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SRI LANKA
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Commercial Bank of Ceylon
During 2004, Commercial Bank continued its successful policy of maximising shareholder returns and adopting best corporate governance practices as the group’s strategic priorities.
Dividend payouts were up 60% compared with the previous year, while synergies were strengthened between the bank’s supervisory board, shareholders, and corporate and senior management. The bank took the considered decision to improve the risk profile of its asset base even at lower margins.
Commercial Bank was the first bank to launch a special trust fund to undertake tsunami-related and other charitable projects.
A total of 200 ATMs are now reached under a single online, real-time network linked to Cirrus and Visa. The bank also introduced mobile ATMs using GPRS communication technology enabling ATMs to be installed anywhere. Commercial Bank launched a special foreign currency account (FC Plus) with interest linked to LIBOR, as well as a special senior citizens’ account (Udara) with higher interest rates and benefits to the country’s fast ageing population.
“All this was only made possible because of our firm commitment to improve shareholder value while safeguarding and promoting the interests of all other stakeholders,” says CEO Amitha Gooneratne. “This commitment has also helped us to face and successfully overcome the problems peculiar to Sri Lanka.”
