BOC expands overseas wings with the re-launch of BOC UK

With a far reaching view of expanding Sri Lanka's banking services in the United Kingdom (UK) and in the European union, the Bank of Ceylon will be re-launching its 60 year-old London branch at No1, Devonshire Square , London EC2 tomorrow (Monday the 12th) as a new international UK bank named Bank of Ceylon (UK) Ltd (BOCUK). Chairman BOC, Dr. Gamini Wickramasinghe said that this fully fledged bank with all modern facilities including online banking is to be used as a platform for global banking and to attract more foreign investment and remittances to the country.

Chairman BOC, Dr. Gamini Wickramasinghe

He noted that BOCUK's short term target was to increase the level of remittances to Sterling Pounds 5 million a month from its current 3 million within a year while taking every possible step to swell the deposit base and savings. He disclosed that the Bank of Ceylon UK regulated by the Financial Services Authority UK intended to leverage London operations coordinating with other EU countries including Italy, Germany and France with further plans to cover the US, Canada, Australasia, Japan and Korea,securing the status of the BOC as a financial powerhouse with global reach. "This will see the Bank of Ceylon's business at its best - innovating to meet the challenges of a fast-changing world, and delivering truly sustainable prosperity for Sri Lanka," he said. The BoC will focus on regional countries such as India, Pakistan and Bangladesh and will consolidate the operations in Maldives and Bangladesh to expand the branch network.

The BOCUK now operated as an exchange house for lending and trade financing activities as well as taking deposits and making remittances will venture into all banking fields to attract much needed foreign investments to the country's development process after three decades of stagnation owing to the North and East war .Dr.Wickremasinghe said. Sri Lankan expatriates in European countries will be encouraged to invest in the country's capital market through the Bank of Ceylon UK as Sri Lanka is now a good place to make investments, he added. BOCUK will provide and develop services that will not only retain existing clients, but attract a new client base. Due to the growing community of Sri Lankan diaspora in the UK and the increasing of trading relationships between the UK and Sri Lanka , it is anticipated that the customer base will grow substantially as BOCUK further develop towards the status of a major bank in the UK.

Dr. Wickremasinghe asserted that BOCUK, is now better placed to offer its customers an even better service and develop products and services to match its customers' requirements and expectations. It will offer higher and attractive interest rates to customers to attract Sri Lankan expatriates in UK and Europe as well as foreigners to patronize its services.

He noted that the bank would adopt a competitive approach and the profits gained would be channelled to Sri Lanka towards its development drive. The bank's customers wuld be encouraged to enter Sri Lanka's capital market and it will issue Sterling Pound bonds and debentures to raise funds for development of Sri Lanka in general and the North and East in particular. The UK bank will also introduce local financial products such as Infinity Retirement plan and NRFC Children's accounts to attract more funds.

BOCUK has a fully fledged ATM network to link any ATM in the banking system and it will engage in more Internet related banking services. The bank will provide facilities to make remittances from major banks through the BOC UK bank to Sri Lanka free of charge. Fund transfers to any BOC branch is free of charge and there are no back end charges.

Full amount will be paid to the beneficiary he said. Sri Lanka had been deprived of 3 to4 billion Sterling Pounds last year due to the following of hawala system for remitting money in rupees by expatriates without channelling through the Central Bank. Dr. Wickremasinghe said that action would be taken to create awareness on BOC e-cash Remittance Service which was a secured and speedy funds transfer service to Sri Lanka by an accepted banking channel in the United Kingdom. The aim is to encourage expatriates to make use of this service for the benefit of the Island.

This would attract more remittances to the country, Dr Wickramasinghe said. The Bank will facilitate the investment drive of Sri Lanka with expected increase in the remittances that in-turn would facilitate the Government's development drive.

He appeals to remittances agencies to patronize free service provided by the UK branch to receive benefit from this service. It is important to make BoC an international bank and use this entity to support foreign exchange related activities in Sri Lanka.

Internet banking will be a major feature and total banking facilities will be provided with this facility. The UK bank will also introduce local financial products such as Infinity Retirement plan and NRFC Children's accounts to attract more funds.

A specialized investment banking unit has been set up to support new services in local and international investments, alternative investments, debt and equity distribution, corporate advisory services, and global research. An umbrella of innovative investment opportunities is to be taken to an island wide customer base through the investment bank.

Dr. Wickramasinghe said, "We will focus on mergers and acquisitions in our journey towards a one trillion balance sheet. We have already earmarked certain industries and companies of interest to achieve the synergies and asset growth necessary. The bank will carry out this transformation strategy and keep in line with its strategies which impact various economic sectors, Dr. Wickremasinghe concluded.

BoC sponsors the biggest Sri Lankan Carnival in the UK

22nd Annual Festival of Cricket, the biggest Sri Lankan Carnival in the UK was held at the Winchmore Hill Cricket Club, Fords Grove, London N21, on Saturday with the sponsorship of the Bank of Ceylon .It was organised by the Sri Lankan OBA's in the UK. This festival was conducted to coincide with the re-launch the Bank of Ceylon (UK).