March 26, 2024
LankaPay-Technnovation-Awards-2022-LBN.jpg

4min

The Commercial Bank of Ceylon won three Gold awards and two Silvers at the LankaPay Technnovation Awards 2024, reaffirming the Bank’s status as a frontrunner in payment technology innovation in Sri Lanka.

 



 

The Bank was presented the Silver in the ‘Overall Award for Excellence in Digital Payments’ in addition to being recognised as the ‘Most innovative Bank of the Year’ with a Gold award, and receiving the Gold awards for ‘Best Bank for Retail Payments’ and for ‘Best Mobile Application for Retail Payments via LankaQR’ for ComBank Q+ – the Bank’s QR Payments App. The Bank also won the overall Silver Award as ‘Best LankaPay Card Implementor of the Year.’

The Bank said these awards reaffirm the Bank’s supremacy and its pioneering products and services in the digital payments sphere.

Themed ‘Vision Beyond Borders,’ the LankaPay Technnovation Awards hosted by LankaClear (Pvt) Ltd., the operator of LankaPay national payment network, took place at the Shangri La Hotel, Colombo.

The Commercial Bank of Ceylon was the first bank in the country to enable its entire automated teller machine (ATM) network to acquire and process ATM transactions through the EMV (Europay, Mastercard and Visa) integrated circuit, and the first to activate its entire EMV chip card base(Debit and Credit cards) to perform secured EMV transactions through the LankaPay ATM network, making it possible for the Bank’s own cardholders to securely perform transactions using other bank ATMs connected to the LankaPay network.

Commercial Bank is also one of the first banks in Sri Lanka to have its point-of-sale (POS) network accept LankaPay-JCB (Japan Credit Bureau) co-branded cards issued under the national card scheme programme.

Organised by LankaClear (Pvt) Ltd., the operator of LankaPay national payment network, the LankaPay Technnovation Awards are Sri Lanka’s pioneering and only payment technology innovation awards. The initial shortlisting of institutions eligible for awards was carried out based on the performance of individual banks, non-banking financial institutions and Fin Tech service providers, against set criteria.

LankaClear is owned by the Central Bank of Sri Lanka (CBSL) and all Licensed Commercial Banks operating in the country. The company offers multiple solutions not only for the banking sector but also across all industries that are ready and willing to adopt or integrate the latest digital technology driving Sri Lanka toward an efficient, green, and paperless nation.

The largest private sector bank in Sri Lanka, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the country’s first 100% carbon neutral bank, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 



 


March 21, 2024
Image-LBN-6.jpg

3min

March 5, 2024, will go down as a red-letter day for the world’s investor relations community. On this day, Commercial Bank of Ceylon PLC, headquartered in Sri Lanka, integrated an AI-powered Annual Report Assistant (AIPARA) to their Annual Report 2023. It is probably the first of its kind.

 



 

This innovation addresses a perennial issue and makes reading annual reports a true joy. Gone will be the days when readers had to wade through pages to find information of interest and significance to them. Readers can now simply ask questions from AIPARA and obtain answers.

Commenting on Commercial Bank’s annual report journey, Mr. Sanath Manatunge, Managing Director/Chief Executive Officer of the Bank said that integrating AIPARA to the Bank’s Annual Report aligns perfectly with their ongoing investments in digital transformation, technological innovation, and data-driven decision-making. “We commenced our digital annual reporting journey more than fifteen years ago when we started presenting our annual report as an end-to-end HTML so that both human and machine readers could better discover, access and interact with our annual report”, he added.

Chairman of Smart Media The Annual Report Company, Dr. Vijith Kannangara elaborated on the Bank’s digital annual reporting journey. “Our three-decade-long relationship with the Bank and the resultant perfect understanding of our client helped us make this quantum leap in our superior value proposition to the Bank. AIPARA will also help balance the disparate imperatives of conciseness, comprehensiveness, and accessibility in disclosure practices. We also believe that this development will compel corporates to give due attention to providing quality content in their annual reports.

Questions to AIPARA need not necessarily be in perfect sentences. They can range from words like “Profit?” or “Chairman?” to phrases such as “SME initiatives” or “Top 10 shareholders?”, and even to elaborate questions prompting analytical answers. “Is the Bank’s capital under stress?” or “Is the impairment policy of the Bank prudent?”.

AIPARA of Commercial Bank can be accessed through the HTML annual report of the Bank at https://combank2023.annualreports.lk/

 



 


March 21, 2024
Womens-Day-2024-staff-event.jpg

4min

Conducts hybrid interactive session titled “Counting HER in, and Investing in HER”

The Commercial Bank of Ceylon’s initiatives to celebrate International Women’s Day 2024, also encompassed the Bank’s own female staff across the country with a special knowledge sharing session titled “Counting HER in, and Investing in HER.”

 



 

Organized by the Bank’s Women Banking Unit and the Staff Development Center (SDC) of the Bank, the event was intended to promote inclusivity, enhance potential, and foster growth among female staff members, the Bank said.

The event, in hybrid format with in-person and virtual attendance, comprised of a session at the Bank’s auditorium, with virtual access via MS TEAMS, ensuring participation from all parts of the island.

Speaking at the event, Commercial Bank Managing Director/CEO Mr Sanath Manatunge emphasised the Bank’s dedication to ensuring equal opportunities for all staff members, regardless of gender, and reiterated the Bank’s commitment to fostering a supportive and inclusive environment where all employees can thrive and succeed. Stressing the importance of recognising and investing in the potential of female staff members and acknowledging their contributions to the Bank’s success, Mr Manatunge said the Bank was already concentrating on female staff development and empowerment, and this programme was intended to motivate them further.

Commercial Bank Deputy General Manager – Human Resources Management Mr Isuru Tillakawardana also reaffirmed the Bank’s policy of promoting gender equality and creating pathways for career advancement for female employees.

A panel featured eminent personalities including Ms. Chathuri Munaweera, Chief Executive Officer/ Executive Director of AIA Insurance Lanka, Ms. Anika Williamson, Non-Executive Director of JAT Holdings and Ms. Ruvinika Ranasinghe, Founder/Director of Terapy Ayurvedic Tea, all of whom provided invaluable perspectives on women’s empowerment and leadership in the corporate sector.

The topics covered included building self-confidence, how to be successful in one’s chosen sectors and fields with professional ethics and networking, achieving work-life balance as working women and mothers, the need to be assertive and goal oriented, the importance of professional qualifications and how to be an inspiration to other career women.

The event concluded with a Question and Answer session and refreshments, providing an opportunity for attendees to connect, share experiences, and build a sense of community and support among female staff members.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 



 


March 15, 2024
Kegalle-reopening-LBN.jpg

2min

The Commercial Bank of Ceylon recently moved its Kegalle branch to a spacious new two storey building at the same location, designed to better serve customers in this bustling municipality.

The branch at No 186, Main Street, Kegalle, is a fully-fledged banking operation that also offers two Automated Teller Machines (ATM) and two Cash Recycler Machines (CRM) to provide round-the-clock digital services to customers.

 



 

The Bank said enhanced parking facilities have been added to the location. The branch provides Kegalle residents as well as entrepreneurs access to a versatile portfolio of products and services, including lending products such as personal loans, home loans, leasing facilities and pawning facilities, in addition to SME banking services and a range of savings products.

Pictured here are Commercial Bank Chairman Prof. Ananda Jayawardane flanked by the Bank’s Managing Director/CEO Mr Sanath Manatunge and Chief Operating Officer Mr S. Prabagar at the formal opening of the new building in the presence of members of the Bank’s senior and corporate management.

 



 


March 15, 2024
Womens-Day-2024.jpg

4min

More than 200 women small and medium entrepreneurs (WSMEs) attended a knowledge sharing session organised and hosted by the Commercial Bank of Ceylon recently as part of the Bank’s celebration of International Women’s Day.

The event held at Waters Edge, was supported by ‘Anagi’ – the Bank’s portfolio of banking products and services exclusive to female customers.

 


 

The keynote speaker at the event was Dr Dilesha Perera – Co founder of La Vivente (Pvt) Ltd., while Dr Saranga Alahapperuma – Chairman of the Industrial Development Board (IDB) Ms. Nayomini Weerasooriya – Founder of Satynmag and Ms Sepalika Jayawardhana – Director – Regional Development at the Export Development Board (EDB) were the panelists. The presentations at the knowledge-sharing session covered industry insights, details and guidance on setting up an export business and dealing with local authorities for SME businesses. A question and answer session that followed saw the active participation of invitees.

Commercial Bank Managing Director/CEO Mr Sanath Manatunge, Chief Operating Officer Mr S. Prabagar, and senior, corporate management members were also present at the event, demonstrating the importance accorded by the Bank to women’s empowerment.

Commercial Bank’s Anagi Women’s Banking portfolio was designed in collaboration with the International Finance Corporation (IFC), under the IFC-DFAT Women in Work programme, using the latter’s expertise in increasing access to finance for women, an important but under-served segment.

The portfolio comprises of the ‘Anagi Women’s Savings Account,’ the ‘Anagi Business Loan for Women Small and Medium Entrepreneurs (WSME)’ Credit Cards and other products and services including non-financial benefits designed to contribute to the empowerment of women and to help expand their financial horizons.

The Anagi Business Loan for Women Small and Medium Entrepreneurs provides female entrepreneurs with loans for working capital or investment purposes. Available exclusively for female business owners and businesses with female business partners or directors, this scheme enables applicants to receive loans from Rs 2 million to Rs 250 million at competitive interest rates and with flexible grace periods.

Anagi accountholders are offered a branded ‘Members Only’ passbook and an Anagi shopping Debit Card with exciting year-long promotions. The Bank has also introduced a Personal Accident Insurance Cover of up to Rs. 500,000, free of charge, for Anagi accountholders who maintain an average balance of Rs 250,000 over a period of six months. Either a Statement Savings Account or a Passbook Savings Account can be opened, as preferred by the applicant.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 


 


March 13, 2024
DigiZone-at-Wellawatte-LBN.jpg

5min

The Commercial Bank of Ceylon has opened its first ‘DigiZone’ – a purpose-designed space for customers to be introduced to, and experience the convenience and functionality of the Bank’s comprehensive digital banking offering.

Located at the Bank’s Wellawatte branch at 343, Galle Road, Colombo 6, the DigiZone is intended to be a familiarisation centre for customers to get acquainted with digital banking and get hands-on experience with the help of the Bank’s Digital Assistants if necessary.

 


 

It is equipped with WiFi-connected computers and free WiFi for customers’ mobile devices, to enable visitors to experience the Bank’s digital apps, register themselves for digital banking, login to existing accounts or open new accounts and to perform digital banking transactions.

Speaking at the opening of the DigiZone, Commercial Bank Deputy General Manager – Retail Banking and Marketing Mr Hasrath Munasinghe said the Bank is proud to have been a pioneer in Sri Lanka’s digital banking revolution and has crafted a strategic digital roadmap. “At the core of our strategy is to migrate customers to digital channels for regular transactions and to offer more advisory services like financial planning, wealth management and trade services at the branches,” he said.

“It is our duty to encourage our customers to engage with our digital channels, and DigiZone takes us one step closer to achieving this goal,” Mr Munasinghe said, adding that “The Bank has exciting plans for this concept, and especially for this location. It will not only be an experience zone for our customers, but will also be a location where we provide digital banking knowledge to future generations.”

A trailblazer in the digital banking arena, Commercial Bank has revolutionised banking with an innovative and inclusive product range with state-of-the-art security features and user-friendly interfaces to facilitate maximum customer convenience. Commercial Bank’s digital products have achieved the best penetration and usage in the banking sector.

Adjudged the ‘Best Mobile Banking App’ in Sri Lanka by Global Finance, Commercial Bank’s flagship digital platform ‘ComBank Digital’ is an integration of all the Bank’s online and mobile banking channels and is offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), enabling access across all devices such as desktop PCs, laptop computers, tabs and smart phones.

ComBank Digital is the most used digital banking platform in Sri Lanka with more than one million users, while ComBank e-Passbook is the first of its kind in South Asia. Among the Bank’s other noteworthy achievements in the digital sphere are ComBank Q+, the first QR code-based app certified by LANKAQR; the Flash Digital Bank Account, the first digital bank account approved by the Central Bank of Sri Lanka (CBSL); and ‘Commercial Bank LEAP GlobalLinker – a comprehensive digital business eco system, helping local businesses to take their business to the global market place.

Digital Banking is also an important element in Commercial Bank’s sustainability road map, as it contributes significantly to reducing the consumption of paper and fuel used by customers to travel to bank branches.

Sri Lanka’s first 100% carbon neutral bank and the largest private sector bank in Sri Lanka Commercial Bank is also the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 


 


March 8, 2024
Partnership-Image-LBN.jpeg

4min

Offering an unprecedented opportunity to prospective homeowners and investors to own a part of its latest residential project, ‘Viman’ Ja-Ela, John Keells Properties has entered into a strategic collaboration with Commercial Bank to offer attractive housing mortgage solutions. As part of this partnership, John Keells Properties hosted an exclusive event on 15th February for customers of Commercial Bank. This event provided an opportunity for customers to explore the model apartment of Viman Ja-Ela at John Keells Properties’ head office located in Vauxhall Street, Colombo 2. The invitees had the privilege of touring the model apartment, engaging with the experienced sales team and having one-on-one discussions on the housing mortgage solutions enabled through the partnership. This setting allowed customers to get a good understanding of the product and the unique offerings of Viman Ja-Ela. The exclusive mortgage packages offered by Commercial Bank enable prospective homeowners to access easy, customized housing finance solutions to fulfil their aspirations of living in their dream home at Viman.

 



 

Commenting on the occasion, Nadeem Shums, Head of Sales & Marketing – John Keells Properties and Vice President – John Keells Group, elaborated on the exciting experiences offered by Viman, “Sprawling across 6 acres in the heart of Ja-Ela, Viman offers a harmonious blend of modern comforts with 418 apartments and is designed to provide a secure, family-friendly environment with convenient access to Colombo city. Ensconced within a lush central garden, Viman boasts a range of amenities that create a peaceful sanctuary for residents to reconnect with themselves and provide an ideal space for families to thrive. Importantly, Viman will feature energy-efficient solar-powered homes, abundant green spaces and foster a strong sense of community, exemplifying John Keells Properties’ commitment to prioritize both modern comforts and a sustainable lifestyle.”

“Commercial Bank is pleased to collaborate with John Keells Properties, offering flexible financial packages for those looking to diversify their real estate portfolio with ‘Viman’. These packages consider individual financial goals and repayment capacities, featuring attractive interest rates for a smooth loan process. This partnership provides a valuable opportunity for potential buyers and investors, making real estate a compelling choice for investment in today’s economic landscape”, commented Hasrath Munasinghe – Deputy General Manager, Retail Banking and Marketing of Commercial Bank.

There are many factors that make Viman a compelling investment, including its strategic location, which offers excellent connectivity to Colombo while retaining the vibrancy of small-town living, and its proximity to supermarkets, restaurants, schools and hospitals. This strategic location not only enhances convenience but also ensures efficient travel for residents and businesses alike. Marked by lush green open spaces, solar power and a range of amenities, the project artfully blends urban convenience with ecological living. John Keells Properties continuously aims to raise benchmarks in sustainable, community-centric residential developments.

To learn more about Viman Ja-Ela and available home loans offered by Commercial Bank, contact John Keells Properties on 0706 062 062.

 



 


February 28, 2024
SME-Skills-Development-Programmes-2023-LBN.jpg

5min

The Commercial Bank of Ceylon conducted 27 skills development programmes for micro, small and medium enterprises (MSMEs) in collaboration with the International Finance Corporation (IFC) in 2023, using a standardized format developed to revitalize MSME businesses.

These programmes were conducted in areas such as Negombo, Ratnapura, Vavuniya, Kandy, Kadawatha, Akkaraipattu, Jaffna, Nuwara Eliya, Badulla and Minuwangoda and the topics covered were ‘Revisiting Business Strategy (Operational Plan/ Human Resources Plan),’ ‘Profitability and Productivity (Financial Resilience/ Basics of Borrowing),’ ‘Digital Transformation and Digital Market Place (Trends/ Benefits/ Handling Customers/ Payment options/ Policies & Security/ Best Practices),’ ‘Digital Brand Management (Online Presence/ Content Marketing/ Marketing Brand Management/ Measuring results)’ and ‘Women Empowerment and Entrepreneurship’ which was exclusively for women entrepreneurs.

 



 

The training was delivered by certified trainers of the IFC and will be continued by Commercial Bank staff trained under a Training of Trainer programme conducted by the IFC, the Bank said.

Prior to the launch of this special series of training programmes to enhance the knowledge and skill of MSMEs, Commercial Bank partnered with the International Finance Corporation (IFC) to carry out training needs assessments (TNAs), design modules and pre- and post-evaluation forms, conduct pilot programmes, and to train Bank staff to be the training resource persons for future programmes and mentor SMEs.

“Commercial Bank has always devoted special attention to SMEs and is the biggest lender to this segment in Sri Lanka,” the Bank’s Assistant General Manager – Personal Banking/SME Mr S. Ganeshan said. “The objective of SME Skills Programme is to increase the business management skills of our existing and potential MSME clients and to mitigate the long-term negative impacts of the COVID-19 pandemic and the current economic crisis. Our ultimate goal is to establish a sustainable business operation for MSMEs.”

According to the National Policy Framework for Small Medium Enterprise (SME) Development, the Government of Sri Lanka recognizes SMEs as the backbone of the economy, as they account for more than 75% of the total number of enterprises, provide 45% of the employment and contribute to 52% of Gross Domestic Production (GDP). SMEs promote broad-based equitable development and provide more opportunities for women and youth participation in the economic development of the country.

The Bank said the programmes conducted for SMEs are particularly important in the context of the severe setbacks they faced in the wake of the unprecedented challenges brought about by the COVID-19 pandemic and the subsequent economic crisis.

Commercial Bank is the pioneer in organising financial awareness and financial literacy programmes to support the development of entrepreneurship in the country. These programmes have been conducted with the involvement of state and private sector organizations. The Bank has conducted more than 170 such programmes over the past decade, benefitting approximately 15,000 entrepreneurs from different segments of the economy.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically-located network of branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 



 


February 26, 2024
ACCA-Sustainability-Reporting-Awards-2024-LBN.jpg

5min

Adjudged overall runner-up and joint winner in Banking sector for 2022 Annual Report

The 2022 Annual Report of the Commercial Bank of Ceylon was adjudged the overall runner-up and joint winner in the Banking category at the Sustainability Reporting Awards presented recently by the Association of Chartered Certified Accountants (ACCA).

Awarding the overall runner-up award to Commercial Bank, the ACCA judges noted that “The bank has submitted an excellent report which covers all material aspects of its business, showing concern for the community at risk in these difficult economic times.”

 



 

In their comments on the Bank’s victory in the Banking category, the judges said: “The guiding principles for sustainability are well expressed. 50% of the SME portfolio is devoted to women in the SME sector. There is an excellent sustainability framework which includes UNGC and SDGs. The business model integrates ESG considerations. The contribution to the national health services and to environmental institutions such as in relation to coast conservation are a valuable contribution to national wellbeing. Employees are subject to training in sustainability needs.”

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2022 Annual Report also won three Golds and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2023, excelling in key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank was adjudged the best overall for ‘Corporate Governance Disclosure’ and for Digitally Transformative Reporting’ taking two Golds in the main category awards, and won the Gold for the best annual report in the Banking sector, in addition to taking the Bronze for ‘Overall Excellence in Corporate Reporting.”

Titled ‘In Context, Weathering a perfect storm’ the Commercial Bank’s 2022 annual report is the Bank’s 54th annual report and presents comprehensive information on all aspects of performance and governance in the backdrop of a series of events of great adversity. The report elaborates on how the Bank had kept faith in its proven prudence of strategy and adherence to a progressive drive towards enhancements in technology, customer-centric decision making and operational efficiencies to take the Bank forward during a challenging year.

Sri Lanka’s first 100% carbon neutral bank, Commercial Bank introduced a green element into its corporate logo this year, to symbolize the Bank’s multifaceted commitment to sustainability, encompassing diversity, inclusivity, good governance, transparency, social equity, accountability and eco-friendly banking solutions.

The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

 



 


February 26, 2024
PR-IMAGE-LBN-1.jpg

2min

26th February 2024: AIA Insurance made headlines with its 2024 Partnership Distribution Business Launch. Paving its way towards nearly two decades of collaborative success, the event showcased AIA’s dynamic evolution in the Bancassurance industry. AIA has been working closely with leading banks, including long-standing partners NDB and DFCC. These enduring collaborations have played a pivotal role in AIA’s success story. Furthermore, AIA recently secured an exclusive partnership with Commercial Bank, expanding its footprint in the financial landscape. The event also felicitated the NDB CEO, Dimantha Seneviratne for his collaborative leadership towards the growth of the AIA-NDB Bancassurance partnership. In addition to these banking partnerships, AIA has forged strong ties with NDB Wealth Management, while also continuing their long standing relationship with key insurance brokers. The 2024 Partnership Distribution Business Launch highlighted these collaborative efforts, emphasizing AIA’s dedication to innovation and customer centric services as it paves its way towards the next phase of its transformative journey.

 



 



About us

Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




Follow Us


Newsletter