BoC - the number one brand

Brand Finance Lanka, a subsidiary of Brand Finance network (UK) has again ranked the Bank of Ceylon (BoC) as the number one brand in Sri Lanka.

The state-owned financial services giant that calls itself 'Bankers to the Nation' has set an unrivalled record by becoming the only business to have become the number one brand in the country for six consecutive years.

Chairman Air Chief Marshal Harsha Abeywickrama

The Bank of Ceylon's brand value has increased to Rs. 30.83 billion in 2014 compared to Rs. 24.15 billion in 2013. The Bank which celebrates its 75th anniversary this year, has built its brand locally and internationally.

Chairman Air Chief Marshal Harsha Abeywickrama said, "Being a State bank, BoC's role encompasses many responsibilities towards the State - its main stakeholder.

The Bank has nurtured the brand since its inception in 1939 to become the number one brand. This reflects the true leadership of BoC in the banking sector".

General Manager D.M Gunasekara said the Bank's brand has been built on a solid foundation and developed steadily over seven decades in the international banking and financial market.

The acceptance of the brand, 'Bank of Ceylon' in international trade finance operations and in the international money market (BoC raised two successful 500 million US Dollar bond issues which were over subscribed by 200%) and the maintenance of an outstanding number of foreign correspondent relationships (861 foreign agents) covering every part of the world are examples of the brand's international recognition.

Gunasekara said, "Being ranked number one will not only benefit the bank, but also build strong Sri Lankan brands internationally and improve the country's profile. This will attract foreign investments and build the brand equity of the country."

"There are a few Sri Lankan brands that have reached overseas markets compared to other countries. It is a challenge but we believe we can take on the challenge with true commitment and achieve it," he said.

BoC is represented in every part of the island. Almost half of the Sri Lankan population is associated with the BoC brand in many different ways.

Through its multi-channel and a multi-faceted nature the bank has approached customers through a diverse range of banking products and services, thus guiding customers, entrepreneurs and investors to reach a higher elevation.

This diverse range of products and services has enabled the bank to reach every economic and demographic segment in the country.

The Bank of Ceylon has reached every nook and corner of the country with a linked network including over 600 branches and 500 ATMs.

By extending its banking hours in selected branches along with the 365-day banking facility at the head office branch in Colombo, the BoC has reduced the time constraint in banking, bringing the brand even closer to Sri Lankan lives.

These form part of the base on which Bank of Ceylon's brand image within the Sri Lankan banking community is built.

The Bank continues to explore more avenues to penetrate further internationally with special focus on emerging markets.

Through the recently opened Seychelles branch, BoC hopes to find its way into the African continent.

Through the strength of correspondent relationships with financial markets in Europe, the Bank hopes to penetrate further and capitalise on regions with a highly concentrated Sri Lankan diaspora, such as Italy.

The BoC will also explore the possibility of spreading its branch network further in the SAARC region.