BOC goes for biz revival approach than recovery

Friday, 8 January 2021 00:30 - - {{hitsCtrl.values.hits}}

Bank of Ceylon (BOC) has set up a Business Revival Unit as a novel approach to deal with struggling enterprise customers rather than the traditional focus of recoveries.

DGM (Corporate and Offshore Banking ) W.N.P. Surawimala told journalists that the Business Revival Unit has already lent Rs. 26 billion to over 10 companies.

“Our new focus is on business revival first and legal action on NPLs is adopted as the last resort only for wilful defaulters,” Chief Financial Officer Russell Fonseka said, adding that this, as well as improved practices, has helped BOC to reduce their NPL ratio in 2020.

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