The Bank of Ceylon (BoC) today stands tall as the leading Commercial Bank in Sri Lanka. The bank has successfully continued to maintain its leading and pre-eminent position and attached a high degree of priority to face up to the unprecedented challenges that have today emerged in the banking sphere.
In a landmark transaction the bank was able to arrange the largest ever syndicate loan raised by any Sri Lankan Bank in the international market equivalent to US Dollars 210 million. The most significant feature of the issue was the attractive pricing linked to the London Inter-Bank Offered Rate reflecting the confidence of the international financial community on the risk profile of the bank and the country.
This is the lowest rate ever paid by any Sri Lankan bank in raising US$ syndicate loans from the International market. BoC has always made maximum use of every single opportunity to intensify its existing relationships which has intensified by adding value with the exceptional quality service that is coupled with modern banking technologies.
The bank provides diversified retail, wholesale, international, development/investment banking services, credit cards, SLIPS, RTGS payments, safe deposit, custodial and pawn broking services through a network of over 500 local and 3 overseas branches (London, Male & Chennai) and its Off-shore Banking Unit.
A historical overview
The BoC was ceremoniously opened as the nation's first modern locally-owned bank by Governor, Sir Andrew Caldecott on 1st August 1939 at the City Office premises. From its inception the bank began to grow despite severe competition from exchange banks and informal money-lenders. BoC opened its very first branch in 1941 in Kandy and subsequently in the outstation towns of Galle, Jaffna and Trincomalee. The bank opened its first overseas branch in 1949 in London and was nationalized in 1961 to facilitate the national development efforts.
In keeping with the prevailing state policies at the time, the bank had to fulfill the aspirations of the nation. Under the Agricultural Productivity Law which was enacted in 1972 Agrarian Service Centre branches were set up island wide. As a result, the branch network expanded tremendously covering most of the rural areas of the island.
With the introduction of the open economic policies ushered in the new era in commercial banking in Sri Lanka the bank pioneered the introduction of Information Technology to the commercial banking sector of Sri Lanka. The first Foreign Currency Banking Unit (FCBU) was set up in 1979 consequent to the liberalization of exchange control regulations.
The functions of the bank were developed under four Regional Offices. Thus by the late 70's the bank grew to new heights with island-wide coverage, increased business volumes and strength and also increased the number of overseas branches.
In addition to commercial banking activities, the BoC began to enter into other business areas through subsidiary and associate companies. The Merchant Bank of Sri Lanka Limited, the first Merchant Bank in Sri Lanka was set up by the bank in 1982 with the establishment of BoC Property Development Limited, a 32 storied new Head Office was constructed in 1987 to house all administrative offices, in addition to this an International Division a Corporate Branch and a Personal Branch was also established.
In collaboration with VISA International, the BoC introduced Ceybank Visa Credit Cards in the year 1989 for the first time in Sri Lanka and is now geared to introduce many innovative facilities in the new millennium. |
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