Bank of Ceylon to invest $ 10 m on new core banking system

Thursday, 2 July 2026 04:14 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at their meeting on Monday approved the State-run Bank of Ceylon to implement the procurement to select a suitable service provider to establish a new core banking system for a period of five years at an estimated cost of $ 10 million.

The existing core banking system of the Bank of Ceylon, the International Comprehensive Banking System, has been in use for 22 years for retail and corporate business, including its branches abroad.

Addressing the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said it has been observed that many of the features and functionalities of the system, as well as the technology underlying it, are not sufficient to meet the demands of today’s banking operations.

“Therefore, instead of further improving the existing banking system, the Board of Directors of the Bank of Ceylon has approved the recommendations for the establishment of a new core banking system,” he added.

The proposal to this effect was submitted by the President Anura Kumara Dissanayake in his capacity as Finance, Planning and Economic Development Minister.