Business
ComBank once again ranked the Strongest Bank Brand in Sri Lanka
The Commercial Bank of Ceylon has once again been recognised as the ‘Strongest Bank Brand’ in the country in 2021 by Brand Finance, one of the world’s leading independent brand valuation consultancies.
Commercial Bank was also named the Strongest Banking Brand in the 2020 ranking, which makes this the second consecutive year the Bank has won this prestigious accolade that speaks to the strength of the brand of the largest private bank in the country, which celebrated its 100th anniversary in 2020.
“The past year gave many businesses an opportunity to prove the substance behind their brands as they faced the challenges of the pandemic,” Commercial Bank Managing Director Mr S. Renganathan said. “We are delighted that it has once again been proven that our strategic brand building efforts coupled with consistent performance have earned us this prestigious title. Our brand building process is meticulously thought through and involves management and staff at all levels and is focused on ethical and sustainable brand building. Accolades such as these are an encouragement to the ComBank team.”
The Commercial Bank brand secured the overall third pace in ranking of the strongest brands across all sectors in the country.
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. Every year it puts 5,000 of the world’s biggest brands to the test and ranks brands across all sectors and countries and publishes nearly 100 reports.
The seven-step process of arriving at a brand value encompasses calculating brand strength using a balanced scorecard of metrics; assessing stakeholder equity and business performance; determining a royalty range for each industry reflecting the importance of brand to purchasing decisions; calculating the royalty rate; determining brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand; determining forecast revenues; application of the royalty rate to the forecast revenues to derive brand revenues; and discounting brand revenues post-tax to a net present value which equals the brand value.
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’s 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 highly active in social and digital media and customer engagement events, at national and regional level. The Bank’s strong customer base covers all segments of society, and encompasses all socio economic groups spread across Sri Lanka.
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 considered when marketing campaigns are planned. This strategic approach has helped the brand to evolve through the years and become one of the strongest brands in the country.
The Export Development Board (EDB) successfully conducted a networking and knowledge sharing session for the women entrepreneurs registered under the “Women Entrepreneurship Development Program” recently at the EDB-NDB Tower, Colombo 02. The event addressed one of the key barriers faced by women entrepreneurs, lack of networking opportunities with industry leaders.
This exclusive session brought together 50 women entrepreneurs registered with EDB, including SME direct exporters and indirect exporters, along with leading exporters and academics. Designed to inspire and educate, the event fostered connections, facilitated knowledge sharing, and encouraged collaboration to help women entrepreneurs navigate international markets. The event featured a distinguished panel of speakers who shared their expertise on various topics critical to succeeding in the global marketplace:
Mrs. Mano Sheriff, Managing Director of Ceylon Natural Rubber (Pvt) Ltd, discussed the importance of sustainable exporting practices. She highlighted strategies to incorporate sustainability into export operations.
Mr. Adrian Gabriel, General Manager (Tea) at Akbar Brothers (Pvt) Ltd, shared real-life examples of thriving in competitive international markets. As a Senior Tea Taster managing markets across Europe, the Middle East, and Australasia, he provided insights into overcoming market entry challenges.
Prof. Arosha Adikaram, Chair Professor of Human Resource Management at the University of Colombo, emphasized the importance of understanding and mitigating legal risks in labor management. Drawing on her extensive research and consultancy experience, she underscored strategies for creating safe and compliant workplaces.
Mrs. Priyanka Perera, Head of Operations at Orel Academy, explored the nuances of cultural differences and their impact on international negotiations. Her diverse industry experience provided attendees with actionable tips for successful cross-border collaborations.
Mrs. Priyadarshinie Karunarathne, a Business Consultant and Sustainability Practitioner, illuminated the growing global demand for sustainable practices and the opportunities it presents for export businesses.
Mrs. Nirosha Jagoda, Managing Director of British Cosmetics (Pvt) Ltd and Mr. Christopher Fernando, Executive Director of Malwatta Valley Plantations PLC captivated the audience with their journey of entering and excelling in challenging markets, offering valuable lessons for aspiring exporters.
The session was a resounding success, enabling women entrepreneurs to expand their networks and gain insights from industry leaders. By addressing barriers and fostering an environment for shared learning, the EDB continues to empower women entrepreneurs to achieve greater heights in the export sector.
This event is part of EDB’s ongoing commitment to supporting women entrepreneurs under its “Women Entrepreneurship Development Program”. Mr. Mangala Wijesinghe, Chairman and Chief Executive Officer of the EDB, Mrs. C. D. Dharmasena, Director General of the EDB, along with EDB Directors and officials, also participated in the event.
Sri Lanka has achieved a significant milestone in its tourism sector, proudly welcoming the two millionth tourist arrival on December 26, 2024. The two millionth lucky tourist was Prasan Ingkanunt from Thailand who arrived on UL 403 for his first visit in Sri Lanka with his wife and sister .
This marks the first time since 2018—when the country recorded its highest-ever arrivals of 2.3 million—that such numbers have been reached. The achievement reflects the resilience of the tourism industry despite the challenges of the past five years. This will provide Sri Lanka Tourism with a necessary and crucial breather for its revival and growth.
The past week recorded daily tourist arrivals exceeding 10,000—a figure expected to rise further towards the end of the month—the milestone underscores the success of combined efforts by the private sector stake holders and Sri Lanka Tourism in ensuring a robust holiday season. Promotional campaigns and collaborative strategies have helped pave the way for this achievement, signaling a positive outlook for the future of the indsutry.
Sri Lanka’s tourism industry has faced significant ups and downs since 2019, beginning with the Easter attacks, followed by the COVID-19 pandemic and an economic downturn. Despite these hurdles, the country welcomed 1.4 million tourists in 2023, and the steady growth into 2024 highlights its ability to rebound and regain its status as a sought-after destination.
Strategic government intervention played a key role in this progress, with the initial step taken by the newly elected government resolving the online visa issues in September 2024 ensuring smooth travel for international visitors. The government’s recognition of tourism as a priority industry underlines its commitment to fostering an inclusive economy, with ambitious targets of 3 million arrivals and USD 5 billion in revenue by 2025.
A special ceremony was held at the Bandaranaike International Airport’s Silk Route Lounge to honour the two millionth tourist. Hosted by the Sri Lanka Tourism Promotion Bureau and Airport Aviation Services Limited, the event featured traditional dance performances and the presentation of special mementos.
Sri Lanka’s rich diversity continues to captivate travelers worldwide, offering everything from sun-kissed beaches to lush mountains and exotic wildlife. The country’s efforts have been recognized globally, with 21 international tourism accolades in 2024 alone. These include Forbes Magazine naming Sri Lanka the fourth most popular solo travel destination, National Geographic highlighting the Pekoe Trail as one of the world’s best hiking experiences, and the Wanderlust Gold Award for Most Desirable Island.
People’s Bank Aranayaka Branch moved to a new location recently. The new, spacious premises offer enhanced convenience to customers, providing a full range of services supported by the latest digital banking technology.
People’s Bank Deputy General Manager (Channel Management) Naleen Pathiranage, Kegalle Regional Manager J.D.R Gnanathilaka, Asst. Regional Manageress Kumari Dayananda, Branch Manageress Devika Rathnakumara, as well as bank staff members, Government officials and Customers attended the event.
People’s Bank, established in 1961, is one of Sri Lanka’s leading commercial banks, with the country’s largest customer base of over 15.2 million customers. With country’s largest network of 750 branches and Service Centers and an undisputed leadership in digital banking, the bank continues to drive economic growth and development in Sri Lanka.
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