Features

The Bank of Ceylon: what it was, is and can be

Published

5 years ago

2021/04/11

Preamble

Arising from the global uncertainties and competitive challenges in socio-economic activities and ‘New-Normal’ life styles, in the aftermath of the ‘Covid-19’ pandemic, we as a group of senior retired bankers who have dedicated 30 to 40 years of their working lives to the glory and success of the largest, indigenous Bank of Sri Lanka with a global presence, consider it timely and appropriate to address the attention of all its stakeholders- viz. the government, valued customers, bank staff, trade unions and the public at large. Towards such end, we wish to deal briefly with the bank’s history highlighting a few of its unique performances and achievements particularly during difficult times, by leveraging on its status as the best internationally rated, local bank in Sri Lanka.

A Brief History of the Bank of Ceylon (BOC)

The Bank of Ceylon (BOC) was established in 1939 as the first indigenous State-aided Bank to assist local entrepreneurs and businessmen who were deprived of much needed finances. While meeting its objectives through financial intermediation, the bank’s deposits and advances portfolios grew exponentially withban expanding Import/export economy; so much so, that BOC opened a Branch in London in 1949. With such signs of fulfilling progress, there was no attempt even after the country’s Independence in 1948 to nationalize the bank.

However, due to a major shift in economic policies, BOC was nationalized in 1961 coupled with protective regulations against foreign banks creating a captive market for state-owned banks. Consequently, the bank in the early seventies was requested to extend its services to the rural areas by opening over 300 islandwide Agricultural Service Centre (ASC) branches under an innovative ‘mixed banking’ model. It surely expanded the bank’s relationship with the populace as its clients. In implementing this model, the bank introduced a plethora of concessionary credit schemes with refinance facilities from the Central Bank and

credit lines from international funding agencies such as the World Bank, Asian Development Bank (ADB) and International Finance Corporation (IFC) to uplift the economy of the rural farmers, small and medium entrepreneurs as well as self-employed artisans in the semi-urban sector.

With the introduction of the ‘open economy’ in the late seventies, Sri Lanka’s financial market was liberalized allowing the re-entry of foreign banks creating a fierce competition especially in commercial and international banking. During the decades of eighties and nineties, the bank responded effectively to the growing challenges in a rapidly changing global environment, by introducing techno- savvy innovative products such as credit cards, ATM/debit cards, in a computerized environment adopting appropriate marketing and human resource development strategies. The bank also expanded its horizons and opened overseas branches in Chennai, Karachi, Male and a joint venture bank in Nepal. With its strong balance sheet and financial performance, the bank was rated high by international rating agencies making it a respected borrower in the international financial markets on behalf of the govt. of Sri Lanka too. BOC was the first local bank that ranked among the top 1,000 banks in the world as per the regular surveys conducted by the reputed UK magazine ‘The Banker’ and it sustains the status quo to date. The recognition of the bank by a strong global network of over 900 correspondent banks continued to facilitate its international banking operations to the immense benefit of the country’s exporters and importers. In summary, the bank’s vision of being ‘The Bankers to the Nation with a global presence’ at the time, was satisfactorily achieved by the aforesaid performances.

It is noteworthy, that in addition to being the banker to the millions of the population in all walks of life, through its Islandwide network of branches, the BOC became the de facto banker to the government as well.

For example, when USA imposed an embargo on Iran in 1980, the BOC drawing on its robust international standing was the only bank to continue to negotiate letters of credit for tea shipments to Iran for its customers uninterruptedly and for other banks’ customers too, relying on assurances by Iran’s “Central Bank”, of payments inclusive of interest for delay, and save the country’s economy while averting a collapse of our tea industry.

On another occasion when ships refused to come to Sri Lanka after LTTE bombed the Colombo harbour, the BOC drawing on its International recognition, arranged a Lloyd’s Insurance guarantee within three working days and paved the way for shipments without disruption and kept the country alive.

In instances as above, BOC was and still is, the only bank operating in Sri Lanka that possesses the will and the ‘risk taking ability’ to act at short notice for the benefit of the country.

BOC’s active involvement as the ‘Bankers to the Nation’ and the govt. during the two insurrections and the tsunami, is no secret to the public and the security forces were relieved by the uninterrupted arrangements made by the bank to collect their salaries without any delays.

With the beginning of the new millennium, the bank’s vision was revised to read as ‘to be the No. 01 Bank in Sri Lanka and to be perceived as such by the general public’. Accordingly, the bank kept step with the rapid changes in technology and introduced customer centric innovative products such as ‘SLIPS’, SMS Banking, Internet Banking and Smart Banking etc.

Successive BOC managements and staff have consistently laboured to maintain BOC’s position as the No. 01 Bank in Sri Lanka. In the process, the bank has now expanded its network up to 2,000 local customer touch points with customers showing a significant shift from physical banking to digital banking instruments such as B-app, Smart Pay, and Online Banking etc. The bank also strengthened its global presence by opening a new branch in Seychelles and a second branch in Hulhumale – Maldives. As a result of the said achievements, the bank won Sri Lanka’s No. 01 Banking Brand and No.01 Bank Awards for the last 12 years in succession.

It is pertinent to mention that, with the blessings and support of the successive governments, the bank when necessary, executed a series of reorganization/re-engineering/restructuring exercises with the assistance of renowned foreign consultancies, to achieve this remarkable progress.

Towards achieving BOC’s Centenary Vision -2039

Presently, BOC is progressing at an intermediate level in regard to its global presence led by its fully owned subsidiary in London and supported by branches in Chennai, Maldives and Seychelles. With its additional representative presence in the Middle East and South/East Asia, the BOC’s Vision-2039 projects a ‘Global Model’ providing a variety of tailored banking solutions to a mature international customer base without compromising its existing commitment towards the upliftment of the unbanked segments of the local society engaged in agriculture, fisheries and allied self-employment activities in the small and medium sectors. Thus, BOC’s Vision -2039 would be a de facto vision for the country too.

The envisaged development of the Colombo Port City as a ‘Regional Financial Hub’ in close proximity to the iconic BOC head office with ‘Heritage’ potential as Jaathi‘ye Maha Pahan Temba’ (The great beacon light of the nation), will provide a visible, majestic stature to BOC as the leading bank like in all other big cities of the world. It will not only stand in good stead with the changing skyline but also will render BOC with the much needed strategic advantage to link its head office with an extension office in the Port City itself, handling off-shore banking activities along with corresponding changes in the local banking landscape. Having heard certain rumours to the effect that BOC’s head office is earmarked for acquisition in connection with the Port City development, we have proposed to the authorities to ensure that the present strategic location of BOC‘s head office be retained in order to fully derive the aforesaid strategic advantages.

The unforeseen global pandemic –‘Covid-19’ forcing an array of ‘New Normal’ practices has in a way, accelerated BOC’s journey towards its centenary Vision-2039, through innovative development of many digital, on-line banking products to meet both local and global demands. Conversely, the global pandemic has affected our country rating as well as that of the bank due to obvious reasons. Against this backdrop, BOC will be hard pressed to face the challenge of sustaining robust ratings by the International rating agencies while maintaining its pre-eminent position as the No.01 Bank in Sri Lanka.

In this context, it behoves the govt. to provide the necessary environment and the impetus to allay any negative impact on the bank’s commitments to the local and foreign clientele especially our long standing and reputed network of foreign correspondents and boost BOC’s reputation as the only Sri Lankan bank that can mobilize international assistance in emergencies.

A Proposal

Towards this end, in addition to Central Bank guidelines, we have proposed that a fresh ‘Agreement’ be entered into between the Govt. and the BOC, inter-alia permitting the requisite autonomy to the bank to conduct its business like any other private commercial bank conforming to prudential banking norms (BASLE Accord) and other international norms that bear upon its ratings by renowned International rating agencies. Such action will surely buttress BOC’s stride towards its centenary Vision-2039 and ensure achievement of govt.’s own goal of a prosperous Sri Lanka.

We are confident that the internal stake holders of the Bank such as the staff and trade unions would be quite alive to our submissions.

“In a global financial market, the key financial ratings, supported by the stature and image of a bank are equally critical as its ownership.”

A group of retired members of the Corporate and Executive Management of BOC.

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Features

Cricket and the National Interest

Published

19 hours ago

2026/05/5

Sahan Weerasooriya

The appointment of former minister Eran Wickremaratne to chair the Sri Lanka Cricket Transformation Committee is significant for more than the future of cricket. It signals a possible shift in the culture of governance even as it offers Sri Lankan cricket a fighting possibility to get out of the doldrums of failure. There have been glorious patches for the national cricket team since the epochal 1996 World Cup triumph. But these patches of brightness have been few and far between and virtually non-existent over the past decade. At the centre of this disaster has been the failures of governance within Sri Lanka Cricket which are not unlike the larger failures of governance within the country itself. The appointment of a new reform oriented committee therefore carries significance beyond cricket. It reflects the wider challenge facing the country which is to restore trust in public institutions for better management.

The appointment of Eran Wickremaratne brings a professional administrator with a proven track record into the cricket arena. He has several strengths that many of his immediate predecessors lacked. Before the ascent of the present government leadership to positions of power, Eran Wickremaratne was among the handful of government ministers who did not have allegations of corruption attached to their names. His reputation for financial professionalism and integrity has remained intact over many years in public life. With him in the Cricket Transformation Committee are also respected former cricketers Kumar Sangakkara, Roshan Mahanama and Sidath Wettimuny together with professionals from legal and business backgrounds. They have been tasked with introducing structural reforms and improving transparency and accountability within cricket administration.

A second reason for this appointment to be significant is that this is possibly the first occasion on which the NPP government has reached out to someone associated with the opposition to obtain assistance in an area of national importance. The commitment to bipartisanship has been a constant demand from politically non-partisan civic groups and political analysts. They have voiced the opinion that the government needs to be more inclusive in its choice of appointments to decision making authorities. The NPP government’s practice so far has largely been to limit appointments to those within the ruling party or those considered loyalists even at the cost of proven expertise. The government’s decision in this case therefore marks a potentially important departure.

National Interest

There are areas of public life where national interest should transcend party divisions and cricket, beloved of the people, is one of them. Sri Lanka cannot afford to continue treating every institution as an arena for political competition when institutions themselves are in crisis and public confidence has become fragile. It is therefore unfortunate that when the government has moved positively in the direction of drawing on expertise from outside its own ranks there should be a negative response from sections of the opposition. This is indicative of the absence of a culture of bipartisanship even on issues that concern the national interest. The SJB, of which the newly appointed cricket committee chairman was a member objected on the grounds that politicians should not hold positions in sports administration and asked him to resign from the party. There is a need to recognise the distinction between partisan political control and the temporary use of experienced administrators to carry out reform and institutional restructuring. In other countries those in politics often join academia and civil society on a temporary basis and vice versa.

More disturbing has been the insidious campaign carried out against the new cricket committee and its chairman on the grounds of religious affiliation. This is an unacceptable denial of the reality that Sri Lanka is a plural, multi ethnic and multi religious society. The interim committee reflects this diversity to a reasonable extent. The country’s long history of ethnic conflict should have taught all political actors the dangers of mobilising communal prejudice for short term political gain. Sri Lanka paid a very heavy price for decades of mistrust and division. It would be tragic if even cricket administration became another arena for communal suspicion and hostility. The present government represents an important departure from the sectarian rhetoric that was employed by previous governments. They have repeatedly pledged to protect the equal rights of all citizens and not permit discrimination or extremism in any form.

The recent international peace march in Sri Lanka led by the Venerable Bhikkhu Thich Paññākāra from Vietnam with its message of loving kindness and mindfulness to all resonated strongly with the masses of people as seen by the crowds who thronged the roadsides to obtain blessings and show respect. This message stands in contrast to the sectarian resentment manifested by those who seek to use the cricket appointments as a weapon to attack the government at the present time. The challenges before the Sri Lanka Cricket Transformation Committee parallel the larger challenges before the government in developing the national economy and respecting ethnic and religious diversity. Plugging the leaks and restoring systems will take time and effort. It cannot be done overnight and it cannot succeed without public patience and support.

New Recognition

There is also a need for realism. The appointment of Eran Wickremaratne and the new committee does not guarantee success. Reforming deeply flawed institutions is always difficult. Besides, Sri Lanka is a small country with a relatively small population compared to many other cricket playing nations. It is also a country still recovering from the economic breakdown of 2022 which pushed the majority of people into hardship and severely weakened public institutions. The country continues to face unprecedented challenges including the damage caused by Cyclone Ditwah and the wider global economic uncertainties linked to conflict in the Middle East. Under these difficult circumstances Sri Lanka has fewer resources than many larger countries to devote to both cricket and economic development.

When resources are scarce they cannot be wasted through corruption or incompetence. Drawing upon the strengths of all those who are competent for the tasks at hand regardless of party affiliation or ethnic or religious identity is necessary if improvement is to come sooner rather than later. The burden of rebuilding the country cannot rest only on the government. The crisis facing the country is too deep for any single party or government to solve alone. National recovery requires capable individuals from across society and from different sectors such as business and civil society to work together in areas where the national interest transcends party politics. There is also a responsibility on opposition political parties to support initiatives that are politically neutral and genuinely in the national interest. Not every issue needs to become a partisan battle.

Sri Lanka cricket occupies a special place in the national consciousness. At its best it once united the country and gave Sri Lankans a sense of pride and international recognition. Restoring integrity and professionalism to cricket administration can therefore become part of the larger task of national renewal. The appointment of Eran Wickremaratne and the new committee, while it does not guarantee success, is a sign that the political leadership and people of the country may be beginning to mature in their approach to governance. In recognising the need for competence, integrity and bipartisan cooperation and extending it beyond cricket into other areas of national life, Sri Lanka may find the way towards more stable and successful governance..

by Jehan Perera

Features

From Dhaka to Sri Lanka, three wheels that drive our economies

Published

19 hours ago

2026/05/5

Sahan Weerasooriya

Court vacation this year came with an unexpected lesson, not from a courtroom but from the streets of Dhaka — a city that moves, quite literally, on three wheels.

Above the traffic, a modern metro line glides past concrete pillars and crowded rooftops. It is efficient, clean and frequently cited as a symbol of progress in Bangladesh. For a visitor from Sri Lanka, it inevitably brings to mind our own abandoned light rail plans — a project debated, politicised and ultimately set aside.

But Dhaka’s real story is not in the air. It is on the ground.

Beneath the elevated tracks, the streets belong to three-wheelers. Known locally as CNGs, they cluster at junctions, line the edges of markets and pour into narrow roads that larger vehicles avoid. Even with a functioning rail system, these three-wheelers remain the city’s most dependable form of everyday transport.

Within hours of arriving, their importance becomes obvious. The train may take you across the city, but the journey does not end there. The last mile — often the most complicated part — belongs entirely to the three-wheeler. It is the vehicle that gets you home, to a meeting or simply through streets that no bus route properly serves.

There is a rhythm to using them. A destination is mentioned, a price is suggested and a brief negotiation follows. Then the ride begins, edging into traffic that feels permanently compressed. Drivers move with instinct, adjusting routes and squeezing through gaps with a confidence built over years.

It is not polished. But it works.

And that is where the comparison with Sri Lanka becomes less about what we lack and more about what we already have.

Back home, the three-wheeler has long been part of daily life — so familiar that it is often discussed only in terms of its problems. There are frequent complaints about fares, refusals or the absence of meters. More recently, the industry itself has become entangled in politics — from fuel subsidies to regulatory debates, from election-time promises to periodic crackdowns.

In that process, the conversation has shifted. The three-wheeler is often treated as a problem to be managed, rather than a service to be strengthened.

Yet, seen through the experience of Dhaka, Sri Lanka’s system begins to look far more settled — and, in many ways, ahead.

There is a growing structure in place. Meters, while not perfect, are widely recognised. Ride-hailing apps have added transparency and reduced uncertainty for passengers. There are clearer expectations on both sides — driver and commuter alike. Even small details, such as designated parking areas in parts of Colombo or the increasing standard of vehicles, point to an industry slowly moving towards professionalism.

Just as importantly, there is a human element that remains intact.

In Sri Lanka, a three-wheeler ride is rarely just a transaction. Drivers talk. They offer directions, comment on the day’s news, or share local knowledge. The ride becomes part of the social fabric, not just a means of getting from one point to another.

In Dhaka, the scale of the city leaves less room for that. The interaction is quicker, more direct, shaped by urgency. The service is essential, but it is under constant pressure.

What stands out, across both countries, is that the three-wheeler is not a temporary or outdated mode of transport. It is a necessity in dense, fast-growing Asian cities — one that fills gaps no rail or bus system can fully address.

Large infrastructure projects, like light rail, are important. They bring efficiency and long-term capacity. But they cannot replace the flexibility of a three-wheeler. They cannot reach into narrow streets, respond instantly to demand or provide that crucial last-mile connection.

That is why, even in a city that has invested heavily in modern rail, Dhaka still runs on three wheels.

For Sri Lanka, the lesson is not simply about what could have been built, but about what should be better managed and valued.

The three-wheeler industry does not need to be politicised at every turn. It needs steady regulation — clear fare systems, proper licensing, safety standards — alongside encouragement and recognition. It needs to be seen as part of the solution to urban transport, not as a side issue.

Because for thousands of drivers, it is a livelihood. And for millions of passengers, it is the most immediate and reliable form of mobility.

The tuk-tuk may not feature in grand policy speeches or infrastructure blueprints. It does not run on elevated tracks or attract international attention. But on the ground, where daily life unfolds, it continues to do what larger systems often struggle to do — show up, adapt and keep moving.

And after watching Dhaka’s streets — crowded, relentless, yet functioning — that small, three-wheeled vehicle feels less like something to argue over and more like something to get right.

(The writer is an Attorney-at-Law with over a decade of experience specialising in civil law, a former Board Member of the Office of Missing Persons and a former Legal Director of the Central Cultural Fund. He holds an LLM in International Business Law)

by Sampath Perera recently in Dhaka, Bangladesh

Features

Dubai scene … opening up

Published

19 hours ago

2026/05/5

Sahan Weerasooriya

Seven Notes: Operating in Dubai

According to reports coming my way, the entertainment scene, in Dubai, is very much opening up, and buzzing again!

After a quieter few months, May is packed with entertainment and the whole scene, they say, is shifting back into full swing.

The Seven Notes band, made up of Sri Lankans, based in Dubai, are back in the spotlight, after a short hiatus, due to the ongoing Middle East problems.

On 18th April they did Legends Night at Mercure Hotel Dubai Barsha Heights; on Thursday, 9th May, they will be at the Sports Bar of the Mercure Hotel for 70s/80s Retro Night; on 6th June, they will be at Al Jadaf Dubai to provide the music for Sandun Perera live in concert … and with more dates to follow.

These events are expected to showcase the band’s evolving sound, tighter stage coordination, and stronger audience engagement.

With each performance, the band aims to refine its identity and build a loyal following within Dubai’s vibrant nightlife and event scene.

Pasindu Umayanga: The group’s new vocalist

What makes Seven Notes standout is their versatility which has made the band a dynamic and promising act.

With a growing performance calendar, new talent integration, and international ambitions, the band is definitely entering a defining phase of its journey.

Dubai’s music industry, I’m told, thrives on diversity, energy, and audience connection, with live bands playing a crucial role in elevating events—from corporate shows to private concerts. Against this backdrop, Seven Notes is positioning itself not just as another band, but as a performance-driven musical unit focused on consistency and growth.

Adding fresh momentum to the group is Pasindu Umayanga who joins Seven Notes as their new vocalist. This move signals a strategic upgrade—not just filling a role, but strengthening the band’s front-line presence.

Looking beyond local stages, Seven Notes is preparing for an international tour, to Korea, in July.

Bassist Niluk Uswaththa: Spokesperson for Seven Notes

According to bassist Niluk Uswaththa, taking a band abroad means: Your sound must hold up against unfamiliar audiences, your performance must translate beyond language, and your discipline must be at a professional level.

“If executed well, this tour could redefine Seven Notes from a local band into an emerging international act,” added Niluk.

He went on to say that Dubai is not an easy market. It’s saturated with highly experienced, multi-genre bands that can adapt instantly to any crowd.

“To stand out consistently you need to have tight rehearsal discipline, unique sound identity (not just covers), strong stage chemistry, audience retention – not just applause.”

No doubt, Seven Notes is entering a critical growth phase—new member, multiple shows, and an international tour on the horizon. The opportunity is real, but so is the pressure.

However, there is talk that Seven Notes will soon be a recognised name in the regional music scene.