Commercial Bank of Ceylan: Double victory for ComBank from Asiamoney magazine
Voted ‘Best Bank for SMEs’ and ‘Best Bank for CSR’ in Sri Lanka
The Commercial Bank of Ceylon won for the second year in a row the ‘Best Bank for Small and Medium Enterprises’ and ‘Best Bank for Corporate Social Responsibility’ awards from Asiamoney Magazine, the leading publication and the authority on banking and capital markets in Asia.
The “Best Bank for SMEs” award recognizes the efforts of the Commercial Bank to identify the importance of small and medium enterprises to the country’s economy and the products and services put in place to empower this segment, while the ‘Best Bank for Corporate Social Responsibility’ is a tribute to the nationally significant contributions of the Bank through its CSR Trust, in the fields of education, health, environment and community development.
The Bank won the top prize for its persistent efforts to support small and medium-sized enterprises (SMEs) affected by the pandemic in 2020, with among others the disbursement of a substantial amount in COVID-19 support loans by the end of the year under several of the assistance programs to provide working capital loans to businesses affected by the pandemic, including loans granted under the program mandated by the Central Bank as well as the Bank’s own support programs. Bank.
The Bank launched ‘Arunella’ – a financial support program that included 12 initiatives designed to help and provide concessions to SMEs. This included a moratorium program, relief from non-performing borrowers, reduced lending rates, concessions for credit card holders, concessions and fee waivers, and free digital services, to name a few. only a few. It also included two special loan programs, one for SMEs affected by COVID-19 and the other the “Dirishakthi COVID-19 Support Loan” program to help micro-enterprises disrupted by the pandemic.
Commercial Bank is one of the largest SME sector lenders in Sri Lanka. In addition to specialized savings accounts, loan products and personalized service offered to SME clients, the Bank took the initiative to launch an exclusive credit card for SMEs and also launched ComBank Biz Club, with the aim of ‘Provide SMEs with extensive networking opportunities, beyond-lending support, and a range of other benefits, including special bank concessions and a personalized Biz Club debit card. Members also receive economic updates and alerts on new business developments via email and text message and free online banking registration. In addition, members of the Biz Club are entitled to free financial advisory services and invitations to exclusive business seminars which are beneficial for the development of their businesses. Commercial Bank has also helped over 9,000 SME clients to date with financial education programs.
The CSR award is a tribute to the Bank’s continued support for community projects, despite the pandemic. In 2020, Commercial Bank donated Rs 10million to the COVID-19 National Health and Social Security Fund and partnered with the Sri Lankan Army’s “Thuru Mithuru” Project to Lead Sri Lanka towards self-sufficiency in essential foods. Persevering in its contribution to computer education in Sri Lanka, the Bank donated its 200th fully equipped computer lab and set up coding clubs in 50 schools and launched a project to establish 100 STEM classrooms ( Science Technology Engineering and Mathematics) in 100 schools. In addition, during the year under review, the Bank financed projects aimed at setting up mathematics laboratories in schools and improving vocational training opportunities for unqualified students for higher education. The Bank has also committed to reforest 100 hectares of land in the arid zone of Sri Lanka.
The Commercial Bank pays up to 1% of its after-tax profits each year to its CSR Trust.
Founded in 1989, Asiamoney is a financial publication of the Euromoney Institutional Investor group. Asiamoney publishes and offers financial and investment market analysis for issuers of capital, borrowers, institutional investors, and key monetary decision makers in companies and governments with business interests in Asia Pacific.
The first Sri Lankan bank to be ranked among the 1000 best banks in the world and the only Sri Lankan bank to be so for 10 consecutive years, Commercial Bank operates a network of 268 branches and 890 ATMs in Sri Lanka.
Commercial Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he has a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.
Commercial Bank of Ceylon plc published this content on April 05, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 05 April 2021 04:03:02 AM UTC.