COMBank - Sri Lanka’s ‘Best Bank’ for 11th year

The Commercial Bank of Ceylon has been adjudged Sri Lanka’s ‘Best Bank’ for the 11th year by one of the world’s most respected financial publications, Global Finance (USA), in a year when some of the best banks of previous years have lost their places to competitors due to the credit crunch and turmoil in financial markets.

This is the 16th year that Global Finance has published the results of its annual survey of Best Emerging Market Banks. The report covers the best banks in Asia, the Middle East, Africa, Latin America and Central and Eastern Europe. Managing Director of Commercial Bank Amitha Gooneratne said, “In the prevailing adverse environment, it is crucial for financial institutions to build and sustain public confidence. We are pleased that Global Finance has again recognised our key strengths such as effective risk-management systems, excellent service and good corporate governance.

Being adjudged Best Bank for the 11th consecutive year indicates that Commercial Bank has established a level of consistency of performance that is unique in the region.”

In selecting this year’s winners, Global Finance considered both objective and subjective factors. The objective criteria included growth in assets, profitability, geographic reach, strategic relationships, competitive pricing and product innovation. The subjective criteria included the opinions of equity and credit-rating analysts, banking consultants and others in the industry, as well as corporate financial executives. The awards presented in 2009 are based on the bank’s performance in 2008.