Bank of Ceylon: A National Commercial Bank Overview

Bank of Ceylon is Sri Lanka's largest commercial bank, with a rich history dating back to 1939. It was established by a group of visionary entrepreneurs.

The bank has undergone significant transformations over the years, with its first branch opening in Colombo in 1939. Today, it has a vast network of branches and ATMs across the country.

Bank of Ceylon offers a wide range of financial services, including personal and corporate banking, loans, and deposits. Its services cater to diverse customer needs, from individual savings accounts to large corporate transactions.

The bank's commitment to innovation and technology has enabled it to provide efficient and secure banking services to its customers.

A unique perspective: Banks and Banking Services

The Commercial Bank of Ceylon plc has been making headlines with its debenture issue on January 30. This move aims to secure funding for the bank's operations.

The bank has a history of making strategic changes, as evident from the committee changes announced on December 1. These changes took effect on January 1, 2025.

Here's a brief overview of the bank's recent developments:

Bank of Ceylon's financial performance over the years is a story of growth and adaptation. The bank's sales by activity provide a clear picture of its financial health.

Personal banking has been the bank's strongest segment, with sales increasing from 29.44 billion in 2019 to 54.35 billion in 2023. This is a significant jump of 85% in just four years.

The bank's international operations have also seen significant growth, with sales increasing from 9.96 billion in 2019 to 34.04 billion in 2023. This represents a growth of 242% over the same period.

Corporate banking, on the other hand, has experienced fluctuations in sales. The bank's sales in this segment decreased from 7.58 billion in 2019 to 2.93 billion in 2021, before increasing to 19.18 billion in 2023.

The bank's dealing/treasury segment has also seen significant fluctuations in sales. The bank's sales in this segment increased from 4.55 billion in 2019 to 17.02 billion in 2021, before decreasing to -31.47 billion in 2023.

Here's a breakdown of the bank's sales by activity for the years 2019 to 2023:

Bank of Ceylon has a significant investment in Ceylon Tobacco Company PLC (CTC), a subsidiary of British American Tobacco.

The bank is listed as one of the top 20 shareholders of CTC, with 143,175 shares under the name 'Bank of Ceylon No 1 Account'.

Bank of Ceylon holds 0.08% of the total shares of CTC, making it the 15th largest shareholder.

CTC holds the monopoly of cigarette manufacturing and sales in Sri Lanka, and Bank of Ceylon is one of the only two local investors in the company.

British American Tobacco owned 84.13% of the shares of CTC in 2019, highlighting the significant stake of the parent company.

Bank of Ceylon's management structure is quite impressive, with a Chairman and Managing Director at the helm. This leadership team has been instrumental in driving the bank's growth and success.

The bank's strategic direction is guided by a clear vision, with a focus on innovation and customer satisfaction. This is evident in the bank's efforts to expand its digital services and improve its customer experience.

With a strong presence in Sri Lanka, Bank of Ceylon has a large network of branches and ATMs, making it easily accessible to customers. This extensive network has been a key factor in the bank's ability to provide its services to a wide range of customers.

The bank's commitment to innovation is reflected in its use of technology to improve its operations and services. For example, it has implemented a new core banking system to enhance its efficiency and customer service.

Bank of Ceylon's management team has been successful in driving the bank's growth and expansion, with a focus on sustainable development. This approach has helped the bank to maintain its position as a leading financial institution in Sri Lanka.

Bank of Ceylon, commonly known as BOC, is one of the leading state-owned banks in Sri Lanka. It was established in 1939, under the Bank of Ceylon Ordinance No. 53 of 1938, as Sri Lanka's first state-owned commercial bank.

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The bank's headquarters, the tallest building in Sri Lanka until the 1990s, is situated at No. 01, BOC Square, Bank of Ceylon Mawatha, Colombo 01, Sri Lanka.

As of March 2021, BOC has grown into the largest banking network in Sri Lanka with more than 645 branches.

Here are some of the bank's subsidiaries and associate companies:

The current chairman of the BOC, as of March 2021, is Mr. Kanchana Ratwatte, who was appointed on 2nd January 2020.