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BOC celebrates 81 years of yeoman service

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With an unfathomable bond that was built with the Sri Lankan community for over 81 years, Bank of Ceylon, the No.1 Bank in the country celebrated that deeply rooted relationship with pride at its 81st anniversary of establishment on August 1 .

With a heritage that explicitly showcases the commitment it has towards the nation in terms of co-creating social and economic wellbeing together with the government of Sri Lanka, Bank of Ceylon has reached Sri Lankan businesses and individuals of all-walks-of-life to enrich their socio-economic standards. Indigenously originated in response to the needs of Ceylonese businesses to move forward to expand their businesses and wellbeing, the Bank of Ceylon Ordinance was enacted in 1938 and the Bank was declared open on August 1st, 1939 at 41, Bristol Street in Colombo Fort, by the Governor, Sir Andrew Caldecott.

Beginning its first extended branch in Kandy, Bank of Ceylon has moved forward to open 645 branches across the country, four overseas branches and a banking subsidiary in London up to now. 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.

“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 learning of the bank goes back again as an investment to assist the government’s socio-economic agenda to develop the country’s infrastructure facilities and other, on behalf of all Sri Lankans. BOC takes great pride and responsibility in responding to the needs of all its stakeholders” stated the chairman Kanchana Ratwatte.

BOC is currently standing strongly with a balance sheet that encompasses Assets valued over Rs.2.6 Trillion, Deposits over Rs. 2.1 Trillion, Advances and Lending over Rs. 1.8 Trillion, BOC boasts of being the wealthiest single business entity in Sri Lanka. This leading Sri Lankan banking giant has spread its wings across the island with a sophisticated inter-connected digital network currently inclusive of 645 branches, 10 mobile branches, 15 SME centres and also 1270 ATMs/ CDMs and CRMs that are 24 x7 operative as physical customer touch points building up a total of 1915, enabling customers to transact at their convenience. In its 81 year long journey, BOC has empowered generation after generation of individuals and businesses that many of the indigenous corporate scale businesses that are here today were start-ups financed by the bank back in the early days. At present BOC has taken its responsibility even further by being the bank that elevates the Sri Lankan banking industry by harnessing world class banking technologies and spreading the synergy across the country benefitting every household.

Leveraging on the strength gathered over eight decades, Bank of Ceylon has continued to dominate the Sri Lankan banking landscape at many different levels. “Looking at a broader perspective, anyone can observe that Bank of Ceylon is substantially rooted with every industry in the country in a significant way. In order to manage the requirements that are coming from this diverse customer base, BOC manages a product and a service portfolio that could financially enable anyone’s aspiration for social or economic growth. Considering the current social circumstances, the Bank has identified that the country is in need to promote the entrepreneurial spirit and more prominence should be given for financial inclusion and employment generation” stated the Acting General Manager Mr. D.P.K. Gunasekera.

BOC’s structure is sustainable in the longer-run as it is deeply connected to a profound vision, mission and a set of corporate values to begin with. It demonstrates it agility by adapting itself to be more responsive to customer needs. The assurance the Bank has earned throughout these years is validated by all stakeholders especially all Sri Lankans. The Bank aims to confront future challenges by developing market leadership, confronting market volatility, channeling and aligning resources to ensure business growth and transforming the banking landscape digitally.

 

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CSE turnover hits Rs. 3 billion for third consecutive day

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By Hiran H.Senewiratne 

CSE recorded the highest turnover for the week, touching the  Rs. 3.billion  mark yesterday for the third consecutive day. The banking sector  counters dominated in turnover generation almost after two weeks closely followed by manufacturing sector  counters, making a combined contribution of 48 percent, stock market analysts said.

Foreign investors continued to be net-sellers while recording low participation. But yesterday the market was driven and mainly pushed  by retail investors. Further, corporate and institutional investors were also more active than on other trading days, analysts explained. 

All Share Price Index was up by 63.38 points and S and P SL20 up by 32.25 points.  Turnover stood at Rs.  3.54 billion with five crossings. Those crossings were reported in JKH, which crossed 1.5 million shares to the tune of Rs. 205.5 million, its shares trading at Rs. 137, HNB 1.34 million shares crossed for Rs. 183 million, its shares fetching Rs. 130.50, Commercial Bank 1.76 million shares  crossed for Rs. 146.7 million, its shares trading at Rs. 83, Sampath Bank 200,000 shares crossed for Rs. 27.4 million at a per share value of Rs. 137 and Lanka IOC one million shares crossed for Rs. 21 million, its shares trading at Rs. 21.

In the retail market, top five companies that mainly contributed to the day’s turnover were, Expolanka Rs.  330.7 (34 million shares traded), Sampath Bank Rs. 211.1 million (1.53 million shares traded), Commercial Bank Rs. 196 million (2.4 million shares traded), Browns Investment Rs. 152.9 million (55.5 million shares traded) and Tokyo Cement (Non Voting) Rs. 143.9 million (3.1 million shares traded). During the day 182 million share volumes changed hands in 26472 transactions. 

Banking sector, LOLC and Browns Investments contributed heavily to both CSE indices, mainly the All Share Price Index. LOLC share prices moved up by Rs. 3 or 2.2 per cent. Its shares started trading at Rs. 135 and at the end of the day it moved up to Rs. 138 and Browns Investment  share prices moved up by 11.5 percent or 30 cents. Its shares started trading at Rs. 2.60 and at the end of the day it moved up to Rs. 2.90. Further, Sampath Bank and HNB share prices appreciated by four percent  each during the day. Commercial Bank share prices also appreciated during the day,  stock market sources said.      High net worth and institutional investor participation remained subdued for the day while mixed interest was observed in Hayleys Fabric, Tokyo Cement Company, voting and non-voting, and Melstacorp. Retail interest was noted in Expolanka Holdings, Access Engineering and People’s Leasing & Finance. 

 

 

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SriLankan statement on New Delhi court case

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SriLankan Airlines wishes to state the following with regard to the Delhi court case against a former senior official of the airline and the subsequent media reports that are currently being circulated.

The case in the Metropolitan Magistrate- 05, Patiala House Court, New Delhi where an order has been delivered convicting a former Regional Manager of SriLankan Airlines, had been filed pursuant to a complaint made by a former Sales Executive on a personal matter against the said former Regional Manager of the airline. The airline was not a party to this legal action in which the order has been delivered.

The airline had received a complaint from that Sales Executive in 2011 alleging an incident took place in 2009 involving the said former Regional Manager and transferring her from the airline’s office in New Delhi to the office in Cochin.

Upon receiving the complaint, the airline had conducted an inquiry in terms of the Company’s special policy against harassment in 2011 and the Committee had determined that her transfer to Cochin had been based on commercial requirements. As the former Sales Executive had been dissatisfied with the outcome of the inquiry and she wanted another inquiry, the airline had conducted a further inquiry into her complaint in 2014 in line with the Sexual Harassment of Women at Workplace Prevention, Prohibition, and Redressal Act of 2013 in India, where the committee had been of the view that her complaint of “sexual harassment” could not be justified and her transfer to Cochin would stand.

As the former Sales Executive did not comply with the requirement of the Company to report to the office in Cochin, the airline was compelled to terminate her services on disciplinary grounds following the due procedure in terms of laws in India.

SriLankan Airlines is one of the first corporate entities in Sri Lanka who adopted a policy against harassment at workplace way back in 2007. SriLankan Airlines, as an entity that is committed to ensure safe working environment for all its employees, maintains a zero-tolerance policy against any kind of harassment.

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Litro Gas felicitates senior staff with Long Service Awards

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Long Service Award Winners 2020 with the chairman and CEO of Litro Gas Lanka Ltd. & Litro Gas Terminal Lanka (Pvt) Ltd.

Litro Gas has developed a unique legacy that combines the efficiency and tradition of a private enterprise with its state owned status.

In keeping with the company’s commitment towards recognizing and rewarding its employees who have grown with the company, Litro Gas recently feted its senior most staff at the Long Service Awards ceremony 2020.

A total of 33 employees were recognized by the company for their loyal and dedicated service spanning up to 35 years of continuous service to the LPG industry.

W.H.Padmasiri (35 Years), D.C.P.Wijesinghe, D.K.Nanda, W.A.S.P.Perera, K.D.J.T.Gunasekara, A.Pathmarajah, H.B.Weerasena, L.N.G.Perera, A.L.A.Nandana, K.S.Chandrathilake (30 Years) , K.K.M.P.Jayawardena, S.W.J.Senaratne, W.H.G.Wildeniya, B.Mahinda, Mrs. H.K.Nilmini, M.S.Punchihewa, N.P.S.A.H.Kumara, K. Sarathchandra, K.A.A.Priyadarshana (25 Years), Mrs. H.M.Chamani Pathirage, Miss.Shymalie Enoshie P Karunaratne, Ranil Palinda Seneviratne, Mrs. W.M.Lakmali C. Hapuarachchi, Mrs. H.Sunethra Sahabandu, S. Hiran Senewirathne, P.H.Vidanagamage , W.D.L.Nalin Achala, H.P.Pradeep Kumara, H.K.Chandraratne, Priya Kelum Alwis, D.K.N.G.Kumara Fernando, K.P.Weerasekera (20 Years) , Mrs. W.B.Sudeshini Wijewardena (15 Years).

“Recognizing our team members who have made a tremendous contribution to empowering the Litro Gas journey is an honour for us”, says Anil Koswatte, chairman and CEO of Litro Gas Lanka Ltd. & Litro Gas Terminal Lanka (Pvt) Ltd. “The team’s commitment has helped us emerge as the market leader in the Sri Lankan LPG industry with a 75% market share. We will continue to recognize and reward our employees as a part of the culture we have inherited from the past and continue to nurture at Litro Gas – a small, efficient team of 234 members managing the entire operation.”

He adds that those who have served through the years are an asset to the Company. “Their expertise and experiences have evolved through the years and have been a tremendous contribution to our success whilst upholding the Company’s values and ethics and stringently complying with the Health, Safety and Environment policies and procedures”.

The long service awards are a valuable component of Litro’s overall employee recognition efforts and play a significant role in motivating and engaging staff. Rewarding loyalty and commitment by recognising those who have dedicated their careers to the Company is proof that the organisation values and respects people who are committed and add value to the Company.

Litro Gas is recognized as an industry leader in the Sri Lankan energy sector with a turnover of Rs 45 billion. The Company’s LPG storage facility located at Kerawalapitiya and Hambantota Terminals deliver domestic gas across Sri Lanka through an island-wide network of 37 distributors, approximately 1,500 home delivery hubs and 11,000 points-of-sale locations.

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