grow. The fact that BOC introduced such an initiative during a time of global economic crisis is a testament to its dedication and commitment to the business community.

I am deeply impressed by BOC’s courage and vision in launching BRRU. When the world was grappling with economic instability, BOC demonstrated unparalleled team spirit and resilience. More than just a bank, BOC is a true guardian of Sri Lanka’s economy. I say this with absolute conviction—BOC is “our bank,” a national treasure that we must cherish and support for generations to come.