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| Sunday, 8 June 2003 |
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Commercial Bank rated best for 5th successive year The Commercial Bank of Ceylon has been rated the Best Bank in Sri Lanka for the fifth successive year by Global Finance, a prestigious publications serving the international business community. The New York-based monthly, which has a readership of over 285,000 in 170 countries, has selected the Commercial Bank on the basis of its efforts to cater to a new and more affluent generation resulting from constructive use of resources, access to capital and rising living standards due to the peace dividend being enjoyed by Sri Lanka after two decades of ethnic strife. This year's Global Finance survey of the Best Emerging Market Banks was based on extensive analyses throughout emerging market economies and world money centres. The magazine's list of best banks includes establishments from Asia like HSBC, Industrial and Commercial Bank of China, ICICI Bank of India, Bank Mandiri of Malaysia, National Bank of Pakistan, China Trust Commercial Bank of Taiwan, Bangkok Bank of Thailand and the Commercial Bank of Ceylon. The bank's Managing Director Amitha Gooneratne said: "Our continued commitment to excellence by providing an array of services to satisfy our customers, efficient management of resources and the maintenance of high capital adequacy ratios resulted in Global Finance naming Commercial Bank as the Best Bank in Sri Lanka once again. We are honoured to be ranked the best for the fifth successive year when in many countries new banks have emerged to replace the previous year's winners." In its profile of the Commercial Bank, the magazine says: "The bank has incorporated its own IT company, invested heavily in telephone and Internet technology to serve customers cheaply and expanded its ATM network. The bank is an active lender to small and medium-sized enterprises, and is a participant in the Government's and Asian Development Bank's SME development programme. CBC' profits for 2002 were up over 15% on the previous year. Return on Assets was 1.82% after tax." Global Finance, which marked its 15th year of publishing in October 2002, provides information on direct investment, money management, corporate finance, joint ventures, country profiles, capital markets, investor relations, currencies, banking risk management, custody and leading edge technology and is tailored for a special segment of subscribers around the world. |
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