ComBank Sri Lanka and Bangladesh win awards from Global Business Outlook

June, 15, 2020

Declared ‘Best Commercial Bank’ in Sri Lanka and ‘Best Foreign Bank’ in Bangladesh in 2020

The Commercial Bank of Ceylon has been adjudged the ‘Best Commercial Bank’ in Sri Lanka and the ‘Best Foreign Bank’ in Bangladesh in 2020 by the UK-based Global Business Outlook (GBO) magazine, adding to the growing list of international awards won by the Bank this year.

The Global Business Outlook awards recognise and reward excellence in business of companies all over the globe, both in the public and private sectors. Its goal is to ensure that innovation, creativity and the drive to create value get due recognition.

The magazine invited and accepted applications from companies that performed in exceptional terms, created great value, business edge and market recognition.

The prestigious ‘Best Commercial Bank in Sri Lanka’ award is based on quantitative as well as qualitative indicators encompassing the Bank’s financial performance in the year of assessment, its impact on the national economy, financial inclusion and rural development, geographic range, achievements, new products, CSR initiatives and awards and accolades.

The Best Foreign Bank award presented to Commercial Bank Bangladesh recognises growth achieved in new accounts, deposits and advances, services offered to corporate and personal banking customers, new products and the growth of the Bank’s Online Banking services in that market.

At the close of 2019, the CBC Bangladesh achieved a 28.79% growth in deposits, 20.62% growth in Profit After Tax, and a 5.71% increase in the number of accounts. The Bank’s CSR focus has been to help underprivileged segments of society, particularly poor students.

This is the third occasion that Commercial Bank has been recognised with awards by Global Business Outlook magazine.

Since the inception of its first awards programme in 2015, the Global Business Outlook has successfully evaluated a vast number of companies covering various sectors of the industry, including but not limited to Banking, Insurance, Wealth Management, Asset Management, Brokerage, Technology, Real Estate and Hospitality.

Global Business Outlook is a leading information provider on critical events and developments in the world of business, providing comprehensive, detailed, factual and up-to-date coverage of Global Banking, Insurance, Brokerage, Islamic Finance, Hedge Funds, Brands, Energy, Hospitality, Real Estate Start-ups and emergent technologies such as Block Chain and Internet of Things that are set to make a major impact on people’s lives and the way they interact and do business. The magazine has a dedicated readership comprising of C-suite management and directors of some of the world’s top companies across various sectors.

The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for nine years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 865 ATMs in Sri Lanka.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.