Bank of Ceylon celebrates 77th anniversary after trailblazing digital transformation

Bank of Ceylon is celebrating 77 years of trailblazing transformation within the financial services industry in Sri Lanka. 

The establishment of this indigenous modern bank took place in 1939 and since then it has been shaping the banking industry by addressing the emerging needs of customers. The bank evolved from simple passbook transactions to phone banking, from cash counter transactions to 24-hour enabled digital SmartZones and from traditional banking methods to cyber/virtual banking incorporating green banking to name a few of its achievements during the 77-year journey towards digital transformation.

A state council member George E. De Silva spearheaded a demand for the establishment of a state-aided bank. The inauguration took place at No. 41 Bristol Street, Colombo Fort on 1 August 1939 with the patronage of the British Governor Sir Andrew Caldecott. Just as it addressed the need of that time for a commercial bank for the people of this country, the bank still proudly upholds the same core values that were transmitted by its founders to be a leader of positive economic change and a passionate banking service provider which provides support to all its customers from all walks of life.  

In 1941 Bank of Ceylon opened its first outstation branch in the hill capital of Kandy. Orchestrating an expansion of its branch network to all the main cities and towns, it was able to reach customers throughout the country. 

Currently it has 627 branches across the country with over 1,200 customer touch points. Apart from its main branches, the bank also maintains 15 SME units to encourage entrepreneurial growth at the grassroots level. 

The bank’s overseas network expansion began in 1949 with the opening of the Bank of Ceylon London branch, since then it has expanded to Male in 1981, Chennai in 1995 and Seychelles in 2014. 

Incorporating innovation as a part of its story, the bank has always applied value additions that are combined with novel operational methodologies which enabled the Bank of Ceylon to grow stronger and strengthen the country’s economic resources. 

The bank’s consistency in delivering best-in-class service has become the standard of excellence in the market. The BOC brand was recognised as the No.1 Brand by Brand Finance Lanka for eight consecutive years over all brands available in the country. 

It continued to set a remarkable record as the most profitable business entity in the country with a record of Rs. 25.3 billion PBT for the year ended 2015. It surpassed Rs. 1 trillion in its asset base in 2012, becoming the first to pass this milestone. The bank also exceeded Rs. 1 trillion as a deposit base and will reach its ‘third trillion’ achievement in the near future.

Its multifaceted services are BOC’s greatest strength. From the children’s savings account to corporate credit, for state sector and private organisations, BOC is active at every level. 

BOC has the strength and diversity of resources to offer its customers a range of financial solutions such as Corporate Banking, Personal Banking, SME Banking, Islamic Banking, Investment Banking, Off-shore Banking, Development Banking, International and Treasury and Trade Financing Services, through its wide branch network covering all parts of the country.

“The 77th anniversary is an exceptional milestone and there are not many indigenous financial organisations which celebrate such an occasion. As we celebrate and reflect on the past 77 years we remind ourselves that as the leading bank in the country that every step we take to re-modify and transform our banking processes has the effect of providing greater value to Sri Lankans at large. Beginning from the traditional age old ‘Savings Pass’ book and ‘Cash Counter’ up to paperless online and mobile banking we have come a long way, driving both the industry and community towards digital banking,” stated President’s Counsel Ronald C. Perera, the Chairman of Bank of Ceylon.  

The bank is now moving further in the process of transforming its branch network to enhance customer experience by facilitating customer convenience and speedy service. “Our success depends on our customers’ success and by deploying digital transformation we promise to deliver our customers the best possible banking experience in return for the trust that they have placed in us for 77 years. We are now providing state-of-the-art technology in many of our key branches and move on transforming other BOC branches to provide the utmost convenience to our customers anywhere in the country. We have also integrated the ‘Eco/Green banking’ concept with our services which is also a timely concern,” stated the bank’s General Manager D.M. Gunasekara.   

In line with the bank’s 77th anniversary on 1 August, Bank of Ceylon will conduct several events that include religious and traditional ceremonies that feature a colourful traditional perahera or procession followed by a pirith ceremony on the evening of 5 August at the bank’s head office building and a blood donation campaign on 1 August. 

There will also be celebration ceremonies organised within the bank’s branch network and the bank invites its customers to join these celebrations at their BOC branch.    

Bank of Ceylon earned global recognition as one of the top 1000 banks in the world, (Country rank No.1) as listed by ‘The Banker Magazine’ (UK) respectively in 2012, 2013, 2014, 2015 and 2016. 

The bank claimed its award as the only Sri Lankan brand recognised as one of Asia’s Best Brands in 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. Focusing on the bank’s achievement, Fitch Rating Lanka ranked Bank of Ceylon at AA+(lka), which is the highest rating awarded to a local commercial bank and ICRA Lanka awarded it a AAA rating, which is the highest credit quality rating issued by it.