ComBank named Most Valuable Private Bank brand in Sri Lanka
The Commercial Bank of Ceylon has been named the most valuable private bank brand in Sri Lanka in 2019 in the 16th edition of the Brand Finance rankings of the country’s most valuable brands.
The only private bank among the five most valuable consumer brands in the country, Commercial Bank has retained its position at No 4 and has the honour of being in the top 10 of this prestigious ranking since its inception.
Brand Finance assigned Commercial Bank a brand value of Rs 37.269 billion for 2019, up 27% from last year, reaffirming Commercial the Bank’s status as the largest private bank and the leading private bank brand in Sri Lanka.
Brand Finance computes the value of brands listed on the Colombo Stock Exchange using a method based on the Royalty Relief approach – a brand valuation method used by the company globally.
Considered one of the world’s leading independent brand evaluation and ratings firms, Brand Finance PLC is headquartered in London and has a network of offices around the world. The Brand Finance rankings for Sri Lanka are published annually by LMD.
One of the most active and vibrant brands in Sri Lanka, Commercial Bank said its brand building efforts maintain a healthy balance between corporate and product communications and ground level customer engagement events. In addition to traditional media, the Bank is very active in social and digital media and customer engagement events, at national and regional level.
The Bank stated that it places heavy emphasis on strategy when formulating marketing plans and brand building activities. Commercial Bank maintains a constant watch over its brand performance and measures it both qualitatively and quantitatively. Parameters such as brand equity and top of mind recall are periodically monitored through research and the key takeouts are taken into account when communications are developed. This strategic approach has helped the brand to evolve through the years and become one of the strongest brands in the country.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
