BOC says impact of its downgrading negligible

By Sanath Nanayakkare

The Bank of Ceylon (BOC) is set to end the year on a positive note despite the economic downturn due to the Covid-19 pandemic and the recent downgrade of the sovereign and banking institutions in Sri Lanka, BoC informed the media yesterday.

“The bank is winding up the year on a healthy note despite the stresses, posting the highest asset base of Rs. 2.9 trillion, highest deposit base of Rs. 2.3 trillion while maintaining its market leadership in Trade Finance, Treasury Operations including its more than 40% market share of Inward Remittances (US$2.5 billion). In addition to those, the Bank has maintained its market leadership in most of the spheres in the banking and finance arena”, BoC said.

“All our customers can confidently rely on the strength and stability of the BOC for all their banking needs”, it assured.

In stark contrast to several adverse news reports posted on social media over the past two days, BOC said,” The recent downgrade of the sovereign and banking institutions in Sri Lanka has had a minimal impact on the soundness of the Bank. Our international operations continue uninterrupted. Being a bank that has maintained its international presence for over eight decades, its foreign correspondent relationships have never been questioned, and the Bank has been growing from strength to strength. The Bank has earned many local and foreign accolades for its banking experience along its way and looks to Year 2021 on a positive note”.