Bank of Ceylon Sri Lanka’s No. 1 brand for 6 consecutive years

Tuesday, 29 April 2014 00:00 - - {{hitsCtrl.values.hits}}

Brand Finance Lanka, a subsidiary of Brand Finance Network (UK), has ranked Bank of Ceylon yet again as the No. 1 brand in Sri Lanka. Thus the State-owned financial services giant that calls itself ‘Bankers to the Nation’ has set an unrivalled record by becoming the only business to have become the No. 1 brand in the country for six consecutive years, bettering its own record of five consecutive years at the top position. Bank of Ceylon’s brand value has increased significantly to Rs. 30.83 billion in 2014 compared to Rs. 24.15 billion in 2013. Set to celebrate its 75th anniversary this year, Bank of Ceylon has built its brand locally and internationally.

Islandwide reach BOC is represented in every part of the island. Almost half of the Sri Lankan population is associated with the brand BOC in many different ways. Through its multi-channel and a multi-faceted nature the bank has approached its customers through a diverse range of banking products and services, thus guiding customers, entrepreneurs and investors to reach a higher elevation. This diverse range of products and services has enabled the bank to reach every economic and demographic segment in the country. Currently Bank of Ceylon has reached every nook and corner of the country with a linked network including over 600 branches and 500 ATMs. By extending its banking hours in selected branches along with the 365

day banking facility at the head office branch in Colombo, BOC has been able to reduce the time constraint in banking bringing the brand BOC even closer to Sri Lankan lives thus dominating the local financial services industry in all directions. These capabilities form part of the base on which Bank of Ceylon’s unrivalled brand image within the Sri Lankan Banking Community is built. An international Sri Lankan bank Abiding by its duty towards Sri Lanka, Bank of Ceylon has lined-up all its resources and has focused on establishing its brand as an international Sri Lankan bank. Since its establishment in the year 1939, Bank of Ceylon has been the beacon of hope to many types of planters, professionals, traders and entrepreneurs and thereby to the country’s economic development. Celebrating its 75th anniversary this year BOC confidently aspires to move forward in this direction with its expertise gained in operating in the international market for over 60 years beginning with the opening of the London branch in 1949 and continuing with the opening branches in Male (1981), Chennai (1995) and Seychelles in 2014. Being aligned with this strategy the bank continues to explore more avenues to penetrate further internationally with special focus to emerging markets. Through the recently-opened Seychelles branch, BOC hopes to find its way into the African continent. Likewise, by the strength of correspondent relationships with financial markets in Europe, the bank looks for avenues to penetrate further and capitalise on regions with a highly-concentrated Sri Lankan diaspora, such as Italy. BOC will also explore viability in spreading its branch network further into the SAARC region. BOC Chairman Air Chief Marshal Harsha Abeywickrama stated: “Being a State bank, BOC’s role encompasses many responsibilities towards the State – its main stakeholder. The bank has nurtured the brand since its inception in1939 to become the No. 1 brand. This reflects the true leadership of BOC in the banking sector.” Bank of Ceylon General Manager D.M. Gunasekara spoke of the bank’s brand advantage which has been built on a solid foundation and developed steadily over seven decades in the international banking and financial market, stating that the acceptance of the Bank of Ceylon brand in international trade finance operations and in the international money market (BOC raised two successful $ 500 million bond issues which were oversubscribed by 200%) and also the maintenance of an outstanding number of foreign correspondent relationships (861 foreign agents at the time of writing) covering every part of the world are fine examples of the BOC brand’s international recognition. Gunasekara added: “Being the No.1 Bank we believe this will not only benefit the bank, but that we are fulfilling a current need of the country which is to build strong Sri Lankan brands internationally and to uplift the country’s profile. This will attract foreign investments towards Sri Lanka and build the brand equity of the country. There are very few Sri Lankan brands that have reached the overseas markets compared to other countries. It is challenging but we believe we can take on this challenge with true commitment, and then go forward and achieve it.”