“REMITTANCE OPERATIONS OF
COMMERCIAL BANK OF CEYLON PLC”.
FIRST PART
The prologue
Objectives of the study
**General objective
T gain practical job experience and view the application of theoretical knowledge in the real life.
*Project objective
- The objectives of the study are highlighted as follows:
- This internship report intends to cover a comprehensive analysis of Commercial Bank of Ceylon Limited.
- The report is aimed at studying and understanding the various products offered by the Commercial Bank of Ceylon (CBC) to its clients as well as the several activities carried out to achieve the departmental objectives.
- To determine the factors that influences the choice of a bank by customers.
- To determine the level of satisfaction regarding various bank-services from the viewpoint of customers.
- Finding problems in the processes of the Customer Service Department and providing possible solutions is another objective of the report.
- To provide a brief introduction of Student Remittance.
Scope of the Report
This internship report covers all the activities provided by the Commercial Bank of Ceylon Limited, Gulshan Booth such as Account opening, Payment procedure of TT, Procedure of outward remittance (incoming remittance, student service, corporate service etc) Cheque book issuing procedure, ATM service, Internet Banking etc. Besides this, finding problems in the total process and provide possible solutions for Commercial Bank of Ceylon Limited will be another scope of the report. The project limits itself to understanding and analyzing the whole activities of Commercial Bank of Ceylon (CBC), this report is limited because of feasibility and time considerations. Instead, a performance analysis of the activities of CBC was carried out to determine the progress made since Commercial Bank of Ceylon Limited’s inception and the potential it holds for the years to come.
Methodology of the Report
Methodology is very important to get the relevant data or information from any organization. Without proper methodology, no one can collect relevant information. And without correct and proper information, it is impossible to prepare an effective report.
To collect the relevant information, I adopted the following methods:
Primary source of data
- Web site browsing
- Face to face meeting with Commercial Bank of Ceylon Ltd. employees
- Face to face conversation to the customer on Random Basis.
Secondary Source of Data
- Consult the book of Bangladesh Bank Guidelines.
- Commercial Bank of Ceylon Limited’s Financial Statement.
- Different product brochures of Commercial Bank of Ceylon Limited.
- Help from internees who have completed internship with Commercial Bank of Ceylon Ltd.
Limitations of the Report
This report may have some incompleteness due to some of the limitations I encountered while completing it, they are mentioned below:
- One major limitation was the time constraint.
- Due to time restriction, the Project is concentrated on data collection as much as possible
- Some essential data could not be gathered because of confidentiality concerns.
- Another limitation was that the data gathered could not be verified for accuracy.
- Lack of adequate information of banking institution for preparing this report. So this report is based on only publicly available information
- Lack of experience has also acted as constrains for the exploration of the topic. Extensive analysis of all the finance and banking concept is not possible due to enlarge and diversification of the topic.
- As I was the only one person, this report seriously suffered manpower constrains for a vast research.
SECOND PART
Breakdown of commercial bank of Ceylon limited
Introduction
Contemplated as the best bank in Sri Lanka by magazines like Global Finance, The Banker, Business Today, etc. for several consecutive years, Commercial Bank of Ceylon commenced its operation in Bangladesh in 2003 by acquiring the Bangladesh operations of Credit Agricole lndosuez (CAI). Thus, Commercial Bank of Ceylon Ltd. started with 2 branches in Dhaka and Chittagong and the 2 booths in Gulshan and Sonargaon.
Commercial Bank of Ceylon Ltd.: An Overview
Commercial Bank of Ceylon Limited is a Sri Lankan bank with its head office at “Commercial House”; 21 Bristol Street; P.O. Box 856; Colombo 1; Sri Lanka. It’s a public limited liability company incorporated in Sri Lanka on June 25, 1969, under the Companies Ordinance and quoted in the Colombo Stock Exchange in March 1970. It’s a licensed commercial bank under the Banking Act of Sri Lanka.
Apart from Sri Lanka, it operates in Bangladesh and contemplating exploring into the Indian banking sector as well. In Bangladesh, it started its operation by taking over the Bangladesh operations of Credit Agricole lndosuez (CAI). The event marked the first ever acquisition of a multinational bank by a Sri Lankan bank. In Sri Lanka, Commercial Bank of Ceylon Ltd. is known as the largest and fully networked banking service provider. The bank enjoys the reputation of having an unrivalled employment of information technology and a very reliable ATM network around the country.
It has been adjudicated the best bank in Sri Lanka by magazines like Global Finance, The Banker, Business Today, etc. for several consecutive years at a row. Business today named Commercial Bank of Ceylon Ltd. as the No. 1 Company in Sri Lanka in 2001. It has also receives several awards for its annual reports and human resource management. Besides, Commercial Bank of Ceylon Ltd. was awarded the Corporate Social Responsibility Awards in 2003 and 2004. It has also received a rating of AA+ from Fitch Ratings Lanka Ltd. Several times.
A Brief History of Commercial Bank of Ceylon Ltd.
The journey started in 1920 when The Eastern Bank Ltd. opened a branch office at Chatham Street, Colombo. In 1939, The Branch Office of the Eastern Bank, situated at Chatham Street, was shifted to the previous Commercial Bank, City Office premises, situated at 57, Sir Baron Jayathilake Mawatha. The Chartered Bank acquired the share capital of Eastern Bank Ltd. in 1957. Finally, in 1969, The Commercial Bank of Ceylon Limited was duly incorporated in Sri Lanka, then Ceylon, with Eastern Bank holding 40% of its equity. It was incorporated in Sri Lanka on June 25, 1969, under the Companies Ordinance and quoted in the Colombo Stock Exchange in March 1970.The following table summarizes Commercial Bank of Ceylon Ltd.’s journey-
1920 : The Eastern Bank Ltd. opened a branch office at Chatham Street, Colombo
1939 : The Branch Office of the Eastern Bank, situated at Chatham Street, was shifted to the previous Commercial Bank, City Office premises, situated at 57, Sir Baron Jayathilake Mawatha.
1957 : The share capital of Eastern Bank Ltd. was acquired by the Chartered Bank.
1969 : The Commercial Bank of Ceylon Limited was duly incorporated in Sri Lanka (then Ceylon) with Eastern Bank holding 40% of its equity. The business of the Colombo branch of the Eastern Bank was acquired by the Commercial Bank of Ceylon Limited.
1971 : The Business of the Eastern Bank Ltd. was taken over by the Chartered Bank.
1972 : Two new Branches were opened at Galewela and Matale.
1973 : A new branch was opened at Matara. The Business of the Galle, Jaffna and Kandy branches of the Mercantile Bank Ltd. was acquired by the Bank.
1974 : Two new branches were opened at Wellawatte and Kollupitya.
1975 : The Chartered Bank transferred its business to Standard Chartered Bank. A new branch was opened at Kotahena
1980 : The Bank promoted a property development company, namely Commercial Development Company Ltd., to construct a Headquarters building for the Bank. The Bank enjoyed 40% equity participation in this company.
1984 : The Headquarters of the Bank was shifted to “Commercial House” , 21 Bristol Street, Colombo 1, bringing the operations of Head Office to a centralised location. The Bank embarked on a computerisation programme which would progressively cover the entire branch network. A new branch was opened at Hingurakgoda.
1985 : The Foreign Department of the Bank was elevated to the status of a fully-fledged branch. This move completed the reorganisation process whereby three independent offices representing City Office, Foreign Branch and Head Office were created, segregating the different operations.
1988 : A new branch was opened at Maharagama. An associate Leasing Company , Commercial Leasing Ltd., was formed
1990 : Three new branches were opened at Borella and Kegalle. Automated Teller Machines were installed at the Foreign, Borella, Nugegoda, Kotahena and Kollupitiya branches.
1992 : Seven new branches were opened at Pettah, Battaramulla, Mutwal, Wennappuwa, Koggala, Embilipitiya and Galle. The Bank sponsored Fund Management Company; Commercial Fund Management (Pvt.) Ltd. was formed for the purpose of operating unit trusts. The Bank enjoyed 50% equity participation in this company.
1993 : International Comprehensive Banking System (ICBS) was introduced linking nine metropolitan branches. Three new branches were opened at Kanadana, Maradana and Akuressa. An Automated Teller Machine was installed at Wellawatte Branch
1994 : Three new branches were opened at Minuwangoda, Keyzer Street, Panadura and they were linked to the International Comprehensive Banking System. ATMs were installed at City Office, Minuwangoda, Keyzer Street, Panadura, Maradana and Battaramulla Branches. Religious ceremonies were held and a special bonus of one month’s salary was paid to mark the 25 th anniversary of the Bank
1995 : Two new branches linked to the ICBS were opened at Aluthgama and Kaduwela. The existing branches at Kurunegala, Mutwal and Pettah were linked to the ICBS. ATMS’ were installed at Aluthgama, Kaduwela, Kurunegala, Mutwal and Pettah branches.
1996 : Five new branches with ICBS linkage were opened at Old Moor Street, Katugastota, Nuwara-Eliya, Chilaw and Gampaha. The existing branches at Galle City, Matara, Negombo, Matale and Katunayake(FTZ) were also linked to the ICBS. ATMs were installed in these branches except in Katunayake (FTZ). The bank increased the Shareholding in Commercial Development Company Ltd., to 94.55% through a share swap
1997 : Eight new branches were opened at Ratmalana, Kirullapone, Union Place, Colombo 7, Ratnapura, Kuliyapitiya, Badulla and Anuradhapura. The existing branches at Kandy, Kandana, Maharagama, Hikkaduwa, Wennappuwa, and Kegalle were also linked to the ICBS. Automated Teller Machines were installed in these branches and in Katunayake (FTZ) branch
1998 : 365 day branch at Colombo 7 Branch was opened. Sophisticated Online Banking System which permits clients to conduct a variety of banking transactions through their personal telephone, personal computer or laptop was installed. All branches except Jaffna were linked to the ICBS.
1999 : Banking and supermarketing were combined by opening the first “MiniCom” at the Staple Street Cargills Food City outlet. Rated as the Best Bank in Sri Lanka by Global Finance.
2000 : Launched internet Banking. 5 new branches, 4 Customer Service Points and 2 MiniCom outlets were opened. Rated as the Best Bank for the second consecutive year.
2001 : Launched internet Banking. 5 new branches, 4 Customer Service Points and 2 MiniCom outlets were opened. Rated as the Best Bank for the second consecutive year.
2002 : Selected as the No.1 Corporate in Sri Lanka by “Business Today” Magazine. Rated as the Best Bank in Sri Lanka by “Global Finance” for the fourth consecutive year. Selected as the Bank of the Year by “The Banker” Magazine for the second consecutive year. Fitch Ratings Lanka Ltd. upholds the SL AA+ rating in their annual review. Winner of the overall National Award for HRM – 2002. South Asian Federation of Accountants (SAFA) ranks the Bank’s Annual Report for 2001 to be the first in the Financial Sector.
2003 : Rated as the Best Bank in Sri Lanka by “Global Finance” for the fifth consecutive year. Selected as the Bank of the Year by “The Banker” Magazine for the third consecutive year. Fitch Ratings Lanka Ltd. upholds the SL AA+ rating in their annual review. SAFA rates Annual Report 2002 as the Best Presented Accounts of the Financial Sector. The Institute of Chartered Accountants of Sri Lanka (ICASL) ranks the Annual Report 2001 of the Bank as the Overall Winner, the Winner of the Financial Sector and Winner of Corporate Governance Disclosure Award. The operations of Credit Agricole Indosuez in Bangladesh is taken over. The first service point at Arpico Super Centre was opened at Dehiwela.
2004 : Rated as the Best Bank in Sri Lanka by “Global Finance” for the sixth consecutive year. Selected as the Bank of the Year by “The Banker” Magazine for the fourth consecutive year. Fitch Ratings Lanka Ltd. upholds the AA+ (sri) rating in their annual review. SAFA rates Annual Reports 2002 and 2003 as the Best Presented Accounts of the Financial Sector. The ICASL ranks the Annual Reports 2002 and 2003 of the Bank as follows:
| Award | 2003 | 2002 |
| Overall | Winner | Winner |
| Banking Sector | Winner | Winner |
| Corporate Governance Discloser | Joint 1st Runner Up | Winner |
| Corporate Social Responsibility | Joint 1st Runner Up | Joint 1st Runner Up |
Overall HRM winner in the Large Service Sector and winner – most innovative HR Practices. Commercial Bank Social Responsibility Trust was set up in September.
An introduction to the private sector banking industry in Bangladesh
Banks and financial institutions play an important part role in financial intermediation and thereby contribute to the overall growth in the economy. At present, the financial system in Bangladesh consists of the central bank, nationalized bank/specialized bank, foreign banks and other non-bank financial institutions. In this section, a review is presented in a general fashion on the gradual evolution of private sector banks in Bangladesh and an evaluation is done on their comparative position via other types of banks and their future roles in years to come.
Name of the Selected Scheduled Banks of the Country
Nationalized/ Government Controlled Banks:
I. National Commercial Banks (NCBs)
1. Sonali Bank
2. Janata Bank
3. Agrani Bank
4. Rupali Bank Limited*
II. Specialized National Banks (5)
1. Bangladesh Krishi Bank
2. Bangladesh Shilpa Bank
3. Rajshahi Krishi Unnayan Bank
4. Bangladesh Shilpa Rin Sangstha
5. Bank of Small Industries and Commerce Bangladesh Limited
III. Private Commercial Banks (PCBs)
1. Pubali Bank Limited
2. Uttara Bank Limited
3. Arab Bangladesh Bank Limited
4. International Finance Investment and Commerce Bank Limited
5. Islami Bank Bangladesh Limited
6. National Bank Limited
7. The City Bank Limited
8. United Commercial Bank Limited
9. Al-Baraka Bank Bangladesh Limited
10. Eastern Bank Limited
11. The oriental bank Limited
12. Al Arafa Islami Bank
13. Prime Bank Limited
14. Southeast Bank Limited
15. Dhaka Bank Limited
16. NCC Bank Limited
17. Social Investment Bank
18. Mutual trust Bank
19. Standard Bank Limited
20. One Bank Limited
21. Bank Asia Limited
22. Mercantile Bank
23. Export Import Bank
24. Bangladesh Commerce Bank Limited
25. BRAC Bank Limited
26. Faysal Islamic Bank
27. First Security Bank Limited
28. Jamuna Bank Limited
29. Premier Bank Limited
30. Shahjalal Bank Limited
31. The Trust Bank Limited
IV. Foreign Commercial Banks
1. American Express Bank Limited
2. Standard Chartered Bank Limited
3. Hong-Kong Shanghai Banking Corporation (HSBC)
4. Citi Corp Inc.
5. Commercial bank of Ceylon Ltd.
6. Bank Al-Falah
V. Joint-Venture Commercial Bank (S)
1. Dutch Bangla Bank Limited
VI. Others
1. Ansar VDP Unnayan Bank
2. Bangladesh Samabai Bank Ltd. (BSBL)
3. Grameen Bank
4. Karmasansthan Bank
Bank Deposit Mobilization
Since independence, deposit mobilization in Bangladesh has grown significantly thanks to the phenomenal growth of private banks and NGOs offering limited banking services in the rural areas.
Figure: Deposit growth trends
Key Areas of Operations
Some major areas where Commercial Bank of Ceylon Ltd. specializes as a bank are stated below:
Corporate Banking
This division, with its expertise in Trade Finance, Corporate Finance, Project Financing, Leasing, Factoring, Working Capital Financing and related services caters mainly to the banking needs of the multinational corporate clients and large to medium size domestic corporate customers. The division comprises of the Foreign Branch, the Off-shore Banking Center and the Bangladesh Operations.
Loans and advances portfolio of the Corporate Banking Division and the Bangladesh Operations grew by 27.80% and 58.43% respectively. Commercial Bank of Ceylon Ltd. was also able to get back most of the business lost during the early days of acquisition in Bangladesh. Its growth, in Bangladesh, is expected to improve further with the proposed opening of new branches and introduction of innovative products. The portfolio of the Maldivian corporate grew by 73.59% even though the bank doesn’t have a presence there.
The bank’s leasing operations registered a staggering growth of 54.02%. On the other hand, the non-performing loans ratio was brought down to 5.34% as at 31st December 2004 from 7.63% a year earlier.
Personal Banking
The Personal Banking Division is responsible for the operation of the network of delivery channels that caters mainly to the banking needs of personal customers and small and medium enterprises.
The total network of delivery channels of Commercial Bank of Ceylon Ltd. in Sri Lanka comprised of 107 branches, 6 customer service points, 9 Mini Comes, 3 service points and 187 ATMs by the end of 2004. Up until now, it has 3 branches and 2 booths in Bangladesh.
Regional Offices, Priority Banking Center and the issuance of credit cards under franchise from Master Card International- all played pivotal roles in aiding this division to perform smoothly.
The division channeled funds mobilized in excess of its lending requirements to the Corporate Banking division and the Treasury. Thus, it made low cost funds available to those two divisions.
Treasury
The responsibilities of the Treasury included management of liquidity and exposure to market risk, mobilization of resources from domestic as well as international institutions and banks.
In 2004, the focus of trading operations was active, broad-based market-making in key markets including government securities and foreign exchange markets. Commercial Bank of Ceylon Ltd. also concentrated on the delivery of market solutions to corporate clients in various areas such as foreign exchange and fixed income securities.
CBC Achievements
Commercial Bank of Ceylon Ltd. has won several awards in both Sri Lanka and Bangladesh.
In Sri Lanka
Best Bank
In 2004, The Global Finance Magazine adjudged Commercial Bank of Ceylon Limited as The Best Bank in Sri Lanka for the 7th Consecutive Year. The bank was first adjudicated the best in 1999. Thereafter, it has won the award for seven years at a row. The criteria for choosing Commercial Bank of Ceylon Ltd. as the best bank included growth in assets, profitability, capital strengths, strategic relationships, customer service, competitive pricing and innovative products.
Bank of the Year
From 2001 to 2004, in every successive year, Commercial Bank of Ceylon Limited won the ‘Bank of the Year’ award from ‘The Banker’ Magazine. It was adjudged “The Bank of the year” for the Year 2004 for the fourth successive time by “The Banker” Magazine.
No. 1 Company
Business today magazine ranked Commercial Bank the No. 1 performer among Sri Lanka’s corporate sector for the year 2001. the bank was at the 4th place in last year’s ranking.
According to Business Today “What a year was for Commercial Bank the number 1 in the Business today Top 10 list it strengthen its position as Sri Lanka’s best managed bank. So far Commercial Bank has been quicker to master the technology and deliver services in the most consumer friendly way. Commercial Bank last year was ranked number 4 and therefore its movement to the top of the list is a credit to its unassuming management team. Commercial Bank unlike any other bank in the top 10 has a well-balanced loan portfolio and a client base and that has contributed to the banks strong financial performance. Commercial Bank enjoys an unrivalled reputation among banks for its IT powers and ever reliable ATM network around the Country.”
AA+ from Fitch Ratings Lanka Limited
Commercial Bank of Ceylon Limited received a rating of AA+ from Fitch Ratings Lanka Ltd. for its Implied Long Term Unsecured Senior Debt in March 2005. FRL also affirmed the AA(sri) rating assigned to Commercial bank of Ceylon Ltd.’s subordinated debentures and the AA-(sri) rating assigned to Commercial bank of Ceylon Ltd.’s redeemable preference shares.
AA + (sri) rating denotes a very low expectation of credit risk. It indicates very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
Award for Annual Report
Commercial bank of Ceylon Ltd. received several awards starting from 2000 to 2003 from several organizations for its annual reports. The awards include Edmond J Cooray Trophy for the Best Banking Sector Annual Report, Cyril Gardiner Memorial Trophy for the Best Overall Report, Good Corporate Governance Disclosures Award, and Award for the best presented accounts in the Financial Sector, Corporate Social Responsibility award, etc.
Awards for Human Resource Management
The bank received the Overall National HRM Award in 2003 and 2002. It also received the National HRM Award for Most Innovative HR Practice in 2003.
These awards prove the high degree of professionalism maintained by the Bank, in the management and development of its people, as well as the level of excellence of its human resource systems and procedures. These are recognition of its proactive, employee friendly policies as well. Commercial Bank of Ceylon Ltd. has made significant investments to provide its people with a conducive & motivating work environment, with accent on continuous learning and improvement.
Corporate Social Responsibility Award
In 2004, Commercial Bank of Ceylon Limited was the joint first runner up in the Corporate Social Responsibility awardorganised by the Institute of Chartered Accountants of Sri Lanka. It was the second runner up in the Inaugural Corporate Social Responsibility award organised by the Institute of Chartered Accountants of Sri Lanka, in 2003.
In Bangladesh
AA from CRISL
Commercial bank of Ceylon Ltd. received a rating of ‘AA’ from Credit Rating Information Services Ltd. (CRISL). It was the highest ever rating for any financial institution in Bangladesh.
Best Foreign Bank rated by Industry Magazine
Commercial bank of Ceylon Ltd. commenced its operation only in late 2003. But, it seemed, its comparatively short presence here was no bar for it for outperforming its peer group. In 2004, it was adjudged the Best Foreign Bank operating in Bangladesh by Industry magazine.
Arthakantha Business Award 2004
In 2004, Commercial bank of Ceylon Ltd. also received the Arthakantha Business Award.
Commercial Bank of Ceylon Ltd. in Bangladesh
Commercial Bank of Ceylon Ltd. took over the Bangladeshi operation of Credit Asgricole Indosuez, consisting of two branches in Dhaka and Chittagong and two booths in Gulshan and Sonargaon, on 6 November 2003. That marked the first acquisition of a foreign bank by a Sri Lankan bank. The bank was officially inaugurated on 10th December 2003.
CAI Bangladesh commenced operations in Bangladesh in 1981 as Banque lndosuez. Thereafter, it merged with Credit Agricole, another leading French Bank to become Credit Agricole lndosuez Bangladesh and was the second largest foreign bank here. CAI’s disposal of Bangladeshi operations was a part of the Bank’s global repositioning strategy.
Commercial Bank of Ceylon Ltd. is a rather new bank in the banking scenario of Bangladesh. Its operation is also limited in terms of its number of branches here. Apart from these two branches and two booths acquired from CAI, Commercial Bank of Ceylon Ltd. has another branch at Dhanmondi that had been opened recently. However, Commercial Bank of Ceylon Ltd. has a very aggressive expansion plan for the near future. It’s under consideration that the booth at Gulshan be made a branch. On the other hand, the booth in Sonargaon is already under an expansion program. A branch might be opened in Sylhet soon. Another new branch at Uttara is in the pipeline. Its ATM network will be expanded, too.
Commercial Bank of Ceylon, while continuing CAI’s strategy wishes to further extend the reach and range of services in Bangladesh. Over a period, it would strengthen the retail banking side as well, for which Commercial Bank of Ceylon Ltd. has made its name in Sri Lanka. Back in Sri Lanka, Commercial Bank of Ceylon Ltd. is known as the largest and fully networked banking service provider. The bank enjoys the reputation of having an unrivalled employment of information technology and a very reliable ATM network around the country. It’s worth mentioning here that Commercial Bank of Ceylon Ltd. won several international awards as the best bank in Sri Lanka. Only time will tell if it can continue with its legacy in Bangladesh, too.
Commercial Bank of Ceylon Ltd. Bangladesh under probe
Mission
“To deliver optimum value to our customers, employees, shareholders and the nation” is the mission statement of Commercial Bank of Ceylon Ltd… Thus, it’s concerned with the nation, too, along with its stakeholders. Besides, its concern for value creation is also praiseworthy from the perspective of even an onlooker. Its vision also proclaims its dedication for its level best performance. Its vision is “To be THE LEADER in the financial industry in Sri Lanka, having a visible presence in the region by the year 2010.”
One of its prime future targets is consolidation and growth in the corporate banking sector. At the same time, it also wants to diversify into personal banking as well. Commercial Bank of Ceylon Ltd. wants to focus on contributing to the Bangladesh economy at corporate as well as personal banking level which is totally in line with its mission. And while doing so it intends to differentiate itself from its competitors by its superior service.
Commercial Bank of Ceylon Ltd. wants to see it as a growth oriented regional bank with a vision to be a strong south Asian regional player. It emphasizes its responsibilities as a corporate citizen and ensures high ethical standards in overall conducts. Moreover, it wants to be the market leader in introduction of products and services. And in achieving its goals, it relies on its well-trained and knowledgeable work force. In Sri Lanka, Commercial Bank of Ceylon became the Overall Winner of the ‘National HRM Award-2002’, at the first ever National HRM Awards Convention. The bank not only concentrates on upgrading the knowledge of its workforce but also developing loyalty, among its employees, to the organization.
Capital & Reserve
The reserve ratio constitutes of two parts- the cash reserve ratio and the statutory liquidity ratio. The cash reserve has to be maintained in cash. And the CRR is 4% at present. On the other hand, the statutory liquidity reserve can be maintained by securities, such as the Treasury bill, along with cash. At present, the SLR is 12%.
Commercial Bank of Ceylon Led’s paid-up capital is BDT 1,000,000,000. As of 31 December 2005, its cash in hand (including foreign currencies) was BDT 34,233,366.
Capital Base
Paid up Capital: BDT 1,000,000,000
Mission Statement
To deliver optimum value to
Customers
Employees
Shareholders and
The nation
Vision
“To be THE LEADER in the financial industry in Sri Lanka, having a visible presence in the region by the year 2010.”
Slogan
Our Interest is in You!
Future Targets
Consolidation and growth in corporate banking
Diversification into personal banking, targeting ambitious growth in this sector with the help of new products.
Focus on contributing to the Bangladesh economy at corporate as well as personal banking level.
Differentiating itself in the market by its superior service.
Values
A growth oriented regional bank with a vision to be a strong south Asian regional player.
As a responsible corporate citizen, emphasis given on high ethical standards in overall conducts.
The bank has a clean loan book and high profitability ratios.
A well-trained knowledgeable workforce
Being the market leader in introduction of product and service.
Developing loyalty to the organization.
Workforce
The total number of employees of Commercial Bank of Ceylon in Bangladesh is around 128 at present.
Branches
Commercial Bank of Ceylon started its operation only in 2003 after acquiring Credit Agricole Indosuez. Consequently, Commercial Bank of Ceylon Ltd. began its operation with the branches and booths owned by CAI, which included 2 branches in Dhaka and Chittagong and 2 booths in Gulshan and Sonargaon. Thereafter, Commercial Bank of Ceylon Ltd. has opened up another branch in Dhanmondi recently. Its network is still very limited in terms of its number of branches here and this inadequate presence continues to be a drawback for the bank. However, the bank looks forward to setting up more branches, in the near future, to ensure a strong presence in Bangladesh.
Management Information System
From the beginning of its journey in 2003 Commercial Bank of Ceylon has been laying great emphasis on the use of improved technology. It has started its banking in Bangladesh with online operation system… Commercial Bank of Ceylon Ltd. operates through a very sophisticated and in-depth computer system called ICBS. All data regarding all departments are integrated client wise. Different sub-menu and software
Make friendly and optimum use by its employees and on-line user. As a result the bank is able to give the services of international standards.
Commercial Bank of Ceylon Ltd. Bangladesh is connected through VSAT with Colombo, Head Office. In Bangladesh it operates through VSAT, DDN and Lease line. The chart below is showing their connectivity.
Lease Line
DDN Link Connectivity
V Sat Link Connectivity
Corporate Information:
BANGLADESH OPERATIONS
Corporate Branch and Head Office:
Commercial Bank of Ceylon PLC,
Hadi Mansion, 2 Dilkusha C/A,
Dhaka- 1000.
Telephone : +8802-7114125
Fax : 9565707, 9566574
Swift code, Bangladesh: CCEYBDDH
E-mail: email@combankbd.com
The software’s used by Commercial Bank of Ceylon Ltd. are:
ICBS (International Comprehensive Banking System)
This is the core software of the bank. All the banking transactions can be done through it. It enables new models to add in the system.
AS 400
Based on Colombo, the software is the database of ICBS. It is used for opening accounts and any account related information can be obtained through it.
Lotus Notes
IBM developed this software and Commercial Bank of Ceylon Ltd. is licensed user of it. It is basically a e-mail software with a maximum limit of 25 mb. If the limit is exceeded then mails are transferred to local mail software. Outsider mail is scanned through virus scanner before enable the employees to open it.
SWIFT (Society for Worldwide Interbank Financial Telecommunication)
It is universally accepted banking software used by many banks all over the world. Unlike Telex and Fax, it is a better and authenticated media. Here for every transaction message format is different.
ABT (Alliant Branch Network)
It is a teller based network. This is interfaced with AS400.It has online mode and offline mode. All the transactions are done through it.
Eximbills
This module is dedicated for Trade finance activities. At the end of the day IT department uploads data into AS400.
SRP (Salary Remittance Package)
By using this software commercial bank enables its corporate customers to make online payments such as salaries, overtime, commission etc. Through it client can make the payment to staff by forwarding a data diskette to the bank. As this is totally online process staffs can withdraw money from the nearest ATM.
Correspondent Relationship
The Bank established correspondent relationships with a number of foreign banks. The bank has set up letter of credit on behalf of its valued customers using its correspondents as advising and reimbursing Banks. The Bank maintains a need based correspondent relationship policy, which is gradually expanding. The number of Foreign Correspondents is 23. Their names are as follows:
Country |
Name of the Bank |
|
| 1 | Toronto, Canada | Canadian Imperial Bank of Commerce |
| 2 | Zurich, Switzerland | Union Bank of Switzerland AG |
| 3 | Germany | AMEX Frankfurt Am Main De |
| 4 | France | Credit Commercial De France |
| 5 | Paris, France | Credit Lyonnais |
| 6 | London, Great Britain | HSBC Bank PLC |
| 7 | Hong Kong | Standard Chartered Bank |
| 8 | 2Japan | Bank of Tokyo Mitsubishi Ltd. |
| 9 | Sweden | Svenska Handelbanken Stockholm |
| 10 | Singapore | United Overseas Bank Limited |
| 11 | Mumbai, India | Credit Agricole Indosuez |
| 12 | New York, USA | Standard Chartered Bank |
| 13 | Mumbai, India | ICICI Bank Limited |
| 14 | New York, USA | Citibank N.A. |
| 15 | Sydney, Australia | Citibank Limited |
| 16 | Colombo, Srilanka | Commercial Bank of Ceylon Limited |
| 17 | Karachi, Pakistan | Standard Chartered Bank |
| 18 | Denmark | Nordea Bank Denmark A/S |
| 19 | Wellington, New Zealand | Bank of New Zealand |
| 20 | Seoul, Korea | Kookmin Bank |
| 21 | New York, USA | Wachovia Bank N.A. |
| 22 | Germany | Commerzbank AG. Frankfurt Am Main |
| 23 | New York, USA | Citibank N.A. (Offshore Banking) |
Map: Presence of Commercial Bank of Ceylon’s Correspondent Banks
Departments of Commercial Bank of Ceylon Ltd.
Departmentation helps to ensure efficiency and specialization in an organization. It’s, especially, pivotal when it comes to large organizations. If it were not for departmentation, the limitation on the number of subordinates that can be directly managed would have restricted the size of the organizations. Grouping activities and people into departments makes it feasible to expand organizations. The following departments help Commercial Bank of Ceylon Ltd. run efficiently-
Customer Service
This department deals with the regular transactions. The cash section accepts deposits, receives/pays cash and deals with the clearinghouse. The remittance section deals with fixed deposit, draft, pay order, telegrafic transfer, account opening, retail foreign currency trade, etc.
Trade Finance
This department deals with letter of credits for both import & export purposes. Its responsibilities also include bank guarantees.
Corporate Banking
This department, with its expertise in Trade Finance, Corporate Finance, Project Financing, Leasing, Factoring, Working Capital Financing and related services caters mainly to the banking needs of the multinational corporate clients and large to medium size domestic corporate customers.
ForEx and Treasury
The responsibilities of the department include management of liquidity and exposure to market risk, mobilization of resources from domestic as well as international institutions and banks.
Human Resources Department
The HRD is responsible for recruiting, training and retaining the workforce of Commercial Bank of Ceylon Ltd. It also deals with their compensation package. The department keeps track of the employees in order to evaluate their performance.
Administration
This department manages all the administrative chores related to the regular upkeep of Commercial Bank of Ceylon Ltd.. Moreover, its responsibilities include taking care of all the rental agreements, insurance, advertisement, notice publishing, etc.
Credit Department
The credit department looks after all the risk related issues of the bank and measures credit risk. This department provides the customers with the loan and keeps track of it to make sure the loan would be repaid.
Accounts Department
This department is liable for preparing the financial statements and report Commercial Bank of Ceylon Ltd.’s financial performance during a period. It also prepares and manages the budget.
Information System Department
Commercial Bank of Ceylon Ltd.’s Bangladesh operation is linked via satellite to Colombo. This department looks after that. It also handles the bank’s IT based functions.
Audit and Compliance
Internal auditing is the prime activity of this department. Periodically, this department audits the financial statements and makes sure that the Bangladesh Bank guidelines are properly followed. This department also assists the external auditors.
Personal Banking Division
The Personal Banking Division is responsible for the operation of the network of delivery channels which caters mainly to the banking needs of personal customers and small and medium enterprises.
Risk
This department deals with measurement of risk of different organizations, projects and individuals and determining if a loan facility can be extended and if the return is fair enough for assuming the risk.
Human Resources Management of Commercial Bank of Ceylon Ltd.
Commercial Bank of Ceylon Limited became the Overall Winner of the ‘National HRM Award-2002’, at the first ever National HRM Awards Convention held in Sri Lanka. The competition was jointly, organized by the Institute of Personnel Management Sri Lanka, Post Graduate Institute of Management and Association of Human Resource Management Professionals. About 47 companies including several blue chips, multinationals took part in the second and final round of that competition.
This award signifies the high degree of professionalism maintained by the Bank, in the management and development of its people, as well as the level of excellence of its HRM /HRD systems and procedures. Further, this National HRM Award is recognition of its proactive, employee friendly policies as well.
In Sri Lanka, the Bank has a well-equipped Staff Development Center which caters not only to the internal staff, but also to several other banking and mercantile institutions as well. In November 2002, the Bank signed a Memorandum of Understanding with Asian Institute of Technology (AIT) Bangkok to bring high quality programs within easy reach. It initiated a new partnership with the National University of Singapore. It has also just signed a deal with the Indian Institute of Banking and Finance.
Commercial Bank, has consistently maintained that people factor has always been one of its most critical contributory factors which paved the way to reach great heights. In this context, it has made significant investments to provide its people with a conducive & motivating work environment, with accent on continuous learning and improvement. It concentrates on continuously improving its human resources by benchmarking against international standards, in order to become a world-class organization.
Product and Services of Commercial Bank of Ceylon:
Commercial Bank of Ceylon has very wide range of products and services. They are operating both Srilanka and Bangladesh in some time but some of their products are not some or differ in Srilanka and Bangladesh. The product and services that are currently available are given below:
PRODUCTS
1. Generic Products
Regular Savings Account
With the regular savings account, one has the option of savings through a monthly interest paying account or a half yearly interest paying account at attractive interest rate and interest is calculated on daily balance basis. The documents needed to open a savings account are-
- Specimen Signature Card duly completed.
- Two photographs of the account holder(s) / authorized signatory(ies) to be attested by the introducer
- Copy of valid passport of account holder(s) and authorized signatory (ies) or identification letter / card from employer or Certificate from Ward Commissioner / citizen identification from Chairman, duly attested.
- Letter from Organization, where applicable
- Nominee form duly completed.
Here the customer can have a cheque book, monthly statements and CAT card which enable him/her to carryout variety of ATM transactions such as cash withdrawals, cash deposits(in selected branches), balance enquiry, mini statements etc. 24 hours of the day.
Current Account
· A Commercial Bank’s Current account gives you the convenience of managing your day-to-day transactions
· It is an essential tool for the efficient operation of your business.
· Issue cheques to effect the day-to-day payments and to collect proceeds of cheque and cash received by you.
· Ability to operate it through Internet.
· Handling your payments, remittances, funds transfer, standing orders, settlement of utility bills etc.
· Ability to obtain Overdraft facilities
Opening a Current Account
· Specimen Signature Card duly completed.
· 2 Photographs of the Account holder(s) / Authorized Signatory(ies) to be attested by the introducer
· Copy of valid passport of Account holder(s) and Authorized Signatory (ies) or identification letter / card from employee or Certificate from Ward Commissioner / citizen identification from Chairman, duly attested.
· Letter from Organization where applicable.
· Nominee form duly completed
Unique features of Current Account
· Ability to operate your Commercial Bank Current Account from any of our Branches in the country.
· Ability to access and operate your account from any of our ATMs in Bangladesh as well as the ATMs of Standard Chartered Bank (SCB) and Dutch Bangla Bank Limited (DBBL) and also from anywhere in the world through internet banking facility.]
· Accountholders receive the full face value of all local cheques they deposit in their accounts, regardless of the issuing bank.
· Speedy realization of all cheques collected and issued. Proceeds of the Commercial Bank cheques drawn on any branch deposited will be available the same day.
Short Term Deposit Account (STD)
It is a penalty free, instant access account, which gives competitive rate of interest. Special features offer in this account are
· Sweep facility available
· Interest on daily balance
· Special rate offered over 100 million
· Interest paid yearly
The documents needed to open a STD account are\
· Specimen signature card duly completed.
· 2 photographs of the account holder(s) / authorised signatory(ies) to be attested by the introducer
· Copy of valid passport of account holder(s) and authorised signatory (ies) or identification letter card from Employer or Certificate from Ward Commissioner / citizen identification from Chairman, duly attested.
· Letter from Organization, where applicable
· Nominee form duly completed.
Dollarsmart
Non Resident Bangladeshis or foreigners in Bangladesh can avail this foreign currency term deposit in US dollars. Dollarsmart is a high interest paying foreign currency (USD) account that pays interest in US dollars for a period of 3, 6 or 12 months. The interest can also be converted to BDT if required.
Time (Fixed) Deposit
Fixed Deposit is a time deposit, which offers attractive rates of interest. Interest can be credited automatically to an account of the customer’s choice. The fixed deposit has terms ranging:
· 3 months,
· 6 months,
· 1 year ( Monthly / Annual interest ),
· 2 years ( Monthly / Annual interest ),
· 3 years ( Monthly / Annual interest ) and
· 5 years (High5FD)
The documents needed to open fixed deposit account are-
· Duly filled up application form (available at our website)
· Photograph of the account holder
· Copy of valid passport of Account holder(s) and Authorized Signatory (ies) or identification letter / card from employee or Certificate from Ward Commissioner / citizen identification from Chairman, duly attested.
· Nominee form duly filled up
Money market Account
Do you wonder what to do with short term funds in your hands, which you may require at any moment..? Do you long for an opportunity to earn high interest from your funds while enjoying the flexibility to withdraw whenever you want and deposit whenever you have, part or full..??
Individuals, Proprietorship and Partnership firms, Limited liability Companies, Associations, Clubs, NGO’s etc. can open MMA. It gives you high return on short-term investment and chance to earn maximum on your deposit with us.
Features:
- Earn High returns from your idle funds
- Interest is computed on daily balances and credited monthly
- The interest rate applicable for each month is fixed on the first working day of the month.
- The guaranteed minimum interest rate applicable is equivalent to 1 year STD rate, in case the inter Bank Call Money market rate falls below STD rates
- A real time online Internet Banking facility
- Monthly Bank statements dispatched to designated address without any charges.
- Minimum balance to be maintained is BDT 100,000.
Dream Planner’s Savings Account (DPS)
DPS is a Deposit Pension Savings Account, which guarantees attractive return on your hard earned monthly deposits at the end of a guaranteed period. Relax and watch your monthly deposit grow.
Features:
· Deposit amounts: You can choose an affordable monthly deposit amount from BDT 1000, 2000, 3000, 5000 or 7000.
· Period Options: 3, 5 or 7 years.
· What you will get (Excluding any Govt. Taxes):
| Monthly Deposit | In 3 Years | In 5 Years | In 7 Years |
| BDT 1000 | 39,662 | 70,065 | 103,624 |
| BDT 2000 | 79,325 | 140,131 | 207,250 |
| BDT 3000 | 118,988 | 210,197 | 310,875 |
| BDT 5000 | 198,314 | 350,328 | 518,125 |
| BDT 7000 | 277,639 | 490,459 | 725,375 |
· Flexibility: deposit any day of the month at any of our Branch or simply give a standing instruction from your other accounts.
· Emergency: you may encash prematurely any time. If deposit is withdrawn 6 months after opening, interest will be paid at normal savings rate.
· Loan: You may avail loan up to 80% of principal amount of the deposit after 2 years of opening your account.
Shamriddhi
Shamriddhi is an innovative Tiered Savings Account specially formulated to offer higher returns for higher balances. A deposit of Tk. 100,000 is all you need to give your savings a boost with Shamriddhi. Interests grow in tandem with the balance. Combine all your scattered savings into Shamriddhi and reap elevated returns.
Features:
· Interests grows up to 2% above savings rate
· Interest is calculated on daily balance and credited every 6 months.
· Withdraw money at your convenience
· Avail free internet banking facilities
· Obtain Credit facilities against the balance
| Balance Range | Rate of Interest |
| 100,001 – 500,000 | 0.5% above normal savings (5%) |
| 500,001 – 1,000,000 | 1% above normal savings ( |
| 1,000,000 – 2,000,000 | 1.5% above normal savings |
| Above 2,000,000 | 2% above normal savings |
Minimum Deposit TK. 50,000
Bonus Savings Account (BSA)
Bonus Savings Account is a unique combination of the best of Fixed and Savings schemes, specially designed to give our customers the advantages present in both schemes and disadvantages of none.
Features:
· Flexibility of a savings account- A BSA can be operated like a normal savings account.
· High returns of a fixed deposit- With BSA you can earn an additional 50% bonus on the interest if your number of withdrawals do not exceed two in every six months.
· Interest is calculated on daily balance and credited every six months.
· Even if more than two withdrawals are made interest will be given at a rate applicable to a standard savings account.
· Avail one of the best Internet Banking facilities from the comfort of your home or office.
High5FD
High5FD is a unique High return Five year Fixed Deposit Account. This account provides a stable and high return of 12% on your investment even during volatile market conditions.
Features:
· High5FD provides pre mature withdrawal options to meet your unforeseen cash flow requirements.
- High5FD provides convenient pre mature withdrawal options with interest benefits on the following basis up to the date of withdrawal:
| Tenure | Interest Rate |
| Up to First 10 months | ‘Monthly Interest Savings’ rate |
| Second 10 months | 8.00% |
| Third 10 months | 9.00% |
| Fourth 10 months | 10.00% |
| Fifth 10 months | 11.00% |
| Sixth 10 months | 12.00% |
· You can also avail Loan/OD facilities up to 85 % of the High5FD at very competitive interest rate.
· High5FD is the ideal investment for depositors who target a stable return from their deposits without getting affected by the short term interest volatility in the market.
· This deposit is well suited for a fund manager to secure a stable, high income in the medium term, by hedging against market fluctuations.
DotCom, Teen Saver’s Account
DotCom is a unique savings account introduced by Commercial Bank for children of 12 – 18 years of age. DotCom helps teenagers to save, get more from their savings, have their own Bank account and introduces them to basic banking knowledge from early age. With Commercial Bank’s DotCom Account the teenagers of today feel more
Features: DotCom Account holders will get
· A Fancy ATM Card (with withdrawal limits) for Free!!
· 2% higher Interest than others on Savings
· Exciting DotCom Gifts
2. SME loan
Probriddhi
Probriddhi is a medium term loan facility for small and medium enterprise borrowers or self employed professionals to meet their capital requirements.
Features:
· For small and medium enterprises (SME) and self-employed professionals
· A term loan with a period up to 60 months
· Up to 200% of the fixed deposit held with the Commercial Bank of Ceylon PLC. Subject to a minimum of BDT 2 lacs and maximum of BDT 2 crore.
· Interest rates guaranteed to interest you
· Easy to avail
· Quick disbursement
· The entire probriddhi loan is to be repaid in equal monthly installments
· Available in all our Branches in Bangladesh.
TradeCom
Provide assistance to SME customers for meeting their trade finance requirements at the most convenient way.
Features:
· Eligibility Criteria – Age should be within 21 to 55 years. In case of limited liability company or partnership concern, the key person should be within the above age range and successfully engaged in the import / export business during the last two years.
· Products to be imported / exported – All goods and merchandise acceptable to the Bank.
· L/C limit up to BDT 20 million.
· Same day delivery of L/C is ensured.
· LTR / STL facility for a maximum period of 3 months up to 100% of L/C amount, if required.
· STL up to 10% of L/C for duty payment, if required.
· Most competitive and attractive rates for opening L/C.
· No amendment charges for L/C (except for change in amount & foreign bank charges).
· No confirmation charges for L/C for import from Hong Kong and China.
· Most competitive and attractive interest rates for Short Term Loan and LTR facilities.
· Security – A minimum of 25% of L/C limit to be held in a Deposit account with the bank, hypothecation of stocks with due insurance coverage, personal Guarantee (s), monthly deposits build up and any other securities as may be decided by the bank.
· Availability – All Branches & Booths of the Bank.
Auto Loan
Auto Loan of CBC paves the way to acquire your dream car in the easiest way.
Features:
· You should be within 21 to 55 years of age.
· You should be a confirmed service holder or self employed professional or businessman having minimum two years of service length or business experience.
· Your minimum monthly income should be BDT 40,000 in case of service holder and BDT 30,000 in case of self employed professional or businessman with sufficient proof of income.
· Loan amount up to 80% of car value subject to a maximum of BDT 2,000,000
· Loan period-Not exceeding 60 months, to be repaid in equal monthly installments
· Most competitive and attractive interest rate
· Available at All Branches of CBC in Bangladesh.
SERVICES
ATM/CBC Visa Debit Card
Be a proud owner of CBC Visa Debit Card. View the screen in Bangla, enjoy 24 hours banking and many more benefits from our ATM machines. Now you have the added convenience of using our card in any of the Dutch Bangla Bank’s ATM machines at totally free of CHARGE as well as for SHOPPING OR DINNING wherever Visa cards are accepted.
Features:
· 24 hours banking
· Operate in Bangla or English
· Balance inquiry
· Print mini statement
· Transfer funds (Your accounts have to be linked through ATM)
· Draw as low as BDT 100.
Internet Banking (Commercial Bank Online)
With Commercial Bank of Ceylon’s Internet banking, your bank is as far as your PC. Attend to all your personal Banking needs from the comfort of your home or office through our Internet Banking Services 24 hours a day, 365 days a year!
State of the art Internet security controls are employed to give you maximum protection, safeguard the confidentiality of customer information.
Features:
- Balance Inquiry
- Account History for 5 years
- Request for cheque book
- Setting up of Standing orders
- Print your own bank statement
- Status of deposited cheques
- Option to download account historical data
- Payment of Grameen Phone bills
- Opening of L/Cs
Holiday Banking
Open to all customers of our Bank on all holidays (excluding government holidays) from 9.30 a.m to 12.30 p.m. at the Dhanmondi branch BEPZA Complex, 19/D, Road No. 6, Dhanmondi.
SERVICES AVAILABLE AT THE HOLIDAY BANKING CENTRE, DHANMONDI BRANCH
- Withdrawals from your Bank Account and Encashment of Personal Cheques
- Deposits to your Current, Savings, NFCD and RFCD Bank Accounts
- Opening of Current, Savings, Fixed, Money Market, NFCD and RFCD Accounts
Student Remittance Service (Relies Your Dreams)
Experience the ease and convenience of Transferring money for your child’s educational expenses abroad. Our Student Remittance Services go a long way in assisting Bangladeshi students pursuing Undergraduate, Graduate and Postgraduate courses abroad. We personally care that money is transferred in time and in a safe manner.
Features:
· Easy & Simple procedures
· Fast Money Transfers – Wire transfer of payment through SWIFT in 13 different currencies – Quick and Safe
· Expert advice in filing of documents
· CBC maintains a specialized and exclusive department equipped by experienced officers of the Bank
· Application processing fee of CBC is the lowest amongst the multinational Banks in Bangladesh
· No Hidden Charges
TradeFinance (The professional service in International Trade & Guarantee)
Commercial Bank of Ceylon brings to you the assurance of gaining maximum benefits in the best interests of your business through a team of experienced and seasoned professionals in Trade Finance Services.
CBC trade finance services are specially designed to help develop, expand and diversify your business in the following ways:
For the IMPORT TRADE
· Establishment of Letter of Credit expeditiously.
· Issue/Advise of Letter of Credit on the same day by SWIFT
· Accessibility of our bank through COMBANK ONLINE (Internet Banking) to open your L/C from your home/office.
· Speedy information on the status report of beneficiaries / suppliers etc.
For the EXPORT TRADE
· Payment / Negotiation of bills drawn under L/C.
· Purchase/ Discount / Collection of Export Bills, status report of buyers.
· Prompt advice of L/C, amendments and transfer of L/C received from an array of well spread correspondents
· Purchase/Collection of Foreign Cheques, Draft, Travellers Cheques
· Well established systems and procedures for monitoring and follow-up payments etc.
· Automated Deposit Machine
Good news for our Customers!!!!!!!! From now CBC customer can also deposit their money through Automated Deposit Machine at Mirpur (Dhaka) and Chalibandar (Sylhet) off-site ATM along with the withdrawal facilities.
Features:
- 24 hours banking
- Deposit Cash / Cheque*
- Pay your Aktel & Grameen phone bills*
Financial Performance of Commercial Bank of Ceylon Ltd.
Commercial Bank of Ceylon is a comparatively new bank in the banking scenario of Bangladesh. It started its operation only in late 2003 after acquiring the Bangladesh operations of Credit Agricole Indosuez. However, that should be no bar for a high-flyer like Commercial Bank of Ceylon Ltd. considering its performance in Sri Lanka. Having already proved its efficiency in Sri Lanka, where it’s virtually unrivalled and deemed the best by many, it’s only a matter of time before it establishes itself as one of the leading banks here.
HIGHLIGHTS OF FINANCIAL ACTIVITIES [CONSOLIDATED] |
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