Bank of Ceylon gets ‘Most Respected’ state-owned entity tag

Bank of Ceylon has reached a prestigious milestone in its efforts to strengthen its market position as ‘Sri Lanka’s No.1 Bank’ by becoming the only state-owned entity to be ranked among LMD’s Most Respected Entities in 2007. This is the first time Bank of Ceylon has been ranked among the top 30 in this important survey covering private and public enterprises, and it has jumped straight into position no. 20. This clearly shows that in terms of corporate image, Bank of Ceylon is well ahead of all other state-owned banks and enterprises.

Detailed results of the survey together with profiles of all entities that reached the top 30 are given in LMD’s special standalone edition of Most Respected Entities in Sri Lanka.

Commenting on Bank of Ceylon’s entry straight into the top 20, it states, “The public sector’s leading commercial bank, Bank of Ceylon, brings up the rear guard of the top 20. Bank of Ceylon has focused on creating a powerful brand image with a satisfying brand experience, keeping customer needs at the forefront. BOC amassed net earnings of Rs. 35 billion in 2006, making it one of the largest financial service entities in the island. To cap it all, BOC achieved a milestone in the banking industry in Sri Lanka by becoming the first commercial bank to secure an asset base in excess of Rs. 400 billion.”

The ‘Most Respected Entities’ rankings are based on a survey among the corporate sector, commissioned by Sri Lanka’s pioneering business journal LMD and conducted by the internationally renowned market research company ACNielsen.

The LMD-ACNielsen survey used a sample of 500 business leaders and senior executives of selected public and private entities in the Greater Colombo area, that best represented the mix of entities operating in Sri Lanka. Respondents were asked to nominate the business entities they respected the most, evaluated in the ten key areas of Financial Performance, Quality Consciousness, Management Profile, Honesty, Innovation, Dynamism, Work Environment, Corporate Social Responsibility, Vision, and National Mindedness.

Commenting on how Bank of Ceylon became the ‘Most Respected’ state-owned entity in Sri Lanka, its General Manager, B.A.C.Fernando, said, “Since 1939, Bank of Ceylon has grown steadily and become the highest ranked Sri Lankan bank in the Bankers Almanac, providing innovative financial services to diverse customer groups in urban and rural areas. Creating a powerful brand image and producing a satisfying brand experience have been our main focus.

We have delivered products, services and advice closely geared to customer needs. We have also been a major catalyst for national development, assisting diverse stakeholder groups all over the country to achieve their goals through proactive stakeholder engagement. Our corporate performance has been enhanced through improved governance, greater transparency, and best practices geared to the political, economic and social aspects of our operating environment.

We adhere strictly to state requirements, monetary legislation and international practices. As ‘Bankers to the Nation’ we are nurturing island-wide national development, while providing world-class banking facilities to businesses and individuals.
Our extensive portfolio of services includes delivering superior customer service through Sri Lanka’s largest online service network, inculcating financial literacy among lower income groups, nurturing entrepreneurship to promote equitable national development, and helping migrant workers to transfer funds home.”

Bank of Ceylon is fully owned by the Government of Sri Lanka, and has a ‘AA(lka)’ Fitch Rating. It has 303 branches in Sri Lanka and 3 overseas branches in London, Chennai & Male. It is Sri Lanka’s No. 1 Bank, with the largest capital base among local banks, highest single borrower exposure, and market leadership in online banking, treasury operations, offshore banking, trade finance, NRFC accounts and inward remittances.