Commercial Bank of Ceylon
Amitha Gooneratne, CEO & MD
1. What makes your country attractive to investors?
It is primarily the high literacy rates, the resulting ease of training workers and the relatively low cost of inputs that make Sri Lanka an attractive destination for investors. The commitment of all Sri Lankans to democracy and the peace accord signed with the Tamil rebels in 2003 has provided an era of relative peace despite sporadic incidents and will be a catalyst towards attracting more foreign investments. All major political parties have also realised that without foreign investment it is difficult for a developing country such as ours to progress, expand production and create employment, and they are committed to encouraging and protecting foreign investors. The local investment promotional authority, the Board of Investment of Sri Lanka, is geared up to handle all the requirements of foreign investors under one roof.
2. What are the economic prospects for your country over the next three to five years?
Even though Sri Lanka is on the verge of electing a new president for the next six years, there are unlikely to be any major differences in the economic policies of either of the main candidates. Therefore, one can be optimistic about the prospects for the country during the next few years. If the present ceasefire agreement can be translated into a permanent peace with a devolved administrative structure for the north and east, the economic prospects will be much better than for some of the other countries in the region, and faster levels of growth can be expected in tourism and construction sectors.
3. How do you foresee the financial sector in your country changing?
There is an increasing realisation of the importance of having stronger and well capitalised banks in both the private and public sectors. In the private sector, this has been achieved by encouraging consolidation among smaller banks, raising capital requirements and permitting strategic investors to hold larger stakes in banks. All banks are also committed to meeting Basel II requirements and are putting the necessary inputs in place. The resulting changes will lead to better banking facilities for retail customers and a wider range of both on and off balance sheet financing for the corporate sector.
4. What role will your bank play in your country’s future development?
Commercial Bank will continue to play a proactive role in the future development of Sri Lanka. The extension of our branch network to all parts of the country, including the somewhat unsettled north and east at a considerable risk, is an expression of this commitment. As one of the few banks that is strong in both corporate and retail banking, and the only Sri Lankan bank with representation in Bangladesh, we will continue to use our capital and technical skills in playing our role as a key financial intermediary, participating fully in the future development of this country.
