ComBank Bangladesh operations receive ‘AAA’ credit rating for 14th successive year

Tuesday, 9 July 2024 00:00 - - {{hitsCtrl.values.hits}}

Commercial Bank Bangladesh Operations CEO Najith Meewanage and staff celebrate ‘AAA’ rating

Commercial Bank Bangladesh, the Bangladesh operation of Commercial Bank of Ceylon PLC, has received an ‘AAA’ (Triple A) long-term credit rating from Credit Rating Information and Services Ltd. (CRISL) for 2024, the 14th consecutive year it has received the highest credit rating given to a financial institution in Bangladesh.

Valid till June 2025, the latest credit rating is the outcome of an in-depth analysis of the operational and financial performance of the bank along with relevant quantitative and qualitative factors, the bank said.

Congratulating Commercial Bank Bangladesh on this achievement, Commercial Bank Managing Director/CEO Sanath Manatunge said: “Receiving the ‘AAA’ rating for 14 consecutive years is an exceptionally rare achievement for a bank in Bangladesh, and demonstrates the collective dedication to excellence, commitment to customers, and unparalleled service standards of the leadership team as well as employees at every level. Commercial Bank Bangladesh is a great asset of the Commercial Bank Group.”

Commercial Bank Bangladesh Operations CEO Najith Meewanage added: “Our performance in Bangladesh is driven by the same standards of professionalism, best practices, and commitment to good governance as the Commercial Bank of Ceylon, ensuring that we provide our customers the highest quality in terms of products and services in both corporate and retail banking, including digital banking services. We are proud to be a standard bearer in Bangladesh, as evidenced by our ‘AAA’ rating.”

Commercial Bank entered Bangladesh in July 2003 with the acquisition of the Bangladesh operation of Credit Agricole Indosuez (CAI), its first ever acquisition of a banking operation. The French multinational bank operated two branches and two booths in Bangladesh at that time.

Over the 21 years that followed, the Commercial Bank of Ceylon Bangladesh operations has established itself above other regional banks operating in the country with 20 outlets, comprising of eight branches in Dhaka (Motijheel, Gulshan, Dhanmondi, Uttara, Panthapath, Mirpur, Tejgaon), one each in Chattogram, Sylhet, and Narayanganj, two specialised off-shore banking units in Dhaka (Gulshan and Chattogram – CEPZ), and six SME centres in Old Dhaka (Dhaka), Progati Sarani (Dhaka), Shantinagar (Dhaka), Tongi (Dhaka), Jubilee Road (Chattogram), and CDA Avenue (Chattogram), and a booth in the US Embassy.