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The Commercial Bank of Ceylon has been rated the Best Bank in Sri Lanka for the fifth successive year, by "Global Finance", one of the most prestigious publications serving the international business community.

The New York based monthly, which has a readership of over 285,000 in 170 countries, has selected the Commercial Bank on the basis of its efforts to cater to a new and more affluent generation resulting from constructive use of resources, access to capital and rising living standards due to the peace dividend being enjoyed by Sri Lanka after two decades of ethnic strife.

This year's Global Finance survey of the Best Emerging Market Banks was based on extensive analyses throughout emerging market economies and world money centres.

The magazine's list of best banks includes famous establishments from Asia such as HSBC, Industrial and Commercial Bank of China, ICICI Bank of India, Bank Mandiri of Malaysia, National Bank of Pakistan, China Trust Commercial Bank of Taiwan, Bangkok Bank of Thailand and the Commercial Bank of Ceylon.

Commenting on this international accolade Commercial Bank's Managing Director Amitha Gooneratne said: "Our continued commitment to excellence by providing an array of services to satisfy our customers, efficient management of resources and the maintenance of high capital adequacy ratios resulted in Global Finance naming Commercial Bank as the Best Bank in Sri Lanka once again. We are truly honoured to be ranked the best for the fifth successive year when in many countries new banks have emerged to replace the previous year's winners."

In its profile of the Commercial Bank, the magazine says that "The Bank has incorporated its own IT Company, invested heavily in telephone and Internet technology to serve customers cheaply and expanded its ATM network. The Bank is an active lender to small and medium sized enterprises, and is a participant in the government's and Asian Development Bank's SME development program. CBC' profits for 2002 were up over 15% on the previous year. Return on Assets (ROA) was 1.82% after tax."

Commenting on this, the tenth survey of Global Finance, the publisher of the magazine Joseph D. Giarraputo said that "despite the difficult market conditions of the past year these banks continue to provide outstanding service. These awards recognise their success."

Global Finance, which marked its 15th year of publishing in October 2002, is a publication that provides valuable information on direct investment, money management, corporate finance, joint ventures, country profiles, capital markets, investor relations, currencies, banking risk management, custody, leading edge technology and is specifically tailored for a special segment of subscribers around the world. The magazine's readership includes Chairmen, Presidents, CEOs and Senior Managers responsible for making investments and strategic decisions for large global companies and financial institutions.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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