BOC Celebrates 84th Anniversary

Bank of Ceylon Chairman Ronald Perera and General Manager Russel Fonseka presents an appreciation award to R. Roshana Waduge, Managing Director of Senaro Motor Company. Picture by Wimal Karunatillike

The Bank of Ceylon celebrated its 84th Anniversary yesterday and announced that it has set up a special Rs. 25 billion fund to offer low cost credit to SME entrepreneurs.

Bank’s Chairman President’s Counsel Ronald C. Perera said that with economic revival taking place at a faster pace than expected many businesses that were affected due to the COVID pandemic and thereafter the economic crisis are now restarting their businesses.

He also said that a lot of negative publicity was generated that the local debt restructuring process would affect the State banks but it was proved wrong.

“In addition we have also observed many new businesses along with startups too starting businesses and they all need access to credit at low interest.This is why this novel scheme with a capital base of Rs. 5 billion was launched offering credit facilities as low as rates at 12.5%.”

He also said they do around 26 million transactions with customers and out of them 23

million are done online. BOC’s founding is a major event in the country’s economic history in the

modern era as it is a milestone in what today is called “Financial Inclusion”. What may come as a surprise to leaders today is that the access we have today to modern banking services for the ordinary citizen or local business was not available then.

The Chairman recalled that at the opening of the Bank of Ceylon August 1, 1939 for business by British Governor Sir Andrew Caldecott, he predicted that one day it would be a major force to be reckoned with in Sri Lanka.

“This is very true today as we are the best bank in Sri Lanka with the largest asset base, branches, staff and also customers. We are also the only bank to be among the world’s top 1,00 banks.”

General Manager Russel Fonseka said that a novel product focused on empowering customers through a flexible investment plan, “BOC Flexi Investor” account was also ceremoniously launched.

“This novel savings account comes with special features that enable the eligible account holder to have a goal-based investment plan to achieve financial goals in the way he/she desires. Flexibility to set own investment plan based on the goal, tenure and the affordable deposit with a wide range of investment options and attractive interest rates. It also gives the option to open multiple investment plans simultaneously and there will be no penalty for missed deposits.”