Sri Lanka’s Commercial Bank named ‘Best Internet Bank’ & ‘Best Green Bank’ by two UK magazines

The Commercial Bank of Ceylon has won two more international awards – ‘Best Internet Bank – Sri Lanka’ and ‘Best Green Bank – Sri Lanka,’ continuing a winning streak that has taken its tally of international awards in the first quarter of 2019 alone, to five.

While Global Banking and Finance Review Magazine of the UK adjudged Commercial Bank the Best Internet Bank in Sri Lanka for the fourth successive year, Capital Finance International Magazine, also of the UK, named the Bank the Best Green Bank. Both titles were conferred upon the Bank for its green initiatives and the sustainable practice of promoting paperless banking.

The ‘Best Internet Bank’ title recognizes Commercial Bank’s status as the owner of the most subscribed to online payment portal in the country. Commercial Bank’s Online Banking platform facilitates customer convenience as well as paper saving through a diverse range of fund management options for both individual and corporate customers. The personal online banking platform offers an exceptional range of features such as fund transfers across a variety of accounts, cross-currency transactions on real time basis, and bill payment facilities to 68 institutions including telephone, electricity, water, credit cards, insurance premiums, education services, sports and recreation and purchase of air tickets. The portal allows customers to apply online for facilities such as personal and housing loans, fixed deposits and investing in treasury bills and also to effect share trading payments. It also offers users the ability to check balances of their current, savings, investment, loan, and credit card accounts, and to transfer funds between own accounts and to registered third parties who have Commercial Bank accounts, on a real-time basis around the clock.

The sophisticated corporate online payment platform of Commercial Bank enables corporates to effect virtually all payments ranging from employees’ salaries, statutory payments such as EPF and ETF, commissions, interest and insurance payments, dividend payments, bulk utility payments and duty payments to Sri Lanka Customs. The platform is equipped with sophisticated features to facilitate delegation of authority with single, dual and multilevel authorization and appointment of a company administrator.

The ‘Best Green Bank’ title is an acknowledgment of Commercial Bank’s proactive approach to sustainability by integrating social and environmental considerations into all its core business activities and operations placing them at the heart of everything it does.

The Bank’s installation of solar power systems at branches, its use of waste management companies that follow international standards in disposal practices for the dispatch of e-waste and paper, initiatives to migrate customers to digital platforms, and investments in automated technology that minimize the use of paper are some of the environment- friendly efforts initiated by the Bank.

The Bank’s ‘Green Loans’ and ‘Green Leases’ too are noteworthy, as they facilitate the purchase of energy-efficient household equipment, the installation of energy-efficient lighting for households, the purchase of hybrid or electric vehicles, solar panels and other machinery or equipment used for renewable energy, energy efficiency, emission reductions, water and waste water management and waste management.

Furthermore, Commercial Bank’s stringent evaluation of credit proposals to gauge their impact on the environment and the sustainability of the projects; its support to sustainable energy projects of its clients through lending; and its own efforts in making its operations more environment friendly also contributed towards this award.

Read in over 200 different countries by Presidents, CEOs, CFOs and senior decision makers within Fortune 500 companies, major banks, financial institutions, Central Banks, and individuals interested in financial markets and news, Global Banking & Finance Review is a leading online and print magazine which has evolved from the growing need to have a more balanced view for informative and independent news within the financial community.

Capital Finance International is a print journal and online resource reporting on business, economics and finance. Its coverage includes analysis of the drivers behind change, and views of leading multilateral and national organizations. With thought leadership from some of the world’s top minds, its dedicated editorial team ensures that readers better understand the forces influencing and reshaping the global economy.

The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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