Commercial bank History of Commercial bank Preamble Sri Lanka's Best Bank' has a long history that dates back to before independence. Com Bank was founded in the 1920s, during the British colonial period, when trade, commerce, and enterprises flourished. However, we gained traction in 1969, when Commercial Bank of Ceylon became an independent organization, launching an uninterrupted and exceptional legacy of service excellence that has lasted to this day. Portray of the Roots The Eastern Bank opened a branch on Chatham Street in Colombo in 1920. They had no idea they were setting the groundwork for the byword in Sri Lankan banking. As a result of the Donourmough constitutional reforms, enterprises relocated to 57, Sir Baron Jayatilleke Mawatha, Colombo, the hub of the business district, in 1939. Following independence in 1948, trade continued to thrive, and as a result, the Eastern Bank Ltd's share capital was bought by the Chartered Bank in 1957. A decade later, in 1969, the Commercial Bank of Ceylon was established in Ceylon, with the Eastern Bank retaining 40% of the equity, until being taken over by the Chartered Bank in 1971. The Expansion of Corporate Business The Growth of Corporate Business With the ratification of the second Constitution in 1978, a liberalized economy was established, and in 1979, Commercial Bank opened its first Foreign Currency Banking Unit to develop its Off Shore Banking operations. Despite civil instability in 1980, the bank relocated its headquarters to a more central site at "Commercial House," 21, Bristol Street, Colombo. Following that, in 1985, the Foreign Department of the Bank was promoted to the status of a full-fledged branch. By the end of the decade, the company had grown to include two subsidiary firms, Commercial Insurance Services (Pvt.) Ltd and Commercial Leasing Ltd. Another affiliate firm, Commercial Stock Brokers (Pvt. Ltd), was added in 1991, with the bank owning 40% of the stock. The following year, Commercial Fund Management (Pvt.) Ltd. was founded to operate unit trusts, with the Bank owning 50% of the company. Through a share transfer in 1996, the Bank expanded its interest in Commercial Development Company Ltd. (an independent corporation specializing in property development) to 94.55%. In 1999, the bank created history by combining retail and banking to open the first 'Mini- Com' at Cargills Food City on Staple Street. The bank secured a US $ 65 million syndicate loan with the possibility of extending it for another year at the lender's discretion, a first for a non-sovereign in the country. In 2006, Commercial Bank issued scrip on a 1:1 basis and successfully funded US $10 million by selling five-year bonds, another first for a Sri Lankan bank. In its first venture into the international market, the Bank took over the operations of Credit Agricole Indoseuz in Bangladesh in 2003. Commercial Bank sold its 30% equity holding in Commercial Leasing Company PLC in 2008 and became Sri Lanka's first and only CMMI-certified bank in 2009. Beginning in 2011, Commercial Bank was the only Sri Lankan bank to be recognized among the 'Top 1000 Banks in the World' by Banker Magazine - UK. Extending its branch and ATM network around the island, Commercial Bank has rapidly grown its branch and ATM network, reaching out to every nook and cranny to become one of the country's most renowned banking services, all within easy reach. Following that, the Islamic Banking Unit and Elite Branch were established for high-net-worth clientele. Adopting the Latest Technology At all of its branches, Commercial Bank employs cutting-edge core banking systems and ATM systems from leading software providers, Fiserv and Euronet, respectively. In addition to cash withdrawals, the Bank is the largest ATM operator in Sri Lanka, with ATM machines deployed throughout the country that provide services such as utility bill payments, financial transfers between accounts, and many more activities. Mobile ATM Units from the bank are a typical appearance at festivals and other significant events. The bank use CS Eximbills, a method that helped them win the 'Best Sri Lankan Bank for Trade Finance' Award. The Online Banking System, which was launched in 2000, was modified in 2012 to include the most recent advances in user-friendliness, functionality, and security. With the introduction of Mobile Banking and Cash & Cheque Deposit, KOISKS has not only served as a "queue buster," but has also contributed to the bank's rising technological presence in the country. Being the only Sri Lankan bank to hold the coveted ISO/IEC 27001:2005 information security accreditation underlines the bank's dedication to protecting consumer privacy. CSR Journey The Commercial Bank of Ceylon PLC's Corporate Social Responsibility Trust is an effort focused towards improving the lives of people throughout the country. Recognizing that even the simplest activities, when carried out with purpose and passion, have the ability to create massive change, Commercial Bank's commitment extends far beyond the financial sector. The bank has contributed up to 1% of its annual profit to the 2004 Trust. The Trust's primary goal is education, with health coming as a close second. However, the bank's CSR strategy includes both the wellbeing of our war heroes and the preservation of our cultural legacy. The bank has prioritized investments in IT labs for schools and other special institutions. The Bank's primary focus was on providing undergraduate scholarships, contributing equipment to hospitals, assisting war heroes' welfare, and other community projects. Other CSR initiatives of the Bank include healthcare programs, cultural heritage preservation, improving the living conditions of war heroes, and need-based regional projects. The Legend Continues When it comes to achieving the expectations of all stakeholders, trust and integrity have proven critical. As a result, Commercial Bank has developed an incredibly brilliant team of workers and has assisted them in reaching their full potential. Understanding its clients' demands, the bank has developed new and innovative programs that have redefined convenience in financial services and transformed the nature of banking in Sri Lanka. The Commercial Bank of Ceylon continues to be the responsive, pacesetter writing new chapters to ensure a safe financial future in Sri Lanka, growing in stature and serving in measure. Tip: 268 branches, 932 ATM’s
