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The Commercial Bank of Ceylon has been adjudged the ‘Best Bank’ in Sri Lanka in 2015 by Hong Kong based ‘FinanceAsia’, one of the most eminent financial publications in the region.
This will be the fifth ‘FinanceAsia Country Award for Achievement’ presented to Commercial Bank in the seven years since the bank became the first entity in Sri Lanka to receive this prestigious accolade in 2009.
The full list of this year’s winners is to be published in the June issue of FinanceAsia.
“The FinanceAsia awards are decided principally on performance, and follow a stringent evaluation of key performance indicators,” Commercial Bank Managing Director/CEO Jegan Durairatnam said.
“In that context, this award is a tribute of the passion, commitment and hard work of the entire Commercial Bank team, and is an important endorsement of the bank’s strength and stability for all its customers and stakeholders.”
The FinanceAsia award is based on the respective banks’ financial performance and considers capital adequacy, liquidity and cost income ratios, pre and post-tax profits, provisions for possible losses, return on equity and network of branches, agents and correspondents. The bank’s total assets, loans and deposits portfolio, vision and long term strategy, as well as market position versus its nearest competitor are also evaluated by FinanceAsia for the award.
The Country Award for Sri Lanka ranks Commercial Bank alongside the banking giants in the region such as HSBC and DBS, which were adjudged the best in Hong Kong and Singapore respectively. Other winners of FinanceAsia’s Best Bank awards in 2015 include HDFC Bank – India, MCB – Pakistan, CTBC – Taiwan, Shinhan Financial – South Korea, ICBC – China, Kasikornbank – Thailand, Vietcombank – Vietnam, Bank Mandiri – Indonesia and Public Bank – Malaysia.
First published in 1996, FinanceAsia is Asia’s leading financial publishing company and the world’s foremost information source on the Asian financial markets. Published 11 times a year in Hong Kong, FinanceAsia provides readers with the latest financial trends, interviews, features and investigative reports. The company is owned by Haymarket Media Ltd, the largest privately-owned publishing group in the UK.
With assets in excess of Rs. 800 billion, Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years and has the highest market capitalisation among Sri Lankan banks.
The bank operates a network of 242 branches and 610 ATMs in Sri Lanka and has won multiple awards as the country’s best bank over several years; been adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014 and been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years.
Commercial Bank has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No. 1 in Sri Lanka for Honesty in 2013 and 2014 by LMD.
