ComBank ranked Sri Lanka’s Most Respected Bank for 17th successive year

Friday, 6 August 2021 01:23 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has been ranked the Most Respected Bank in Sri Lanka for the 17th consecutive year in the 2021 listing of the Most Respected Entities in Sri Lanka compiled by LMD.

With this latest ranking, the country’s largest private-sector bank also enjoys the distinction of being among the top five Most Respected entities in Sri Lanka in every one of the 17 years since the publication launched the ranking in 2005. The latest edition of the LMD ranking of Sri Lanka’s most respected companies includes the largest and most diversified conglomerates in the country, as well as leading players in apparel and telecommunications and some of the world’s best-known multinational companies.

LMD added two new attributes this year to the 10 by which companies are ranked as part of the survey. Besides the two debuting attributes – ‘HR & People Management’ and ‘Crisis Management’ – the survey ranked companies according to Financial Performance, Quality Consciousness, Management Profile, Honesty, Innovation, Dynamism, Corporate Culture, CSR and Sustainability, Vision and National Perspective.

Notably, Commercial Bank was ranked among the top 10 corporate entities in Sri Lanka in 2021 in seven of the 12 attributes and was the highest-ranked bank for Financial Performance, CSR and Sustainability and Crisis Management.

Replacing the Olympic Ranking System it adopted in 2015 to record peer perceptions of corporate admiration, LMD used a weighted ranking system based on the opinions of surveyed respondents this year too. The ranking system operates by weighting three nominations for each company by assigning a weight of five points for the first mention, a weight of three for the second, and one for the third mention. The final rankings were based on the total sum value of the weighted scores for each company.

This survey commissioned and conceptualised by LMD and conducted by NeilsenIQ, covered a sample of 800 respondents who are managers and above in companies listed in the Colombo Stock Exchange (CSE), the LMD 100 (2019/2020) and Brands Annual 2020.

Sri Lanka’s first fully carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.