August, 23, 2022
Higher interest rates enable depositors aspiring to be millionaires to reach the milestone with lower investments
A committed fixed monthly deposit of just Rs 4,280 can begin the journey to millionaire status following an upward revision of the interest rate applicable to the popular aspiration-linked ‘Millionaire’ Investment Plan of the Commercial Bank of Ceylon to 15% per annum.
Reflecting the upward movements of interest rates, Sri Lanka’s benchmark private sector bank has announced the new monthly deposit requirements for two to six-year plans. Plans culminate in the depositor amassing the milestone million-rupee account balance, under this unique investment plan originally launched in 2015.
Accordingly, a fixed monthly deposit of Rs. 35,600 over two years, guarantees the depositor an amount of Rs 1 million, and a deposit of half that value – Rs 17,800 a month – will enable the depositor to accrue a balance of Rs 500,000 in two years, or to become a millionaire in four years, the Bank said.
Designed to be a flexible, easy-to-manage investment plan that generates expected returns within a targeted period of time, Commercial Bank’s Millionaire account enables customers to build up a minimum balance of Rs 500,000 or multiples of Rs 500,000 with no upper limit on the targeted investment over a period of two, three, four, five or six years.
The product retains another popular feature – the eligibility of the depositor to borrow an amount equivalent to up to 75% of his or her cumulative balance for any urgent requirement during the term of the investment plan.
Described as an aspiration-linked investment plan that enables account holders to build up a target amount within a specific period without a high initial investment, the ‘Commercial Bank Millionaire Investment Plan is designed primarily to cater to a segment that needs to fast track savings for specific purposes such as purchase of assets, children’s or own education or weddings.
Available to any Sri Lankan over 18 years of age, the investment plan also allows depositors to nominate beneficiaries to receive the total amount invested, without any penalty charge, in the event of their demise before maturity.
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
August, 17, 2022
Latest innovation allows Apple Watch owners to view their bank balances and accept payment requests from the screens on their wrists
The Commercial Bank of Ceylon has scaled new heights in digital innovation, becoming the first bank in Sri Lanka to take banking to the realm of wearable technology.
The Bank’s and the country’s first “wearable banking” product was achieved with the integration of access to, and select features of, the Bank’s ‘Flash’ Digital Account with Apple Watch in collaboration with Digital Payment Services Pvt Ltd.
Flash account holders who own Apple watches linked to iPhones can now check their account balances and check payment requests and bill sharing requests from the smartwatches on their wrists without reaching for their phones, the Bank said.
“We are excited about this latest innovation because it is the first step in a stimulating new journey of infinite possibilities,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge said. “Smartwatches are no longer a gimmick of the so-called tech nerds. They are playing a growing role in enhancing convenience for a significant customer segment, which we expect to grow substantially in the years ahead. As a leader in digital banking, Commercial Bank is proud to introduce another breakthrough banking solution in the form of wearable banking.”
While the first step of this initiative focuses on enabling account balance view and accepting fund transfer requests, the Bank is already exploring the possibility of enabling additional features such as bill payments and own account transfers that will significantly enhance the functionality of wearable banking, Mr Manatunge added.
Flash users who own Apple watches can install the Flash app to their watches via their iPhones, creating a shortcut to the app on the list of apps accessible via their watches. They can thereafter view their account balances on the watch screen and will receive pop-up notifications on their watches whenever a payment request is received by their Flash accounts.
Adjudged the ‘Digital Banking Initiative of the Year’ in Sri Lanka at the 2021 Asian Banking and Finance (ABF) awards, Commercial Bank’s Flash Digital Banking App is a comprehensive digital banking tool that provides financial services required to manage the lifestyle of a customer across aspects such as daily living and utility expenses, budgeting, saving, financing, eCommerce, environmental awareness, and investments. It enables customers to enjoy a complete suite of financial services and wealth management tools in one seamless application.
The importance accorded to the app is reflected in its having its own dedicated website – www.flashbank.lk
In 2020, ComBank Flash was upgraded with revolutionary features never-before-seen in the market. These included ‘Save the Environment’ – a feature which promotes an understanding of the social carbon footprint of consumption by assessing each transaction a user carries out via the app using a carbon footprint calculator that is integrated with the UN-approved Environment Impact Index for financial transactions; and the ‘Advanced Budgeting’ tab which functions as a personal financial management tool that enables tracking of spending with the detailed categorisation of expenses.
The app is equipped with a Quick Response (QR) Payment module that enables users to scan a LANKAQR code of any merchant to make payments directly from their accounts to the merchant for purchases. It is also integrated with the PickMe app QR and enables customers to add any bank account to top up Flash and make payments via the ‘JustPay’ feature. Additionally, the app is equipped with a ‘Flash Finance SPACE’ function that generates Credit Cards, Personal Loans, Home Loans, Leasing, and Education Loan requests.
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
August, 15, 2022
The Commercial Bank Group has reported a six-month financial performance that mirrors the impacts of the country’s macro-economic variables, with solid operational gains negated by extraordinary provisioning in the second quarter for impairment charges and other losses.
Comprising of the Commercial Bank of Ceylon PLC, its subsidiaries and an associate, the Group posted a gross income of Rs 119.517 billion for the six months ended 30th June 2022 and Rs 64.944 billion for the second quarter, achieving a healthy topline growth of 49.52% and 66.41% respectively.
Interest income grew by 39.08% to Rs 88.117 billion for the six months, and by 58.78% to Rs 50.270 billion for the second quarter primarily due to repricing of assets. With rising interest rates and the consequent repricing of deposits, interest expenses increased by 47.23% to Rs 47.404 billion for the six months, and by 77.61% to Rs 28.380 billion for the second quarter. As a result, net interest income for the six months improved by 30.66% to Rs 40.713 billion, while net interest income for the second quarter reported a higher growth of 39.59% to Rs 21.890 billion.
Commenting on the period reviewed, Commercial Bank Chairman Prof. Ananda Jayawardane said: “Our six-month results are a case study on how macro-economic challenges can neutralise solid operational performance. We have achieved encouraging operational performance across the board, but have been compelled, as any prudent institution would do, to make adjustments that respond to the deteriorating economic environment, ensuring that the Bank meets its obligations to all stakeholders and retains its inherent financial strength and stability.”
The Bank’s Managing Director and CEO Mr Sanath Manatunge added: “The mercurial policy environment we operate in, requires agile responses as well as forward-looking decisions, however tough they may be. Our second quarter results are particularly influenced by additional impairment charges that impacted on profit growth, but represent a realistic management of credit risk. Banks will be required to perform a balancing act of this nature in the short and medium term until external conditions improve.”
According to the Interim Financial Statements filed with the Colombo Stock Exchange (CSE), the Commercial Bank Group achieved a solid growth in fee and commission income, which was up 65.56% to Rs 11.759 billion for the six months mainly due to a noteworthy improvement in fee and commission income of 79.21% to Rs 6.366 billion for the second quarter; which helped net fee and commission income for the first half of 2022 to improve by 55.41% to Rs 8.878 billion compared to Rs. 5.712 billion reported for the corresponding period of 2021.
Further, other income, which comprises of net gains from trading, net gains from derecognition of financial assets and net other operating income, grew by 107.32% to Rs 19.642 billion for the six months and by 117.88% to Rs 8.309 billion for second quarter of 2022. Net gains from trading for the six months amounted to Rs 32.102 billion compared to Rs 1.425 billion recorded for the corresponding period of the previous year. This was primarily from realized and unrealized gains from forward exchange contracts, spot and swap transactions. However, the revaluation of foreign currency assets and liabilities and the exchange impact on impairment charges on loans and advances and Government Securities denominated in foreign currency resulted in a net other operating expense of Rs 12.524 billion for the first half of 2022, compared to the net other operating income of Rs 5.213 billion reported for the corresponding period of last year.
Total operating income for the six months under review amounted to Rs 69.232 billion, an improvement of 49.39%. The figure for the second quarter was Rs 34.988 billion, reflecting an even stronger growth of 57.72%.
The Group reported impairment charges and other losses totaling to Rs 35.219 billion for the six months and Rs 29.258 billion for the second quarter alone, reflecting increases of 157.93% and 350.24% respectively. The exchange impact on impairment charges on loans and advances and Government Securities denominated in foreign currency was adjusted in Net Other Operating Income where the corresponding exchange gains are recognised.
Elaborating on the increased impairment provisioning, Mr Manatunge said the Bank provided substantial impairment charges on loans and advances in respect of individually significant customers as well as collectively for other customers and those customers in the risk-elevated sectors, as necessitated by the most recent developments in macro-economic indicators impacting the credit risk. “We also continue to recognise additional impairment provisions by way of management overlays on account of loans under moratoriums”, he said. “In the second quarter, the Bank also recognised substantial impairment provisions on its foreign currency denominated government securities owing to the recent downgrading by rating agencies of Sri Lanka’s sovereign, and the announcement by the government that it is considering a consensual restructuring of the country’s external debt via an economic adjustment programme supported by the IMF. Accordingly, the Bank has increased impairment provisions on account of foreign currency denominated government securities during the second quarter.”
Consequently, the growth in the net operating income for the six months under review reduced to 4.05% or Rs 34.014 billion, while the figure of Rs 5.730 billion for the second quarter reflected a decline of 63.47%.
Operating expenses increased by 28.07% for the six months to Rs 18.031 billion, and by 32.50% for the second quarter to Rs 9.311 billion, mainly due to increases in staff-related expenses and other operating expenses owing to inflation and the sharp depreciation of the rupee during the first half of 2022, which had a significant impact on expenses paid in foreign currency such as card-related payments, license fees and annual maintenance charges. As a result, the Group’s operating profit before Value Added Tax (VAT) on financial services reduced by 14.12% to Rs 15.982 billion for the six months under review and by 141.36% to a loss of Rs. 3.581 billion for the second quarter.
With VAT on financial services reducing by only 8.91% to Rs 2.603 billion, the Group reported a profit before tax of Rs 13.376 billion for the six months, recording a decline of 15.09% over the first half of 2021. Income tax for the period increased by 23.47% to Rs 4.198 billion despite the drop in pre-tax profit for the period under review as the figure for the corresponding six months of 2021 was reduced by the reversal of an over-provision for 2020 resulting from the reduction in the corporate tax rate from 28% to 24%, which was adjusted in the first quarter of 2021. Therefore, the Group’s profit after tax of Rs 9.178 billion for the six months reflected a decline of 25.71% compared to the corresponding period of last year.
Taken separately, Commercial Bank of Ceylon PLC posted a profit before tax of Rs 12.576 billion for the six months, recording a drop of 18.44% and a profit after tax of Rs 8.592 billion, a decline of 29.19% compared to profit before tax of Rs. 15.420 billion and profit after tax of Rs. 12.134 billion reported for the corresponding period of the last year.
Total assets of the Group grew by Rs 420 billion or 21.17% over the six months to reach Rs 2.403 trillion as at 30th June 2022. Asset growth over the preceding 12 months was Rs 469 billion or 24.23%. Notably, a significant portion of the growth in assets during the period under review was due to the sharp depreciation of the Rupee against the US dollar.
Gross loans and advances of the Group increased by Rs 205 billion or 18.71% at a monthly average of Rs 34 billion to Rs 1.300 trillion as at 30th June 2022, while the growth of the loan book of the Group over the preceding year was Rs 266 billion or 25.71%. In the meantime, total deposits of the Group recorded a growth of Rs 284 billion or 19.30% in the six months to Rs 1.757 trillion as at 30th June 2022, recording a monthly average of Rs 47 billion, while the YOY deposit growth was Rs 352 billion at a monthly average of Rs 29 billion. Once again, the primary reason for the growth in both gross loans and advances and deposits was due to the sharp depreciation of the Rupee against the US dollar during the period under review.
In other key indicators, the Bank’s net assets value per share increased by 12.69% to Rs 155.60 from Rs 138.08 as at end 2021. The Bank’s Tier 1 Capital Adequacy Ratio (CAR) stood at 10.604% as at 30th June 2022, and its Total Capital Ratio stood at 13.528%. The Bank said it expects to maintain the minimum earnings retention ratio at 60% for which the capital conservation buffer (CCB) requirement as per the Banking Act Direction No 04 of 2022 is between 1.250% and 1.875%. Accordingly, the minimum total capital ratio required to be maintained by the Bank is between 12.750% and 13.375%. The Bank has in place a capital augmentation plan towards rebuilding the CCB to 2.5% within three years as required by the said Direction.
In terms of liquidity, the Bank’s statutory liquid assets ratios for its domestic banking unit and offshore banking unit stood at 25.37% and 30.13% respectively, well above the minimum requirement of 20%. In terms of asset quality, the Bank’s impaired loans (stage 3) ratio stood at 3.65% while its stage 3 impairment to stage 3 loans ratio stood at 42.33% as at 30th June 2022, compared to the ratios of 3.85% and 42.76% reported as at end 2021.
In key profitability indicators, the Bank’s net interest margin improved to 3.71% for the six months ended 30th June 2022, while its return on assets (before taxes) stood at 1.18% and return on equity stood at 9.69%.
Commercial Bank is Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be ranked among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake, and Myanmar, where it has a microfinance company in Nay Pyi Taw.
August, 8, 2022
Launches new initiative to expand Bank’s gender-specific commitments and to promote inclusivity
The Commercial Bank of Ceylon has launched a ground-breaking certificate course in SME skills development exclusively for women entrepreneurs, in collaboration with the Postgraduate Institute of Management (PIM) affiliated with the University of Sri Jayewardenepura.
The course will consist of three seven-hours-a-day sessions spread over three months followed by a practical presentation session, the Bank said. The three sessions will be on the topics ‘Business Development for Women Entrepreneurs,’ ‘Finance & Negotiation basics’ and ‘Innovation & Branding.’ On completion of the sessions, participants will be required to present a practical plan on a new product or service complete with relevant costing and plans for marketing. A certificate will be awarded to the participants who complete all three sessions and the presentation.
The specific areas covered by the course topics would encompass How to improve business in tough times; How to find new opportunities; How to grow the business in revenue terms; How to plan finances for the business; How to keep basic accounts and statements; Preparation of budgets for the business; How to manage costs; Negotiating and relationship building with suppliers; How to plan new products and services; Moving from a businesswoman to an entrepreneur; and How to promote the business via different channels.
Commenting on this collaborative programme, Commercial Bank’s Deputy General Manager – Marketing, Mr Hasrath Munasinghe said: “Skills development in the SME sector had been one of our main areas of focus under non-financial banking services. Our recent initiatives in Women’s Banking place emphasis on supporting female entrepreneurs. As the leader in SME lending, we are happy to reach out to more women entrepreneurs and this skills development programme is the latest addition to this effort. With initiatives such as this, the Bank aims to create more opportunities to reach women entrepreneurs, create stronger bonds, and equip our customers with the knowledge and skills needed to withstand challenges.”
Pursuant to a Memorandum of Understanding (MoU) signed recently between the Bank and PIM, a pilot course is to be conducted for about 30 - 40 female entrepreneurs from the Inner Colombo and Colombo Metro regions at the Bank’s Training Centre at Colombo 2, the Bank said.
Based on the feedback received on the pilot project and further evaluations and improvements, the Bank said it intends to extend this programme to female entrepreneurs around the country in Sinhala, Tamil and English. A second programme is already planned to be conducted in Tamil for the Bank’s female customers in the North and East.
Although the Bank has been conducting skills development programmes for SMEs continuously for many years, this is the first structured, standardised course it is offering women entrepreneurs in partnership with a national university reputed for delivering high quality programmes. The expertise offered by PIM and the practical experience opportunities extended to the participants would represent a significant value addition for women entrepreneurs, the Bank added.
Under the terms of the MoU, Commercial Bank will nominate participants for the SME skills development programmes for women entrepreneurs. Thereafter, the PIM will carry out an independent verification of the background of participants and will explain the curriculum individually, to prepare them for the programme.
Earlier this year, Commercial Bank also conducted a programme with panel discussions on beginning a career, climbing up the corporate ladder and success stories of women-led enterprises for a group of female undergraduates of the University of Colombo.
Commercial Bank launched the ‘Anagi Women’s Banking’ portfolio in early 2022 as part of its expanding efforts to the support women. The portfolio was designed in collaboration with the International Finance Corporation (IFC) -- under the IFC-DFAT Women in Work program -- using its expertise in increasing access to finance for women, an important but under-served segment. The portfolio comprises of the ‘Anagi Women’s Savings Account’ and the ‘Anagi Business Loan for Women Small and Medium Entrepreneurs (WSME)’ and the Bank has pledged to introduce many more new products and services in the future. The Bank offers a free Debit Card with all Anagi Savings Accounts and recently introduced a Credit Card exclusively for women. 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.
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo Caption : Commercial Bank's Deputy General Manager - Marketing Mr Hasrath Munasinghe (3rd from right) exchanges the agreement with PIM Director Dr Senaka Kelum Gamage in the presence of (from left) PIM Alumni Member and Genesis Resource Person Ms Chandima Ranasinghe, Senior Lecturer Mr Tharindu Ameresekere and Consultant Dr Travis Perera, and Commercial Bank's Senior Manager Women's Banking Ms Kamalini Ellawala and Senior Manager Development Credit Department Mr Malika De Silva.
August, 1, 2022
The Commercial Bank of Ceylon has been adjudged the ‘The Best Engaging Overall Cards Base’ for the third consecutive year at the ‘Payment Partner Performance Awards 2022’ hosted by Daraz, South Asia’s largest ecommerce platform.
The Bank was presented this prestigious award for supporting the Daraz platform by generating the highest number of transactions by both credit and debit card bases and the highest number of unique buyers’ engagements during the financial year 2021-22.
Commercial Bank is the only Sri Lankan bank to win this award for three years consecutively.
The Bank said it has conducted 18 card promotions in collaboration with Daraz from January 2021 to date, encouraging large numbers of the Bank’s customers to engage with the online shopping platform, thereby generating the highest payment volume for the year of assessment for the latest award. These year-long promotions are designed by the Bank to provide the best benefits to its card customers and to foster loyal relationships with its partner merchants.
Notably, Commercial Bank cards generated the highest sales volumes for Daraz during most of its online promotions in 2021-22, including at ‘Daraz 11.11’ and ‘Daraz 12.12’ that were positioned as Sri Lanka’s biggest online shopping festivals.
Commenting on this latest award, the Chief Manager of Commercial Bank’s Card Centre Mr Nishantha de Silva said: “Platforms like Daraz not only represent the present and the future of eCommerce, they complement Commercial Bank’s own efforts to popularise the use of digital and web-based banking to the masses. We are delighted with the steadily increasing volumes we are generating for Daraz and look forward to collaborating innovatively with the Daraz platform in the future as well.”
The Commercial Bank of Ceylon has been the Internet Payment (IPG) service provider to Daraz from 2018. The two organisations have been working together to offer diversified and unique offers to customers with a view of offering them attractive value additions. Commercial Bank cardholders can enjoy periodic discounts at Daraz with the offers structured by the Bank, and the convenience of Easy Payment Plans of up to 60 months.
Launched in 2012, the Daraz ecommerce site has an active presence in Pakistan, Bangladesh, Sri Lanka, Myanmar, and Nepal. The marketplace has over 2.5 million products in diverse categories such as consumer electronics, household goods, beauty, fashion, sports equipment, and groceries. It was acquired by the Alibaba Group in 2018.
Commercial Bank credit and debit cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both credit and debit card holders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for credit cards to its debit cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in credit and debit card cumulative point-of-sale usage. The Bank offers a variety of credit cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo caption: Commercial Bank's Chief Manager Card Centre Mr Nishantha de Silva (3rd from left) receives the award from Daraz Managing Director Mr Rakhil Fernando in the presence of (from left) Mr Wishan Fernando, Officer Card Centre and Mr Kalinga Divaratne, Senior Manager – Card Centre of Commercial Bank, and Mr Dulika Jayamanne, Head of Payments at Daraz.
July, 21, 2022
Offers interest rates of up to 22% on 300-day FDs
The Commercial Bank of Ceylon has introduced a fixed deposit scheme with high interest rates of up to 22% per annum, to encourage short term deposits and give the Bank’s customers an unbeatable and secure return for their investments in less than a year.
Under this special scheme, Commercial Bank customers can open fixed deposit accounts with a minimum deposit of Rs 2 million for a time period of 100 days, 200 days and 300 days and earn returns of 20%, 21 % and 22% per annum, respectively.
The Bank’s personal and business customers will be eligible to benefit from this latest short term fixed deposit scheme which features a single maturity period and is non-renewable after the period of maturity, the Bank said. Personal customers can also open these accounts jointly and nominate a beneficiary.
Commenting on this new FD scheme, the Bank’s Chief Operating Officer Mr S Prabagar said: “With interest rates rising, investors are looking at options to maximise their returns, but the security of such investments are also of paramount importance, particularly in the current context. Commercial Bank offers the strength and stability of the country’s biggest and most profitable private sector bank and more than a century of trust and confidence, alongside a highly competitive rate of return.”
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
July, 20, 2022
The Commercial Bank of Ceylon and leading money transfer operator Western Union are collaborating on a novel promotion that will reward recipients of remittances with a most timely and in-demand gift: a rechargeable LED light with every remittance worth Rs 10,000 or more, received until 15th September 2022 or until stocks last.
The Bank said it hopes the campaign will help expand its Western Union customer base, strengthen relationships with existing remittance customers, boost customer loyalty and also increase the Bank’s remittance market share.
Western Union is a global leader in cross-border, cross-currency money movement, and is present in over 200 countries and territories worldwide with 525,000 agent locations. The Commercial Bank of Ceylon tied up with Western Union in 2019 to enable users of the service to receive money over the counter of a Bank branch from anywhere in the world, especially from the USA, Canada, parts of Europe and the Middle East which are popular destinations for remittances.
One of Commercial Bank’s key strengths in serving the remittance needs of customers is its island-wide network of 268 branches, many of which remain open on public, bank and mercantile holidays, and its network of 940 ATMs, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. The Bank operates a dedicated customer support call centre for remittances and provides SMS alerts when a remittance is received and is ready to be paid out.
One of the most active players in the country in the field of remittances, Commercial Bank launched Sri Lanka’s first Remittance Card in 2016 complete with a cash advance loan facility against emergencies. The Bank has issued over 40,000 such cards to date.
To further cater to this segment, the Bank launched ‘ComBank RemitPlus’ in 2019 to enhance access to remittance-related information and services. It also operates 24/7 remittance processing units and has installed dedicated remittance counters at its main branches.
Commercial Bank is Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
July, 4, 2022
The Commercial Bank of Ceylon has announced that ‘ComBank ePassbook’ – Sri Lanka’s first digital passbook – is now operable in Sinhala and Tamil in addition to English, to further encourage digital banking habits and improve the customer experience.
An upgrade to the app enables Commercial Bank customers to select the language of their preference to view their banking transactions and access all services offered by the ComBank ePassbook.
The move to make the ComBank ePassbook trilingual was embarked upon to enable all customer segments of the bank to go digital and to improve digital financial inclusivity, the Bank said.
In 2020, the ComBank ePassbook was upgraded to include self-registration capabilities, real-time transaction notifications, and a biometric login feature that enables account holders use the app via face ID and fingerprint without having to type in the password at every login. Notably, ComBank ePassbook App download increased by 150,000 within six months of the launch of the self-registration feature. ComBank ePassbook has users in more than 200 countries, averaging more than 10,000 active users per 30 minutes and has over 1 million customer registrations, the Bank said.
Another upgrade enabled users to subscribe and unsubscribe Current Accounts, Savings Accounts, and Credit Cards in their ComBank ePassbook application. It also facilitated users to view their Current and Savings account details with unlimited transaction history, including information on unrealised cheques, account holds and the total overdraft limit for current accounts; launch searches in their Accounts and Credit card transactions by description, amounts and date ranges; and view credit card subscriptions, current billing cycles, and credit card eStatements for the past two years.
Additionally, information on current interest rates, exchange rates, Bank branches, and privacy policy is accessible via the application. Users can also conveniently locate ATMs closest to them by referring the ComBank ePassbook.
This mobile application provides access to details of Savings, Current, NRFC, RFC accounts and Credit Cards on Android and iOS powered mobile devices and acts as a single repository for multiple accounts enrolled by an account holder, with the capability to view each account separately. ComBank ePassbook iOS mobile application is operable as a desktop application on the latest MacBooks too.
The ComBank ePassbook was introduced in 2016 as a pioneering product of Commercial Bank, revolutionising the concept of the “Passbook” to customers. It was the first digital passbook in Sri Lanka’s and South Asia’s banking industry. The application is provided free of charge and provides instant access to the customer’s accounts through a Smartphone, dispensing with the requirement of holding a physical passbook or obtaining any paid banking facility such as Online Banking or Mobile Banking for inquiry purposes of customers.
Sri Lanka’s first 100% carbon neutral bank, 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 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
June, 22, 2022
The Commercial Bank of Ceylon recently presented Rs 5 million in cash prizes to the lucky winners of the Bank’s ‘Win a Million’ remittance promotion launched in January this year.
This included cheques to the value of Rs 1 million each to four first prize winners and consolation prizes of Rs 25,000 each to another 40 remittance customers who won in the four months ending April 2022. The Bank said it plans to continue this promotion to produce more millionaires while encouraging customers to use its remittance channels.
The four grand prize winners of Rs 1 million are Mr Y. C. S. Peiris of Moratuwa, Mrs A. D. Malani Somalatha Fernando of Kiribathgoda, Mr W. Sakun Madhuranga Thamel of Wennappuwa and Ms Sivakumar Dilani of Horana, all of who received remittances from the Middle East region.
The ‘Win a Million’ promotion enabled recipients of money via ComBank RemitPlus – the remittance service of the Bank – to automatically enter into a prize draw that took place once a month. Every customer who received remittances directly to a Commercial Bank Account between January and April and those who collected the remitted cash from a Commercial Bank branch close to them were eligible to enter these draws. After the conclusion of each monthly draw, the Bank published details of the winners on its social media platforms as well as the Bank’s ‘RemitPlus’ App.
The Bank said the ‘Win a Million’ campaign was launched to encourage recipients of remittances to directly approach the Bank and remittance partners, to promote direct remittances, help reach untapped markets, boost customer loyalty and retention, attract customers of global partners, and popularise its Remittance Card, RemitPlus app, and related value-added services.
The promotion was also designed to provide customers with a substantial incentive to move away from informal remittance channels such as Hawala and Undiyal, the Bank added. ‘Win a Million’ rewards migrant workers by giving them the chance to enhance their living standards by building a house, purchasing land, buying household essentials, or starting a business that will sustain them when they return home and therefore was widely popular among the Bank’s remittance customers.
Remit Plus is the instant money transfer service of Commercial Bank which enables Sri Lankan expatriates to make instant money transfers from many countries around the world. A sophisticated, low cost, real time, online money transfer facility, Remit Plus can be accessed by remitters through a network of agents. The Bank’s business partners for remittances in more than 130 countries provide remittance services through which the amount is credited to relevant Commercial Bank accounts instantly at any time of the day, any day of the year.
‘ComBank RemitPlus’ is a remittance app that enables those who use the Bank’s remittance services to conveniently access remittance-related information and services. The mobile app which could be downloaded for both iOS and Android operating systems serves as an information app and connects both the remitter and sender for interactions about the tracking of the remittance. No joining fee or annual fee is levied on the usage of this app. Regular remittance receivers are eligible to open a Remittance Account at any one of the Bank’s branches and are eligible to obtain a Remittance Card, free of charge.
Commercial Bank is one of the most active players in Sri Lanka in the field of remittances. One of the Bank’s key strengths is its island-wide network of 268 branches, many of which remain open on public, bank and mercantile holidays, and its network of 940 machines, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. Recipients of remittances sent to the Bank enjoy many benefits such Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.
Commercial Bank is Sri Lanka’s first 100% carbon neutral bank, 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 11 years consecutively. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Photo caption: Pictured here are the prize winners with Commercial Bank Managing Director and CEO - Mr Sanath Manatunge (sixth from left) and Chief Operating Officer - Mr. S Prabagar (eighth from left), and representatives of the Bank’s corporate and senior management.
June, 21, 2022
The Commercial Bank of Ceylon recently donated two Autoclaves, machines that use water, pressure and heat to create superheated steam to kill microorganisms and spores, to the Point Pedro Base Hospital, in response to a request. These units will be used for infection control at the hospital’s operating theatre. A ‘Type A’ Base Hospital, the Pedro Hospital serves about 150,000 people in the Vadamarachchi region of Jaffna.
Pictured here is the presentation of the Autoclaves by Commercial Bank’s Regional Manager Northern, Mr Ramachandran Sivagnanam (second right) and the Manager of the Point Pedro Branch of the Commercial Bank Mr Thevaraajah Aravinthan to a representative of the hospital.
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