Bank of Ceylon celebrates 82nd anniversary on austere note

Chairman Kanchana Ratwatte

General Manager D.P.K. Gunasekera

Bank of Ceylon, the ‘Bankers to the Nation’, completes 82 years of leading the Sri Lankan banking and finance landscape. Taking pride in its unparalleled performance over these years, the bank has been able to provide forward-

thinking, resilient, and advanced financial services to the nation while extending its penetration into overseas markets. 

It was legislated under ‘The Bank of Ceylon Ordinance’ in 1938 and declared open by the Governor Sir Andrew Caldecott at No. 41, Bristol Street, which street is known today as Sir Baron Jayathilaka Mawatha, on 1 August 1939.

Reminiscing the glorious success of the bank over the years, the bank’s Chairman Kanchana Ratwatte said, “Fully conscious of the need to fulfil all aspects of its duties and obligations as a responsible corporate citizen, the Bank of Ceylon has always rendered its fullest cooperation to the socio-economic development of the country for over the past 82 years. Winning the hearts and minds of the people and becoming one of their close-knit family members is not attained by merely catering to the financial needs of the people. 

“Guided by a precise vision and mission, BOC has been able to get itself deeply rooted in the minds and souls of the Sri Lankan community and accepted without any reservations. The long history of the bank repeatedly brings out evidence in each decade as to how it became the preferred choice of the people. We cherish the love and patronage shown towards us by fellow Sri Lankans, which made us stand strong over these years. BOC’s deep-rooted relationship with the stakeholders has been earned through its commitment to serving the public, and the valour it has displayed in difficult times in assisting the people. This is our strength and it will continue to make us stronger year by year.” 

General Manager D.P.K. Gunasekera recalled the unblemished presence the bank has in the banking chronicles of the country. He noted, “Reaching 82 years with an unblemished record itself proves the story behind the bank’s success. Braving environmental and other unforeseen obstacles and sailing undaunted across the troubled waters maintaining its balance it has been a voyage of success over the years. On this occasion, we recall with gratitude the initiative of the pioneers of the bank who realised the need to set up what would become the first Sri Lankan bank to serve the people of this country. 

“They also had the vision to build it up as the best performing bank of the country and the trendsetter to the other banks. I am sure Bank of Ceylon will continue to play its leading role in contributing to the economic development process the Government has embarked upon, as the leading state sector bank in the future as well.” 

For the past 82 years, the Bank of Ceylon has established itself as a powerhouse that brightened the Nation’s hopes and aspirations by providing customer centric banking solutions. BOC has reached over 2000 customer touch points across Sri Lanka and has established its branches in Chennai, Male, Hulhumale and Seychelles. Further, BOC maintains a full-fledged banking subsidiary in London.

The bank was able to stand tall as the nation’s premier bank providing financial solutions for all requirements of the people. During these years the bank was recognised in many local as well as international forums. The supremacy bank wields as the only state institution amongst the most admired entities in Sri Lanka is almost unmatched. The bank’s achievements demonstrate the heights it has reached within the banking industry of the region. 

‘The Banker’, a prestigious international bankers’ magazine published in UK once again rated BOC a being among their top 1000 global banks and the highest-ranking Sri Lankan bank in 2020. Inculcating sustainability into their corporate strategy is much acclaimed feat within the industry. 

The bank enjoys a humble satisfaction with regard to its achievements over the long years of its service to the nation. Brand Finance Lanka together with Media Services Publications rated BOC as the number one banking brand of the country. The bank’s brand value was Rs. 53 billion a 12% growth from the previous year. The bank has held this position for the past 13 years.

Reaching highest industry profits for the year 2020 of Rs. 23.6 billion profit before tax and Rs. 3 trillion assets are some of its unparalleled feats. The bank’s Inward Remittance grew over $ 2.8 billion in year 2020 which is yet another noteworthy achievement. 

Establishing the ‘Business Rehabilitation and Revival unit’ the task of which is to uplift and rehabilitate corporate sector businesses affected by the COVID-19 pandemic and facilitating importation of vaccine in support of the ongoing inoculation program are other ‘firsts’ by the bank. Creating significant economic value in the small and medium enterprises sector and thereby contributing to national economic development considerably, BOC’s ‘Divi Udana Loan Scheme’ was extended as an opportunity for Micro/SMEs to conveniently access specialised development loans from BOC, in furthering their entrepreneurial ambitions while boosting national economic growth. 

This facility was further enriched under the ‘Saubagya’ Working Capital Loan scheme, which had offered facilities, worth over Rs. 39 billion, while total moratorium facilities offered were valued at over Rs. 800 billion.

As the financial powerhouse of the country BOC places its trust in its customer centric business philosophy which has brought it all its glory and success over the years. The bank looks forward with much courage and determination to improve on its performance in years to come as well.