Our Long and Beautiful History

Preamble

The birth of Com Bank roots back to 1920s’ during the British colonial regime when trade, commerce and enterprises like Banks opened up in Sri Lanka. In 1969 Commercial Bank of Ceylon gathered momentum when it became a totally independent entity. So began an unbroken tradition of excellence in service that has continued to what it is today; the Best Bank in Sri Lanka.

Portray of the roots

In 1920, The Eastern Bank opened a branch at Chatham Street Colombo little realizing they were laying the foundation to what was to become, a byword in Banking! As business became good with the Donourmough constitutional reforms, they moved to the heart of the premier business area at 57, Sir Baron Jayatilleke Mawatha, Colombo in 1939. After the independence in 1948, trade flourished in Sri Lanka and as a consequent; the share capital of Eastern Bank Ltd was acquired by the Chartered Bank in 1957. A decade later in 1969, Commercial Bank of Ceylon was duly incorporated in Ceylon, with The Eastern Bank holding 40% of its equity. Later in 1971, the business of the Eastern Bank was taken over by the Commercial Bank of Ceylon Limited.

Expansion of the corporate business

After the 2nd Constitution in 1978, and under the liberalized economy, offshore banking was established. Hence, in 1979 Commercial Bank opened its first Foreign Currency Banking Unit to promote off-shore banking business.

Despite the social unrest in early 80’s the bank took a significant turn in 1984; Commercial Bank moved its operations to a centralized location at the newly constructed head office branded as the “Commercial House” at 21 Bristol Street, Colombo. Then in 1985 the status of the Foreign Department of the Bank was elevated to that of a fully-fledged branch. This move completed the reorganization process. Now the City Office, Foreign Branch and Head Office segregated the different operations of the Bank.

During the late 1980’s business expanded; two associate companies Commercial Insurance Services (Pvt.) Ltd. and Commercial Leasing Ltd. were formed. Then again in 1991, associate Company Commercial Stock Brokers (Pvt.) Ltd., commenced operations with the bank owning 40% equity participation. Then in 1992, Commercial Fund Management (Pvt.) Ltd. was formed for the purpose of operating unit trusts where the bank enjoyed 50% equity participation. In 1996, the bank increased its shareholding in Commercial Development Company Ltd. (an independent entity, dealing in property development) to 94.55% by means of a share swap.

1999, marked the year for another major event when banking and super marketing were combined with the opening of the first "Mini Com" at the Staple Street Cargills Food City outlet. In 2003, the bank took over the operations of Credit Agricole Indosuez in Bangladesh making its first overseas foray. Then in 2005, Commercial Bank raised US $65 million 2 year syndicated loan with the option to extend it further for another year at the option of the lender. This was the first such loan given to a non-sovereign corporate in the country. The Bank made a scrip issue on the basis of 1:1 in 2006 and also successfully raised US $10 million by issuing 5 year bonds. This was another first for an indigenous bank in Sri Lanka.

Extending the Island wide reach

Commercial Bank with it rapid expansion of Branches, Customer Service Points and Mini Com outlets reached out to every vicinity in the urban side and the periphery.

Adopting the latest Technology

In 1984, Commercial Bank also initiated a computerization programme which gradually covered its entire branch network. Another significant step was when the bank installed its first Automated Teller Machine (ATM) in 1990. The years followed with the bank installing this equipment at existing and new branches. Further, 1993 was a significant year when the International Comprehensive Banking System (ICBS) was introduced linking nine metropolitan branches.

1998 witnessed the installation of a sophisticated Online Banking System linking all branches and, paving way for the clients to conduct a variety of banking transactions through their personal telephone, personal computer or laptop. The onset of millennium 2000 saw the launch of Commercial Bank internet banking facility giving every benefit of internet technology to their long standing and potential clientele. Then in 2006 bank introduced the island’s first mobile ATM.

Awards for excellence

The expansion of Commercial Bank had evolved throughout the country’s political and economic transition. It has transformed so much that today it has been highly renowned for its service excellence even in the international arena. It was rated as the Best Bank in Sri Lanka by Global Finance in 1999 and then for 11 consecutive years – a record breaking achievement received by none other banks in Sri Lanka. Similarly, Commercial Bank was chosen as ‘The Bank of the Year’ by the prestigious ‘The Banker’ magazine for almost a decade since 2001. Then again it received SL AA++ rating since 2001 from Fitch Ratings Lanka Ltd. in their Annual Review. In 2002, it was also chosen as the No 1 Corporate in Sri Lanka by ‘Business Today’ Magazine and won the overall National Award for HRM. Significantly, it had been among the award winners in the top rankings of The South Asian Federation of Accountants (SAFA) from 2001 to 2008. Meanwhile the Institute of the Chartered Accountants of Sri Lanka (ICASL) ranked the Bank’s Annual Report as the Overall Winner, the Winner of the Financial Sector and the Winner in the Corporate Governance Disclosure Award in 2001 to 2006. The Bank also won 5 main awards including the Overall Winner Award at the National Business Excellence Awards – 2006 organized by the National Chamber of Commerce. As such the Commercial Bank has won many awards locally as well as internationally.

CSR Journey

Throughout this journey of excellence, Commercial Bank has been a genuine care giver in the areas of Health, Education and Transport Sector. The road map of CSR was mainly focused on less fortunate children who hail from remote villages as well as to less privileged hospitals. Special emphasis was also given to areas that have been overlooked by many like improving the vocational skills of prison inmates and the aged population. As Sri Lanka’s benchmark bank it has always been at the forefront to assist during time critical moments like re-building northern war prone areas, assisting the displaced in such areas and during the devastating Tsunami.

The Legend Continues

Trust and integrity had been key value components when meeting the expectations of every stakeholder. As such, it has molded an exceptionally talented team of employees helping them reach their fullest potential. Precisely understanding the needs of customers, the bank has provided new and imaginative schemes that has altogether redefined convenience in financial services and revolutionized the nature of banking in Sri Lanka. Improving in stature, serving in measure, the Commercial Bank of Ceylon continues to be the responsive, pacesetter Bank writing new chapters to create a secure financial future in Sri Lanka.