Business
‘BOC takes highest rank for a Sri Lankan bank’
Bank of Ceylon, Sri Lanka’s No. 1 banking brand was once again listed among the world’s top 1,000 banks listing, with a ranking of 800, up 53 places from the previous year, making BOC the highest ranked Sri Lankan bank in the listing’s history, a BOC press release said.The release added: ‘Highlighting the Bank’s capital health, the inclusion in the ranking by The Banker Magazine UK once again reaffirms Bank of Ceylon’s robust Tier 1 capital adequacy and asset base, further cementing the Bank’s standing as the No. 1 bank in Sri Lanka as announced by Brand Finance Lanka this year.
Compiled annually from a database of over 5,000 banking entities from across the globe, The Banker Magazine’s Top 1,000 World Banks listing is considered as the most comprehensive guide to a bank’s standing globally.
Reviewed against the backdrop of the aftermath of the global pandemic and recession that has financial institutions hard hit, the ranking showcases Bank of Ceylon’s asset base and the steps taken to mitigate the fallout, which are once again, reflected in the Bank’s performance indicators as at March 2022.
“Bank of Ceylon’s stellar performance as a resilient leader amidst a highly volatile environment overcoming many challenges is a clear indicator of both the Bank’s robust performance and role as the clear leader in the banking industry in Sri Lanka. We are justifiably proud of this global recognition and achievement, so richly deserved,” commented Kanchana Ratwatte, chairman of Bank of Ceylon.
As reported in the Group’s interim financial results, Bank of Ceylon is the first local bank to post assets in excess of 4 trillion rupees and deposits of over 3 trillion rupees.Highlighting the contribution of the Bank’s loyal customer base, General Manager of Bank of Ceylon, K. E. D. Sumanasiri said: “much of the success for our continued performance over eight decades of operation are our loyal customers who continue to choose Bank of Ceylon as their preferred financial services provider. We are humbled and thankful for their unstinted loyalty over the years and are pledged to continue to innovate for greater inclusivity as we surge forward.”
With over 2,000 touchpoints spread across the nation, BOC operates over 645 branches connected online, and an ATM/CDM/CRM network of over 1350 located in all 25 districts of the country.
‘As the leading local bank, Bank of Ceylon continues to deliver on its mandate of fostering the SME sector and ensuring funding of large infrastructure development in the nation, furthering the lives of all Sri Lankans.’
Business
EU’s new anti-greenwashing rules pose major challenge for Sri Lankan exporters
Countdown to September 2026 begins
Sri Lankan exporters selling into Europe may soon face one of the most significant regulatory shifts in recent years as the European Union prepares to enforce sweeping new rules aimed at eliminating ‘misleading’ environmental and sustainability claims.
The regulation, known as the Empowering Consumers for the Green Transition Directive (EmpCo) – Directive (EU) 2024/825, will become fully enforceable across all EU member states from September 27, 2026. While the directive is primarily designed to protect European consumers from so-called ‘greenwashing,’ and it carries important implications for exporters worldwide, including those in Sri Lanka.
Compliance experts warn that many local businesses remain largely unaware of the new requirements despite their potential impact on market access, brand reputation, and regulatory compliance.
The directive introduces a simple but demanding principle: companies must be able to substantiate environmental and sustainability claims with credible evidence. Generic descriptions such as ‘eco-friendly,’ ‘green,’ ‘sustainable,’ ‘responsible,’ ‘carbon neutral,’ or ‘climate friendly’ may no longer be used freely unless they can be verified through reliable data and supporting documentation.
For Sri Lankan exporters, this represents a significant shift. Sustainability claims increasingly appear on product packaging, websites, social media campaigns, annual reports, tourism marketing materials, and corporate communications. Under the new framework, such claims could face scrutiny from regulators, consumers, retailers, and civil society groups.
The directive also places particular emphasis on future environmental commitments. Claims such as ‘Net Zero by 2040’ or ‘Carbon Neutral by 2030’ may require businesses to demonstrate clear implementation plans, measurable milestones, and systems for monitoring progress rather than relying on aspirational statements alone.
An environmental compliance expert told The Island Financial Review that this transforms sustainability from a communications exercise into a governance issue. “Responsibility will no longer rest solely with sustainability departments. Company directors, senior executives, marketing teams, procurement professionals, and compliance officers will all have roles to play in ensuring that public claims can withstand regulatory scrutiny. The potential costs of non-compliance are considerable. Under the directive, penalties may include fines of up to four percent of annual turnover generated within the relevant EU member state, restrictions on marketing activities, increased regulatory investigations, and challenges from consumer organisations and commercial partners.”
“The reputational consequences may prove even more damaging. In highly competitive export markets, trust has become a critical business asset. Companies found to be making unsubstantiated environmental claims could face long-term damage to relationships with buyers, retailers, and consumers.”
“The timing is particularly important for Sri Lankan businesses because compliance preparations, reporting frameworks and adjustments are needed before the enforcement date arrives.”
“Businesses supplying European markets are therefore being encouraged to begin assessing their exposure now rather than waiting until the last minute. Early preparation could help exporters safeguard market access, maintain buyer confidence, and strengthen their competitive position in an increasingly sustainability-conscious global economy.”
“For Sri Lanka’s export sector, the message from Europe is becoming increasingly clear: sustainability claims will no longer be judged by how compelling they sound, but by how convincingly they can be proven,” he said.
As the countdown to September 2026 begins, exporters may need to ask themselves a critical question: Are their sustainability claims ready for a new era of accountability?
By Sanath Nanayakkare
Business
University of West London opens Sri Lanka’s first full UK university branch campus
The University of West London (UWL) has formally opened the University of West London Sri Lanka Branch Campus, the country’s first full UK university branch campus, marking a landmark development in Sri Lanka’s higher education sector.
The University of West London Sri Lanka Branch Campus is designed to bring a UK university learning experience closer to students in Sri Lanka. The campus is operated by ANC Campus, a pioneer in the higher education sector in Sri Lanka with over two decades of experience in delivering internationally recognised education.
The University of West London Sri Lanka Branch Campus gives students the opportunity to study towards world-class UK degrees while remaining close to home. Academic delivery, assessment and quality assurance will be aligned with University of West London standards, with the University maintaining academic oversight of its courses and awards. Students will have access to UWL-approved programmes, academic support, learning resources and a campus environment designed to promote academic success, confidence and employability.
Business
Xiaomi Store powered by Abans opens at One Galle Face Mall
Xiaomi Sri Lanka, marked a significant day in the brand’s local journey with the launch of the all-new Xiaomi 17T and the grand opening of the new Xiaomi Store powered by Abans at One Galle Face Mall, Lower Ground.
This occasion reflects the brand’s growing presence in the country and its commitment to bringing smarter technology, connected devices and immersive customer experiences closer to Sri Lankan consumers.
Held under the theme “Step into a smarter world with Xiaomi,” the launch event welcomed media, partners, technology enthusiasts and customers to experience Xiaomi’s latest innovation and wider smart ecosystem. The new store at One Galle Face Mall powered by Abans has been designed to give customers a hands-on experience across Xiaomi smartphones, smart home products, lifestyle technology and connected devices, supported by Abans’ strong retail presence and customer service network.
Commenting on the milestone, Kain Wang, Country Head, Xiaomi Sri Lanka, said, “17th June is a significant day for Xiaomi in Sri Lanka as we celebrate two important milestones together: the launch of the Xiaomi 17T and the opening of our new Xiaomi Store powered by Abans at One Galle Face Mall. This reflects the strength of Xiaomi’s journey in Sri Lanka and our continued commitment to offering innovation, performance and smarter lifestyle experiences to local consumers. With Xiaomi 17T, we are bringing advanced Leica imaging, powerful performance and long-lasting battery life to users who want to do more with their smartphones. At the same time, our new store creates a dedicated space for customers to experience the Xiaomi ecosystem in a more personal and engaging way.”
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