Financial Times

Commercial Bank in world’s top 1000 banks

The Commercial Bank of Ceylon has become the first Sri Lankan bank to be ranked among the Top 1000 Banks of the World on capital adequacy and soundness, the Bank said this week.

The Bank’s entry into this prestigious list at No. 950 is based on its Tier One Capital strength, which is the most important benchmark for assessing the stability of a bank. Equally if not more significant is that in terms of Financial Soundness, the Commercial Bank has performed even better by being ranked at 155th position in the world, the statement said.

Compiled by ‘The Banker,’ a premier magazine for the world’s investment, retail and commercial banking sectors, the list of Top 1000 Banks of the World is headed by HSBC Holdings of UK, and has in its top 10, globally significant banks such as Bank of America, Citigroup, Mitsubishi UFJ, Credit Agricole and other leading names.

“Having a Sri Lankan bank in the Top 1000 is a noteworthy and timely achievement for Sri Lanka’s banking industry,” Commercial Bank’s Managing Director Amitha Gooneratne said. “Commercial Bank has always focused on getting its fundamentals right, even in the most difficult macroeconomic conditions, and this has been one of the cornerstones of our stability.”

“These are challenging times even for the major financial institutions of the world. The adequacy of capital to support the assets, thereby ultimately offering greater protection to depositors, is becoming even more significant in the present turbulence in financial markets which has not as yet had much of an impact on Sri Lankan Banks.

Of course, Sri Lanka has largely avoided this contagion mainly due to the prudent policies on capital transfers and supervision of banks exercised by Central Bank” Mr. Gooneratne said. “Some recent events in our country have led people to be more conscious about the reputation and the integrity of financial institutions that they deal with. This ranking re-affirms our stability and would therefore be important to our customers and a matter of pride for our staff.”

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
LMSL-land clearly belonged to SLPA
Sampath says capital adequacy enough
EU probe begins on Lanka’s GSP+
JKH share falls on rumours, foreign selling
Best times still ahead for investors in capital markets
Crude oil hits lowest in two years
Hard times for coir workers
Garment crisis, JKH on the hop
Revival: “We can do it”- Meegoda
Global crisis will take a minimum of 12 to 15 months to stabilise
PBJ affidavit to be accepted once all letters are filed-Court
Adverse comments against judiciary may be to stifle its independence
Cargills using Jayasuriya to woo public support for its products
Brandix takes Gold at National Cleaner Production Awards
Domestic workers in local households push for rights
Regional business leaders to meet at BPA AGM
Chairman and CEO must be two separate posts
Sri Lankan psychologists come together to form asssociation
Commercial Bank in world’s top 1000 banks
BOI promoting regional development
Sri Lanka takes historic step in evidence through video conferencing
Seylan Merchant Leasing’s deposit base tops Rs 1.5 billion
Lower consumption of lubricants-Chevron Lanka
Voice-based phone directory from Suntel
Colombo, Gampaha and Kalutara most competitive Sri Lankan cities
58% of low grown teas unsold at auctions this week
HSBC unveils world’s longest golf cart
Garment factory closures points to unviable industry-report
Arab airlines urged to focus on efficiency
Abdul Rahims – 136 years of trading
Dave Ulrich’s ‘Future Proof Your HR’ draws crowds to Water’s Edge
Sparks fly at SPAACS launch
Harry J-controlled parties restricted to 10% on ComBank voting
Veteran insurance consultant urges Code of Conduct for insurance
Onus on defendant to begin case under Debt Recovery laws
Renton to spearhead World Bank tourism project
Lankan banker wins ‘Woman of the Year in Finance’
Minimum wage for workers under consideration – outgoing EFC Chairman
Financial scandals : Who takes responsibility?
ADB, Sri Lanka agree on partnership strategy
JKH: Treatment of LMSL Land
Sri Lankan Actuaries form professional body
US$150 mln rescue package to tackle loss of GSP+ benefit
Interest rates to come down
Security experts stress importance of private security agencies


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution