Bank of Ceylon honoured as ‘Bank of the Year Sri Lanka 2024’

General Manager/CEO Russel Fonseka (right) presents the prestigious ‘Bank of the Year’ award to Chairman Kavinda de Zoysa

The Bank of Ceylon (BOC) has been awarded the prestigious title of ‘Bank of the Year Sri Lanka 2024’ by The Banker magazine, a leading publication from the Financial Times Group in the United Kingdom. 

Notably, BOC also received this coveted award in 2021 and 2023, highlighting its continued excellence. Moreover, BOC has achieved the remarkable distinction of being the only Sri Lankan bank listed in Top 1,000 World Banks 2024.

This recognition is based on a rigorous evaluation process by The Banker magazine, which highlights banks that demonstrate growth while maintaining a solid balance sheet, improving service quality, investing in technology, and fostering sustainability, both internally and within their communities. For 2024, the awards recognised excellence among banks in 127 countries.

Amid global economic challenges and domestic financial instability, BOC has showcased exceptional resilience. Its strategic initiatives and prudent financial management have ensured sustainable performance.

BOC Chairman Kavinda de Zoysa said: “Being named ‘Bank of the Year Sri Lanka 2024’ by The Banker magazine UK is a tremendous honour that reaffirms our financial strength, innovative strategies, and commitment to excellence. In addition, we are proud to be the only Sri Lankan bank listed among the Top 1,000 World Banks for 2024. This prestigious award reflects the unwavering trust of our valued customers and the relentless dedication of our exceptional staff. This global recognition underscores our resilience and stature in the international banking community. Together, these milestones inspire us to continue delivering beyond banking solutions and ensuring financial stability for all.”

General Manager/CEO Russel Fonseka said: “This recognition is a tremendous honour for the BOC family. Having first won this title in 2021 and again in 2023 and 2024, we have worked to uphold this standard of excellence. This prestigious international award stands as a testament to our unwavering commitment to financial stability, exemplary management practices, trustworthiness, transparency, and adherence to the highest standards of good governance. This achievement is not just ours but a victory for our customers and all Sri Lankans. Our inclusion in the Top 1,000 World Banks 2024 showcases our sustained commitment to delivering value and achieving global benchmarks. I extend my heartfelt gratitude to our valued customers, the Board of Directors, the Government, and all our stakeholders for their steadfast support and contribution, which have been instrumental in achieving this remarkable milestone.”

BOC said it continues to play a vital role in advancing Sri Lanka’s economy by providing tailored financial solutions to key sectors, including agriculture, industry, and tourism. Through programs like the ‘BOC Youth Loan Scheme’, the bank continues to support over 10,000 young entrepreneurs, enabling them to turn their business aspirations into reality. Additionally, BOC has empowered women entrepreneurs through the ‘Ran Liya Loan Scheme’, which continues to assist women in achieving financial independence and building sustainable businesses.

Furthering its commitment to underserved communities, BOC has introduced the ‘BOC Gammana Program’, which focuses on enhancing financial literacy and fostering inclusive economic growth. This initiative aims to uplift rural areas by equipping individuals with the knowledge and resources needed to manage finances effectively.

In addition to its economic contributions, BOC is a leader in corporate social responsibility (CSR). The bank actively supports education through scholarships and promotes healthcare initiatives. Furthermore, BOC champions environmental sustainability by integrating eco-friendly practices into its operations and supporting green projects.

BOC is at the forefront of digital banking innovation in Sri Lanka. With offerings such as SmartPay, Smart Online Banking, Mobile Banking (B App), Debit cards, and BOC Connect, the bank has revolutionised customer convenience, cementing its reputation as a trailblazer in digital transformation.

In addition to the above, BOC’s extensive network with over 2,300 touch points spread across the nation ensures that the bank’s customers have convenient access to a wide range of financial services. Moreover, BOC was awarded as the ‘Number 1 Banking Brand in Sri Lanka’ by Brand Finance Lanka. BOC also received the ‘People’s Banking Services Brand of the Year’ at the SLIM-KANTAR Peoples Awards 2024. 

Internationally, BOC has established a strong presence in key locations such as a subsidiary in London, UK; branches in Male and Hulhumalé in the Maldives; Chennai, India; and the Seychelles.