March, 22, 2019
The Commercial Bank of Ceylon has been adjudged Sri Lanka’s Best Bank in 2019 by the USA-based Global Finance magazine, giving the Bank its 19th such accolade from this entity alone.
Global Finance’s just released list of ‘Best Banks in Asia Pacific 2019’ names Commercial Bank in a pantheon of banking giants of the region, including Westpac (Australia), ICBC (China), DBS (Singapore), The Bank East Asia (Hong Kong), State Bank of India, Bank Mandiri (Indonesia), SMBC (Japan), and KEB Hana Bank (South Korea).
This is the 26thedition of Global Finance’s Best Bank awards programme, considered one of the most prestigious among the many international accolades presented annually to financial institutions. In its announcement of the 2019 winners, the magazine that reaches readers in 188 countries, said: “The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished better results while laying the foundations for future success.”
All selections were made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world. In selecting these top banks, Global Finance considered factors that range from the quantitative objective to the informed subjective. In addition, a poll of Global Finance’s corporate readership was conducted in order to increase the accuracy and reliability of the results.
Objective criteria considered encompassed multiple indicators under the headings of Key financials, Key capabilities and services offered, Geographic range, Planned significant developments, Customer service and Deployment of leading-edge technology, and included growth in assets, profitability, market share and return on equity; strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
“We are naturally delighted to be Global Finance’s choice for the Best Bank in Sri Lanka,” Commercial Bank’s Managing Director/CEO Mr S. Renganathan said. “Our team’s untiring efforts backed by the unstinted support and patronage of our valued customers and shareholders and the valuable guidance of the sector regulators have contributed to this achievement.”
Global Finance Publisher and Editorial Director Joseph D. Giarraputo said: “What it takes to rank among the world’s best banks is increasingly difficult to deliver. Customer expectations of financial services providers have never been higher—tailored products delivered in real time with complete security. Global Finance’s Best Bank Awards provide a continuity of insight into which financial institutions are innovating and adapting to changing conditions.”
Global Finance’s latest Best Bank award winners will be honoured at an awards ceremony to be held during the IMF/World Bank Annual Meetings in Washington, DC at the National Press Club on the morning of October 19, 2019.
A full report on the selections will appear in the May issue of Global Finance, with winners chosen in nearly 150 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe. The May report will also feature selections for the Best US Regional Banks and the World’s Best Banks by Region.
Among the international awards already won by Commercial Bank this year are two awards from the Asian Business & Social Forum (ABSF) and the Most Innovative Customer Service Banking Brand from Global Brands magazine.
Founded in 1987, Global Finance has a circulation of 50,050 and a readership encompassing chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance is headquartered in New York and has offices in London and Milan.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.
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 PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.