COMBank only Sri Lankan Bank in Top 1000 Global Banks for third successive year

Thursday, 4 July 2013 01:32 -     - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has been ranked among the Top 1000 Banks of the World for a third successive year, becoming the only Sri Lankan bank to achieve this feat. The prestigious ranking published annually by ‘The Banker’ of the UK, has Commercial Bank ranked at No. 983 in 2013, with Tier I capital of $ 355 million at the end of 2012. The Top 1000 rankings are compiled from a database of over 5,000 banks worldwide and are widely recognised by the global financial community as the definitive guide to bank rankings and analysis. “Making it to the Top 1000 list represents, in itself, a strong acknowledgment of the bank’s standing, and staying in the rankings for three years consecutively speaks much of our consistent performance,” Commercial Bank’s Chairman Dinesh Weerakkody said. “As always, credit for this goes to the entire Commercial Bank team.” A noteworthy feature of the 2013 ranking is the rise to the number one position of Industrial Commercial Bank of China (ICBC), displacing last year’s top ranked banks, Bank of America and JP Morgan Chase & Co, which have now taken third and second place respectively, and are followed by HSBC in fourth place. Begun in 1970, The Banker Top 1000 Banks of the World ranking is used all year round by senior bankers, corporate treasurers, corporate financiers, the professional services community and many more. The Banker is published by Financial Times Business, which is the specialist publishing and conferences arm of the FT Group. The largest private bank in the country, Commercial Bank operates a network of 232 branches and service points and a network of 569 ATMs in Sri Lanka. The bank also operates 18 outlets in Bangladesh. The bank has been adjudged the Best Bank in Sri Lanka by Global Finance magazine for a record 15 consecutive years and has also won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines. At the end of the first quarter of 2013, total deposits of the bank stood at Rs. 408.945 billion, interest earning assets at Rs. 389.451 billion and total assets at Rs. 536.9 billion.