ComBank wins 4 at Best Corporate Citizen Sustainability Awards
The Commercial Bank of Ceylon’s commitment to the betterment of the environment, society, and the economy was recognised when the Bank was presented four awards including the award for the second runner-up overall at the Best Corporate Citizen Sustainability Awards presented by the Ceylon Chamber of Commerce.
The Bank won the Sector Award for Best Performance in the Financial Sector, the category award for Best Performance in Governance, and was presented an award for being among the Top 10 Best Corporate Citizens in Sri Lanka, in addition to its second runner-up award.
The Financial sector award recognised Commercial Bank’s position as the most progressive banking institution in the country and its commitment to preserving the environment through responsible lending protocols. The Bank pioneered a mandatory social and environmental screening process for its project lending activities and was the first bank in Sri Lanka to venture into Green Financing. It also revolutionised digital banking by introducing features in its ‘Flash’ mobile application to measure and offset customer impact on the environment.
The Category Award for Governance was presented for the frameworks, structures, and processes of an entity to facilitate conformance to requirements, equity among stakeholders, ethical behaviour and optimum performance. Commercial Bank has established that it aspires to the highest standards of corporate governance to support long-term value creation by implementing well-defined policies and controls and ensuring continuous education of staff at all levels. To this end, the Bank launched eLearning modules for Anti Money Laundering and Combating Financing of Terrorism in 2020.
The Best Corporate Citizen Awards acknowledged the 10 corporate entities that have adopted the most outstanding sustainability practices.
In the sphere of environmental sustainability, Commercial Bank embarked on a mangrove restoration project in Koggala, launched a marine turtle conservation initiative to protect the biodiversity of the ocean, and financially supported the ‘Thuru Mithuru’ initiative of the Sri Lanka Army to transform Sri Lanka into a country self-sufficient in essential food.
The Bank’s focus on society, as defined by its employee relations, customer relations, and commitments to the community are affirmed by several of its initiatives. The Bank has contributed immensely to improve the lives of Sri Lankans by reaching out to communities and conducting more than 400 CSR projects in the past decade supporting education, healthcare and culture. Commercial Bank’s largest contribution is towards IT education in Sri Lanka. The Bank has donated 200 fully-equipped IT laboratories to schools and other institutions and is a partner to the ‘Smart Schools Project’ that helps to introduce a comprehensive digital Learning Management System (LMS) to 65 schools in the country.
Furthermore, as an institution that accords its customers the highest priority, Commercial Bank has empowered over 7,000 entrepreneurs through capacity building programmes. As a visionary leader in the industry, the Bank offers unique and innovative banking services through a wide range of digital and mobile channels for increased customer convenience. This includes eFixed Deposits, an e-Slip app, e-passbook and online customer registrations. To further enhance access to its services for customers, the Bank provides trilingual communications through all channels, including social media.
In terms of its contribution to the economy, especially during the pandemic, Commercial Bank recorded the highest disbursement among private sector Banks under the CBSL’s ‘Saubagya COVID-19 Renaissance scheme,’ facilitating quick and easy access to financial support during challenging times. It also funded two other special loan schemes of its own, one for SMEs affected by COVID-19 and the other the ‘Dirishakthi COVID-19 Support Loan’ scheme to assist micro enterprises disrupted by the pandemic.
Commercial Bank has been recognised globally and locally for its unwavering strength, stability, and customer orientation. It was listed among the Top 1000 Banks of the World in 2020 for the 10th successive year by The Banker Magazine, UK – the only local bank to achieve such a feat; was crowned as the ‘Most Valuable Private Sector Bank Brand’ by Brand Finance, was ranked No 1 in the Business Today’s list of Top 30 corporates and conglomerates in the country, was adjudged the ‘Most Respected Bank’ in Sri Lanka and was ranked Number One among all corporates in the country for ‘Honesty’ and ‘Financial Performance’ in the 2020 edition of the ‘Most Respected Entities in Sri Lanka’ by the LMD magazine.
Established in 1839, the Ceylon Chamber of Commerce is the oldest and one of leading business chambers in Sri Lanka. A confederation of Trade Associations, Bilateral Business Councils, and Regional and Sectoral Chambers of Commerce and industry, it is considered the leading voice of the private sector in Sri Lanka.
Commercial Bank operates a network of 268 branches and 890 ATMs in Sri Lanka. Its overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
