Business
BOC’s market leadership position in foreign remittances helps uplift national economy in crisis period
BOC’s Deputy General Manager (International, Treasury & Investment), R. M. N. Jeewantha, recently discussed BOC’s lead role in foreign remittances in Sri Lanka amid the COVID-19 pandemic, plus the bank’s role in offering uninterrupted banking services at the Bandaranaike International Airport.
The following are some excerpts from his presentation.
“The importance of foreign worker remittances to the national economy cannot be overstated. Remittance-generated income has become even more crucial currently, owing to the ongoing health crisis.”
With over 2 million Sri Lankans residing and working in foreign countries, they amount to approximately 10% of the country’s population and 25% of the local workforce. In the year 2019, a total of USD 6.7 Billion was generated in foreign currency remittances, corresponding to 8.03% of our total GDP. This is indicative of the significance of the contributions by migrant workers, particularly in Middle Eastern, East Asian and Western countries, to our national economy.”
“Of the above stated total in 2019, a notable 40% market share of foreign currency remittances was garnered by Bank of Ceylon, which the bank has consistently maintained over numerous years. An institution that has formed a reputation as Bankers to the Nation, BOC has helped Sri Lankans send money home reliably, safely, and promptly for many decades. The impact that the ability to securely transfer money has on our citizen’s social well-being, is incalculable.”
“Despite remittances being hard hit in the months of April and May by the COVID-19 pandemic worldwide, and extended periods of lockdown as a result, foreign remittances in Sri Lanka reached a high of USD 703 Million in September 2020. BOC has maintained market leadership position in foreign remittances in 2020 as well, while managing to retain 40% market share once more.”
“Additionally, for conversion of remittances to rupees plus for foreign currency deposits, BOC provides the most attractive exchange rates market-wide. These benefits feature heavily when Sri Lankans working abroad opt for BOC to facilitate their money transfers.”
“BOC also maintains over 100 direct relationships with exchange houses worldwide. These partnerships are facilitated by BOC business promotion officers across the world in countries such as Qatar, South Korea, Oman, UAE, Italy, Saudi Arabia, Japan, Kuwait, and Israel. It is important to note that even amidst the current global pandemic, these BOC business promotion officers have not requested to come back home, and they continue to serve Sri Lankans in those countries and the country as a whole.”
“The bank’s resolve to continue serving the nation even in times of adversity, ensured state corporations, private entities and the country as a whole could operate and continue as before. This fully captures the spirit of Bank of Ceylon, and its determination to lead the country forward.”
Browns EV officially launched the fast-charging BAW E7 Pro electric vehicle to the Sri Lankan market recently at the Monarch Imperial, strengthening its affordable EV portfolio.
Priced at Rs. 5.8 million, the E7 Pro offers a driving range of up to 260 kilometres on a single charge, powered by a 22.29 kWh lithium iron phosphate (LFP) battery known for durability and safety. Its fast-charging capability enables charging from 30 percent to 80 percent in approximately 35 minutes.
Executive Director Vijitha Bandara announced that Browns EV has sold over 1,500 BAW E7 vehicles to date. The company plans to establish 100 charging stations islandwide in partnership with TELD by June 2026, alongside offering a 10-year battery warranty and 3-year vehicle warranty.
Manufactured by Beijing Automobile Works Co. Ltd. (BAW), one of China’s oldest automakers established in 1951, the E7 Pro arrives as Sri Lanka accelerates its transition toward sustainable transportation, backed by the 150-year legacy of the Browns Group.
John Keells Logistics (Pvt) Ltd (JKLL) has expanded its strategic engagement with Colombo West International Terminal (Private) Limited (CWIT) through new inter-terminal transport (ITT) operations within the Port of Colombo.
The appointment builds on JKLL’s successful implementation of Inter-Terminal Vehicle (ITV) operations at CWIT last year, which demonstrated the company’s capability in managing complex transport requirements with precision and operational discipline. ITT operations require high levels of coordination within the high-throughput port environment.
JKLL’s technology-enabled logistics framework, incorporating real-time fleet tracking and data-driven operational planning, will provide enhanced visibility and control over transport movements while ensuring compliance with safety and productivity standards.
Munish Kanwar, CEO of CWIT, stated: “John Keells Logistics has demonstrated a consistent ability to manage complex logistics requirements with reliability and precision. We value this partnership and look forward to exploring further opportunities.”
Lasitha Manachanayake, CEO of John Keells Logistics, said the expanded engagement focuses on delivering operational excellence through structured processes and technology integration, strengthening efficiency and transparency across terminal operations.
Commercial Bank of Ceylon has partnered with Ideal Motors (Pvt) Ltd to offer special leasing packages for the Mahindra XUV 3XO, aiming to make quality mobility solutions more accessible.
Under the collaboration, Commercial Bank provides attractive leasing facilities featuring preferential interest rates, concessions on documentation charges, and a complimentary credit card with the first year’s annual fee waived.
Ideal Motors complements the offer with exclusive benefits, including a special discount on the vehicle, free registration, a 10 per cent discount on spare parts, and the first three services labour-free.
The joint promotional campaign runs until 28 February 2027, allowing customers flexible repayment structures aligned with their income patterns.
“The leasing packages are designed to offer affordable rentals while allowing customers to benefit from special rates and cost concessions across both financing and ownership-related services,” the bank said.
Browns EV launches fast-charging BAW E7 Pro at Rs. 5.8 million
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