ComBank and HNB pick WKFS and Providence

Two private commercial banks - Commercial Bank PLC and Hatton National Bank PLC have selected WKFS and Providence's OneSumX finance solution for the implementation of IFRS (International Financial Reporting Standards) in its institutions.

This implementation will position Commercial Bank and Hatton National Bank as one of first Sri Lankan banking institutions to be completely compliant with international reporting standards as per the IFRS global standard.

Managing Director, Commercial Bank of Ceylon, Jegan Durairatnam said, "Commercial Bank of Ceylon was one of the pioneers in adopting SLRFS (IFRS), the single global financial reporting language. This was in keeping with our leadership in compliance and our international footprint."

"With our partnership with WKFS and Providence, we enter a new era in financial reporting that will further enhance our international reputation, befitting our position as one of the top 1,000 banks in the

world," he said.

"At HNB, we have always established the highest financial reporting standards. We pioneered the transition to IFRS reporting in 2012 and after a comprehensive review identified Wolters Kluwer as the strategic partner for the provision of a best in class automated solution that suits our diversified business model and long term strategic priorities," said Managing Director and CEO, Hatton National Bank, Jonathan Alles.

"IFRS reporting implemented by Commercial Bank and HNB would give them global recognition and acknowledgment. Selecting WKFS and Providence as the product and implementation partners ensures successful deployment of a critical solution," said Director Providence Holdings (Pvt) Ltd, Dr. Vaz S. Gnanam.