Bank of Ceylon: 81 not out

Bank of Ceylon, the No.1 Bank in the country on Aug. 1 celebrated its 81st anniversary. Founded in 1939 with Sir. Ernest de Silva as its first chairman, the bank was nationalised in 1961 but functioned as a semi-government institution before that being proclaimed a ‘public organization’ by the government.

Folllowing the enactment of the Bank of Ceylon Ordinance in 1938, the Bank was declared open on August 1, 1939 at 41, Bristol Street in Colombo Fort, by the Governor, Sir Andrew Caldecott. The first branch in Kandy was followed by many more over the years and BOC now has 645 branches across the country, with four overseas branches and a banking subsidiary in London.

“BOC has expanded so much both in size and influence that the Bank can still be considered as the prime financier for Sri Lankans despite all competition,” a news release on the bank’s achievements said.

“BOC has been the highest profit earning single business entity in the country for a number of years continuously. The Bank’s anniversary would be the best day to remind the nation that all earning of the bank goes back as an investment to assist the Government’s socio-economic agenda to develop the country’s infrastructure and other facilities,” said BOC Chairman Kanchana Ratwatte at the anniversary celebration.

BOC currently commands assets valued over Rs.2.6 trillion, deposits over Rs. 2.1 trillion, advances and lending over Rs. 1.8 trillion and is the country’s wealthiest single business entity with a sophisticated inter-connected digital network currently inclusive of 645 branches, 10 mobile branches, 15 SME centres and also 1,270 ATMs/CDMs and CRMs operating round the clock every day.