Com. Bank soars into world’s Top 1000
The Commercial Bank of Ceylon has become the first Sri Lankan bank to
be ranked among the Top 1000 Banks of the World on capital adequacy and
soundness, achieving yet another milestone in its chequered history.
Managing Director
Amitha Gooneratne |
The Bank’s entry into this prestigious list at No. 950 is based on
its Tier One Capital strength, which is the most important benchmark for
assessing the stability of a bank.
Equally if not more significant is that in terms of Financial
Soundness, the Commercial Bank has performed even better by being ranked
at 155th position in the world. Compiled by The Banker, a premier
magazine for the world’s investment, retail and commercial banking
sectors, the list of Top 1000 Banks of the World is headed by HSBC
Holdings of UK, and has in its top 10, globally significant banks such
as Bank of America, Citigroup, Mitsubishi UFJ, Credit Agricole and other
leading names.
“Having a Sri Lankan bank in the Top 1000 is a noteworthy and timely
achievement for Sri Lanka’s banking industry,” Commercial Bank’s
Managing Director Amitha Gooneratne said.
“Commercial Bank has always focused on getting its fundamentals
right, even in the most difficult macroeconomic conditions, and this has
been one of the cornerstones of our stability.”
“These are challenging times even for the major financial
institutions of the world.
“The adequacy of capital to support the assets, thereby ultimately
offering greater protection to depositors, is becoming even more
significant in the present turbulence in financial markets which has not
as yet had much of an impact on Sri Lankan Banks.”
“Of course, Sri Lanka has largely avoided this contagion mainly due
to the prudent policies on capital transfers and supervision of banks
exercised by Central Bank,” Gooneratne said.
“Some recent events in our country have led people to be more
conscious about the reputation and the integrity of financial
institutions that they deal with.
This ranking re-affirms our stability and would therefore be
important to our customers and a matter of pride for our staff.”
According to The Banker Report, Commercial Banks Assets amounted to
US $ 2,469 million and based on Assets, the Bank is ranked at No 948th
out of this 1000. |