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ComBank wins ‘Bank of the Year’ award from ‘The Banker’- UK

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Commercial Bank’s Managing Director, CEO Sanath Manatunge (Centre) receiving the award.
Commercial Bank’s Managing Director, CEO Sanath Manatunge (Centre) receiving the award.

The Commercial Bank of Ceylon has been crowned Sri Lanka’s ‘Bank of the Year’ by the respected ‘The Banker’ magazine of the UK, the Oscar equivalent of the banking fraternity.

This is the 12th occasion that Commercial Bank has won this coveted award which is presented in recognition of the Bank’s ability to deliver returns, gain strategic advantage and serve the market while being regarded as the industry standard for banking excellence. ‘The Bank of the Year’ title is conferred upon financial institutions excelling in growth and performance, strategic initiatives, innovation in technology, new or upgraded products and services, and other noteworthy achievements in the field.

“Being named Bank of the Year 12 times is a remarkable achievement by any standards,” Commercial Bank Managing Director/CEO Sanath Manatunge observed. “Winning this title in respect of 2022 is particularly noteworthy in the context of the conditions that prevailed. Our performance under intense pressure is a tribute to the entire Commercial Bank team, which has delivered consistently, leading to the numerous accolades won this year.”

A banking sector benchmark and the largest private sector bank in Sri Lanka, Commercial Bank’s assets grew 20.51%to Rs 2.390 trillion in the first nine months of 2022, reaffirming its position as one of the strongest banks in the country. Other factors considered for The Banker’s ‘Bank of the Year’ award encompassed Commercial Bank’s strategic initiatives such as enhancing its online banking platform ComBank Digital to better cater to its business user segment, launching social media-based banking with trilingual access, and implementing a new Customer Relationship Management (CRM) Platform, among others.

With these initiatives, the Bank became the largest user of CEFT Transactions in Sri Lanka with over 4.5 million transactions from January 1 to May 31, 2022 while its digital banking retail customer base grew by 89% over 2021, and its digital banking business customer base grew to over 31,500 users within a year of introduction.

In terms of innovative technology, the Bank launched an award-winning end-to-end automation solution for its credit card on-boarding process. The range of new financial and non-financial products and services launched by the Bank under the Anagi Women’s Banking brand in the period were also assessed for the award. Commercial Bank also expanded the scope of the “Dirishakthi” Micro Entrepreneurs Loans scheme to benefit not just individual borrowers but all participants in their value chains.

Since 1926, The Banker Magazine provides economic and financial intelligence for the world’s financial sector and has built a reputation for objective and incisive reporting.


Tuesday, December 20, 2022 – 01:00

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