BOC

 

APRACA’s 73rd EXCOM and 22nd General Assembly meeting took place with the participation of twenty four member countries from the Asia Pacific region. Indian Minister for Agricultural and Farming Welfare Hon. Narendra Singh Tomar addressed the forum as the key note speaker and the Bank of Ceylon’s General Manager Mr.D.P.K. Gunasekera Chaired the Forum which took palce on 4th and 5th February 2021. APRACA is a non-government international organization involving central banks, agricultural and development banks, commercial banks, apex organizations, federations of financial institutions and rural development institutions in the region who are involved directly in agricultural credit and rural development. Its headquarters is situated in Bangkok, Thailand.

This years’ APRACA’s EXCOM and the Regional Policy Meeting took place on virtual space discussing on several key initiatives that affects the region on “Development Support to Promote Agribusiness clusters and Credit enhancement”

Taking an inherent keen interest to promote financial inclusion in the country through contributing to develop MSME sector with special focus on rural and agricultural based businesses, BOC made a significant contribution to the successful implementation of initiatives decided on the forum in supporting the APRACA platform to guide members of Asia-Pacific region to develop innovative strategies to ensure financial stability and fiscal sustainability.

Acknowledging the leadership and contribution of Sri Lankan women, the country’s No.1 bank, Bank of Ceylon felicitate on the occasion of the 2021 International Women’s Day.

Following this year’s theme ‘The leadership of women in the face of COVID – 19”, the bank fully acknowledge the role of the women played during the COVID 19 crisis with special reference to lady medical officers and health care sector employees. It is invariably their contribution that has paved way to stabilize the society in some way to operate as today.

In appreciation of BOC Kantha Ginum holders the bank offers a special Mug and  a valuable plant to all the ladies who  would deposit Rs, 10,000/- in their Kantha Ran Ginum and would simultaneously conduct a digital transaction with Bank of Ceylon.

In respective of the digital transaction here will mean a transaction such as upgrading a normal Kantha Ran Ginum to a Smart KRG account, the initial deposit to a newly opened KRG Account to be carried out by a CDM/CRM, downloading B-App facility or BOC Smart Pay and conducting a transaction via that digital platform. In respect of getting ready for future challenges the Bank invites its KRG customers to be more tech-savvy and prepare themselves through digital banking.

Bank of Ceylon, promotes BOC Divi Udana as an initiative to develop women entrepreneurship along with encouraging to use digital platfomrs for banking. Empowering women in the country BOC believes women need to become more self-sufficient in their filed of work and build their confidence.

Bank of Ceylon’s Kantha Ran Ginum offers a higher Interest rate than to a normal savings account, an insurance coverage up to a maximum of Rs, 500,000/- or ten times the balance in the account that is valid up to the age of 60 years, an internationally recognized debit and credit cards, internet facilities, instant loan facilities up to 90% of the deposit and standing orders.

With the introduction of Smart Zones operating for 24 hours Bank of Ceylon increased its service centers network up to 2000. BOC currently owns four fully self-servicing digital branches named BOC DIGI and operating four overseas branched and a banking subsidiary in London. Bank of Ceylon owns a strong Balance Sheet accounting to Rs. 2.8 Trillion as Assets, Rs. 1.9 Trillion as Loans and advances and a Deposit base of Rs. 2.3 Trillion. BOC strong digital banking platform has continued to expand and serve Sri Lankans of all walks of lives despite the COVID 19 pandemic.

For the contribution of the Bank’s initiatives on behalf of the country’s socio-economic development the Bank of Ceylon was honored to be among the Top 10 “Most Admired Companies in Sri Lanka” by International Chamber of Commerce, CIMA Sri Lanka and Daily FT, Best HR Organization to work for by the Global HR Excellence 2020 Awards and The Best Employer Brand Awards 2020. Whilst extending wishes on the International Women’s day Bank of Ceylon’s Deputy General Manager (Compliance) Ms. Prashanthi Rathnayake invites all Sri Lankan women to join with KRG account and secure the future of theirs and of the country through leadership and entrepreneurial roles.

The International Chamber of Commerce Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) together with the Daily FT announced the Country’s No.1 Bank, Bank of Ceylon as one of the “Top Ten Most Admired Companies in Sri Lanka 2020”. The Bank was conferred this title for the second consecutive year for its excellence in the field of Banking and Finance in Sri Lanka and for its contribution to the overall economic growth of the country. With over 81 years of unwavering service to the Nation, Bank of Ceylon is said to be the highest profit earning single business entity in the banking industry of Sri Lanka. BOC takes greater responsibility in every possible way to assist the Government initiatives towards social and economic development. The Bank’s Chief Financial Offer Mr. Russel Fonseka accepted the Award for being one of the “Most admired companies for 2020” from the Chief Guest of the event, General Shavendra Silva, Commander of the Sri Lankan Army

“Being the resilient No.1 bank in the country Bank of Ceylon has always been in the forefront promoting economic and social wellbeing within the Sri Lankan community. In the times adversities such as the COVID 19 pandemic, the financial and operational strength of the Bank of Ceylon has been a significant strength to maintain an uninterrupted banking service. BOC always tend its purpose as an economic value generator for all its stakeholders with commitments to the Government economic development agenda, that it yields greater good for the public. We have always looked at sustainable growth as a win-win situation for all. Thus the nature of our operation strives not only for business excellence but value creation for everyone who is involved. Nevertheless in the Pandemic situation BOC focuses on long-term financial soundness encompassing quality of management, good governance, human resources, innovation and ability to attract and build right relationships at all times. We humbly accept this award as token of appreciation for being so and wish to thank every stakeholder including ICCSL and CIMA institutions for encouraging Good Corporate Citizenship among organizations” stated the Chairman, Mr. Kanchana Ratwatte.

Commenting on the achievement the Bank’s CEO/ General Manager Mr. D.P.K. Gunasekera said “We have underlying values and beliefs that always keeps us setting unprecedented records. That has kept us moving forward even during this adverse situation, whilst assisting many of our customers with financial relief to come out of this dire predicament. In the meantime, BOC maintained its strong position with regard to financial and operational strength. BOC’s asset base, which has exceeded Rs. 2.8 Trillion at the time of writing, is the highest owned by a single Sri Lankan business entity in the Banking Industry. It also has the highest valued loans and advances portfolio which is Rs. 1.9 Trillion and the highest deposit base Rs. 2.3 Trillion held by a single business entity in the Sri Lankan Banking Industry. The bank has a broader perspective in terms of assisting developing entrepreneurship, employment, assisting to sustain social and economic growth and preserving the environment whilst maintaining corporate ethics. This accolade too is very encouraging and we assure that the bank will move forward committed to deliver value and being an exceptional corporate citizen”.

All organizations were shortlisted through a process that evaluated their performance that has gone beyond their profit making objective to actually create value for the valuing human relationships, commitment to foster teamwork, experiment frugally, fulfill commitments, Fight complacency, win through multiple means and social commitment. The evaluation panel has also been keen on the organization’s commitment towards Good Governance in areas of top management commitment to, visionary thinking on sustainability, commitment to fulfill stakeholder interests and commitment to treat every stakeholder fairly and justifiably.

 

Safeguarding the country’s financial system one step at a time!
In complying with the regulations of customer identifications requested by the Central Bank of Sri Lanka, Bank of Ceylon signed the first Memorandum of Understanding with the Department of Registration of Persons, which would involve us with the process of obtaining the validity of customer national identification numbers, which in return would benefit the customer as well as the bank in ensuring a healthy maintenance of the country’s financial system. The Deputy General Manager of Bank of Ceylon (Sales and Channel Management) Mr. Priyal Silva and the Commissioner General of the Department for Registration of Persons Mr.PV Gunathilaka were among the attendees present today at the signing of the first Memorandum of Understanding.

Persisting with the purpose-designed HR plans BOC implemented at the height of the COVID-19 pandemic in 2020, the bank has managed to ensure a safe and dynamic environment for the successful mobilization of staff plus continuous provision of services, despite ongoing restrictions and safety concerns. 

 

In managing the early part of the pandemic, BOC’s HR function proactively engaged all employees, drawing on a novel method of delegation, seeing that it would be the most effective and efficient way forward in handling an unprecedented situation posing similarly unseen challenges. This draws from BOC’s culture of smart delegation, a core component of its HRM and operational philosophy. 

 

To mobilize a team exceeding 8,000 staff members in the initial months of the global pandemic, required the bank’s HR department to give trust and confidence, to all employees across the organization, in their capabilities and decision-making power. The system of delegation adopted was driven by this empowering of staff, where managers and employees at every level were instructed to take decisions in their respective positions, using their discretion to act and delegate as necessary. 

 

BOC adopted a two-tiered strategy, where the primary objective included the protection of all employees, and secondly ensuring business would go on as normal even with the restrictions. Therein, employee adherence to all Health Department enforced regulations and orders remained a key HR goal, complemented by its own initiatives to drive employee safety and continuity of operations.  

 

The bank continues to bear all costs for quarantine procedures and PCR tests to be performed by employees. Apart from essentials such as providing PPE for all employees, BOC also adopted a roster system and offered free transport, to ensure its 8,000 strong staff have been able to progressively resume work. 

 

Accounting for the many impacts of COVID-19 on the bank’s HRM function, BOC has adopted numerous changes in its delivery of HR services including digitalization. From unique methods of showing appreciation to employees in overcoming challenges to meeting in person, remote hiring and recruitment with video platform-based interviews to save time and ensure safety, to restructuring of time-off policies and leave to reflect government provided guidelines, the bank’s HRM department has been keen to create an environment conducive to high-impact work and growth. 

 

Towards this end, BOC has afforded much focus to ensuring a strong work-life balance for employees, in line with the increased need for work-from-home and flexible work arrangements organization-wide.  

 

While affording employees numerous freedoms and demonstrating to them that the organization truly cares for their safety and wellbeing, which has led to many staff members volunteering to work at their respective branches and offices, the bank has given continuous importance to its unique HR culture and history. 

 

With the HRM outlook the bank has carefully tailored over several decades, the core focus has been keeping employees happy and nurturing an environment for them to prosper, parallelly implementing safeguards for proper discipline, while continuously tending to their future security. 

 

BOC’s HR culture of closely understanding people and their problems, plus offering continuous skill, career and life development opportunities, is closely complemented by their attention to place-appropriate HRM. 

 

The notion that HR and HRM differ widely based on the institution where it is being applied, has been a key component of the human resources approach of BOC from very early in their progression. Staying true to HR fundamentals, the bank, operating as a State bank first and foremost, understood that they had to align their HR principles with their primary objectives. With a focus on eradicating financial issues at the ground level and uplifting the economy therein, the bank though liberal in their approach to HR, recognized that certain HR freedoms could not be afforded to their employees, as issues of resource misuse may occur otherwise. 

 

A major part of their unique HR outlook therefore involves recruiting and nurturing employees who understand these principles strongly. The bank actively attempts to develop value-added employees who progress in their careers while serving the bank and its overall vision. Towards this end, BOC affords greater importance to discipline and behaviour, which services primarily as a protective mechanism to ensure continued employee betterment and safety, while also protecting the bank’s image and offering confidence to customers in our trustworthiness and dedication to them. 

 

BOC’s HR function’s emphasis on tending to and improving employee health across six aspects, from physical, mental, social, emotional, and spiritual, to economic health, represents a novel approach to employee wellbeing and career motivation, driven by numerous dedicated programs. 

 

In a unique stance, despite the growing trend of digitalization to streamline repeat HR processes and tasks, even within the BOC setup, the bank is emphasizes on the need for the human touch in HR. It is what lends the all-essential organizational component of human capital, now being actively pushed worldwide as a quantifiable contributor to business success, humanness. This actively reflects BOC’s HR outlook, which has allowed it to successfully manage the ongoing pandemic and continue its human plus employee-first approach.


 

 

With the intention of adding more convenience to people of Panadura area, Bank of Ceylon Panadura City branch was relocated at its new address No.17, Jayathilake Mawatha, Panadura recently. The ceremony took place with the patronage of the Bank’s Chairman Mr.Kanchana Ratwatte and the General Manager Mr. D.P.K. Gunasekera. Bank of Ceylon Panadura City Branch has been providing a dedicated service to the customers of the region through financial assistance to uplift their socio-economic wellbeing. With the relocation of the branch at its new address, the Bank enhanced convenience of banking to its customers with spacious and more organized ambiance and extended digital banking services. Members of the bank’s Corporate and Executive Management, officials from the Bank’s Western Province South Office customers and other distinguished guests also gathered for the ceremony. Manager of the Panadura City branch and the staff officiated the event.

The Panadura City Branch will offer a wide array of banking services to its customers inclusive of deposit products such as current and local or foreign currency savings/ Fixed Deposit accounts and investment plans and loan products such as housing and personal loans, education loans, Leasing, pawning facilities and special loans schemes such as Divi Udana loan scheme. Customers can also avail themselves of Debit or Credit cards and international money transfer/remittances services. Bringing in the digital aspect of banking to every nook and corner in the country Bank of Ceylon has strategically developed number of fin-tech applications to assists its customers. BOC Smart online banking, B-APP mobile banking and SmaprtPay QR scan mobile app assists customers to conduct daily banking transactions with convenience. Especially during COVID 19 spread, where special precautions are necessary, BOC wishes to remind all its valued customers to get on aboard with these cashless digital transaction modes and enjoy convenience of banking anytime from anywhere.

Despite the economic downturn due to the pandemic situation, Bank of Ceylon winded up the year on a healthy note with the highest asset base of Rs.2.9 Trillion and the highest deposit base of Rs.2.3 Trillion. It also maintained its market leadership in Trade Finance, Treasury operations including its more than 40% market share of Inward remittances (USD 2.5 Billion) and most of the spheres in the banking and finance arena. The Bank invites all its customers to confidently rely on the strength and the stability of the Bank for all their banking needs.

 

 

The International Chamber of Commerce Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) together with the Daily FT announced the Country’s No.1 Bank, Bank of Ceylon as one of the “Top Ten Most Admired Companies in Sri Lanka 2020”. The Bank was conferred this title for the second consecutive year for its excellence in the field of Banking and Finance in Sri Lanka and for its contribution to the overall economic growth of the country. Having completed 81 years of unwavering service to the Nation, Bank of Ceylon is said to be the highest profit earning single business entity in the banking industry of Sri Lanka. BOC takes greater responsibility in every possible way to assist the Government initiatives towards social and economic development.

“Bank of Ceylon has always been in the forefront promoting economic and social wellbeing of the Sri Lankan community. Even during the adversities brought on by the COVID 19 pandemic, Bank of Ceylon has been resilient in its operation to ensure that it maintains an uninterrupted banking service on behalf of the Sri Lankan community and tending to its purpose as an economic value generator for all its stakeholders. We have always looked at sustainable growth as a win-win situation for all. Thus the nature of our operation strives not only for business excellence but value creation for everyone who is involved. Nevertheless in the Pandemic situation BOC focuses on long-term financial soundness encompassing quality of management, good governance, human resources, innovation and ability to attract and build right relationships at all times. We humbly accept this award as token of appreciation for being so and wish to thank every stakeholder including ICCSL and CIMA institutions for encouraging Good Corporate Citizenship among organizations” stated the Chairman, Mr. Kanchana Ratwatte.

Commenting on the achievement the Bank’s CEO/ General Manager Mr. D.P.K. Gunasekera said “We have underlying values and beliefs that always keeps us setting unprecedented records. That has kept us moving forward even during this adverse situation, whilst assisting many of our customers with financial relief to come out of this dire predicament. In the meantime, BOC maintained its strong position with regard to financial and operational strength. BOC’s asset base, which at Rs. 2.8 Trillion, is the highest owned by a single Sri Lankan business entity in the Banking Industry. It also has the highest valued loans and advances portfolio which is Rs. 1.9 Trillion and the highest deposit base Rs. 2.3 Trillion as at 3Q of 2020 held by a single business entity in the Sri Lankan Banking Industry. The bank has a broader perspective in terms of assisting developing entrepreneurship, employment, assisting to sustain social and economic growth and preserving the environment whilst maintaining corporate ethics. This accolade too is very encouraging and we assure that the bank will move forward committed to deliver value and being an exceptional corporate citizen”.

All organizations were shortlisted through a process that evaluated their performance that has gone beyond their profit making objective to actually create value for the valuing human relationships, commitment to foster teamwork, experiment frugally, fulfill commitments, Fight complacency, win through multiple means and social commitment. The evaluation panel has also been keen on the organization’s commitment towards Good Governance in areas of top management commitment to, visionary thinking on sustainability, commitment to fulfill stakeholder interests and commitment to treat every stakeholder fairly and justifiably.

The Bank of Ceylon took the opportunity join with the Sri Lanka Police Department to extend its support towards “COVID 19 Precaution awareness campaign” in locked-downed areas. The Bank deployed its “Branch on Wheel” mobile banking vehicle in order to provide essential banking services to people in these areas. This service will be following the schedule arranged by the Sri Lanka Police Department to cover the eight currently restricted areas. It was brought to notice that people were not able to fulfill their essential banking needs during the past week due to non-accessibility to a banking branch. However with this initiative BOC will bring its branch to the people in these areas whilst ensuring safety precautions from COVID 19.

It is known that Bank of Ceylon as a responsive state institution in the country has gone an extra mile during this COVID 19 pandemic to serve people of this country through many innovative and situation sensitive banking services to maintain an uninterrupted banking service to every Sri Lankan alike.

Emphasizing the importance of moving to mobile or e-currency rather than continuing to use physical cash, The Bank invites all fellow Sri Lankans to experience the convenience of mobile and online banking rather than relying on traditional banking methods in this juncture. Further it adds that the Bank of Ceylon will remain strong as the trusted banking partner of Sri Lankans as it always has been.

 

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