Commercial Bank declared ‘Strongest Bank’ in Sri Lanka

Thursday, 25 August 2016 00:00 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon PLC has been adjudged ‘The Strongest Bank in Sri Lanka in 2016’ following a detailed and transparent scorecard compiled and analysed by The Asian Banker, a leading provider of strategic intelligence on the financial services industry.

Based on an independent assessment of six areas of balance sheet financial performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity – the accolade ranks Commercial Bank amongst the 500 strongest banks in the Asia Pacific Region.

This prestigious award is to be presented to the Bank in Geneva, Switzerland on 27 September on the sidelines of SIBOS the annual conference, exhibition and networking event organised by SWIFT for the financial industry.

The Asian Banker 2016 ranking of the 500 strongest banks in the Asia Pacific region has Commercial Bank in the company of banks of the calibre of Bank of China (Hong Kong), Industrial & Commercial Bank of China, Commonwealth Bank of Australia, Sumitomo Mitsui Financial Group (Japan), ANZ Bank New Zealand, OCBC Bank (Singapore), Shinhan Financial Group (South Korea), National Bank (Bangladesh) and Vietcombank (Vietnam).

Commenting on this latest international ranking accorded to the Bank, Commercial Bank’s Managing Director/CEO Jegan Durairatnam said: “Financial strength is easily the most important attribute for a bank, especially at times when external conditions exert pressure on performance. The scorecard based on key operational aspects assessed by the panel of international experts of The Asian Banker reaffirms that Commercial Bank continues to build on its strength even in tough conditions.”

The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The assessment ranks the top performing banks in each country by strength, an evaluation that is based on a belief that a strong bank demonstrates long-term profitability from its core businesses. The ranking is widely followed by investors, analysts and the media as the leading source to assess the financial strength of commercial banks in the region.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 251 branches and 635 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.

Commercial Bank’s overseas operations encompass Bangladesh, where the bank operates 18 outlets and Myanmar, where it has a Representative Office in Yangon. The bank will open a fully-fledged Tier I Bank in the Republic of Maldives in 2016. The bank also recently received a license to operate a fully-owned Money Transfer Operation in Italy.