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ComBank sees need to play a ‘far more urgent and vital’ role against impacts of C19

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• Extends moratoriums on 81,387 loans with a total capital outstanding of Rs 443 billion during first and second waves

“We began the year on a celebratory note, with an ambitious portfolio of community initiatives to commemorate our 100-year history, but it soon became evident that we would have to play a far more urgent and vital role to underwrite the survival of people and businesses impacted by the effects of the pandemic,” Commercial Bank Managing Director S. Renganathan said in a press statement issued yesterday.

“We are proud to end the year as the leading provider of COVID-19 linked concessionary loans among the private banks, and the process continues,” he said.

ComBank statement said:

“The Commercial Bank of Ceylon provided new concessionary lending of nearly Rs 30 billion in 2020, its centenary year, to help Sri Lankans weather the impacts of the COVID-19 pandemic and ended the year as the most generous lender among the country’s private banks.”

“This high volume of concessionary loans was in addition to the relief the Bank granted to customers in the form of debt, capital or interest moratoriums on a staggering 81,387 existing loans with a capital outstanding of Rs 443 billion as well as repayment of outstanding credit card balances, the Bank disclosed this week.”

“The total of Rs 29.6 billion in COVID-19 support loans disbursed by the Bank as at 30th December 2020 under multiple relief schemes to provide working capital loans to pandemic affected businesses included loans provided under the Central Bank mandated programme as well as the Bank’s own support schemes.”

“Under the working capital loan scheme titled ‘Saubagya COVID-19 Renaissance facility’ launched by the Central Bank of Sri Lanka (CBSL), Commercial Bank registered 5,637 applications with a total value of Rs 28 billion over the three phases of the programme and disbursed 5,387 loans with a value of Rs 26.6 billion at the close of 2020. Notably, Commercial Bank disbursed the highest loan value within a short period during the first wave of the pandemic, and disbursed Rs 2.8 billion, Rs 17.7 billion and Rs 6.1 billion respectively under Phases I, II and III of the programme. Moreover, the Bank lent another Rs 1.4 billion under the Liquidity Facility for Contractors in the construction sector and other suppliers to the government.”

“Commercial Bank also funded two other special loan schemes of its own, one for SMEs affected by COVID-19 and the other the ‘Dirishakthi COVID-19 Support Loan’ scheme to assist micro enterprises disrupted by the pandemic. The Bank lent Rs 1.4 billion via 102 loans to help small and medium businesses and Rs 34 million via 313 loans to micro enterprises under these bank-funded loan schemes.”

“Taking on the mantle of the driving force in economic recovery in the post-pandemic period, the Bank grouped 12 different schemes implemented for affected businesses and individuals under the umbrella of the ‘Arunella’ Financial Support Scheme and extended these relief programmes beyond the mandated debt moratorium. These concessions included flexible payment options, up to 20% rebates on accrued interest during the moratorium periods, extension of moratorium periods for up to another six months, further reductions on Credit Card repayments and applicable interest rates, and Debt Consolidation Plans.”

“Commercial Bank became the first private bank in Sri Lanka to surpass Rs 1.5 trillion in assets, Rs 1 trillion in deposits, and Rs 900 billion in loans in 2020. The Bank also introduced several innovative products and services such as the upgraded online banking platform ‘ComBank Digital’ with multiple new and enhanced features, a trilingual multi-channel Integrated Contact Centre, and QR-enabled payment option for Credit Cards for the first time in the country and also introduced WhatsApp Banking for the first time in Sri Lanka”, the statement said.

The Bank also completed a landmark private equity placement with IFC in 2020. It launched CBC Finance Ltd., its fully owned Licensed Non-bank Finance Institution (NBFI) and installed its 250th Cash Recycler Machine (CRM) by the end of 2020, taking its network of automated machines to 905. The Bank increased its stake in Commercial Insurance Brokers, and its subsidiary CBC Myanmar Microfinance Ltd. expanded its operations by opening a branch in Pyinmana.

In the sphere of CSR initiatives, Commercial Bank donated Rs 10 million to the National COVID-19 Healthcare and Social Security Fund and joined forces with the Sri Lankan Army’s ‘Thuru Mithuru’ project focused on driving Sri Lanka towards self-sufficiency in essential food. Marching on with its contribution towards IT education in Sri Lanka, the Bank donated its 200th fully-equipped IT laboratory and set up Coding Clubs in 50 schools and initiated a project to established 100 STEM (Science Technology Engineering and Mathematics) classrooms in 100 schools as part of its 100-year celebrations. The Bank has also pledged to reforest 100 hectares of land in the dry zone of Sri Lanka to mark its centenary.



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Hemas Consumer strengthens portfolio with L’Oréal partnership in Sri Lanka

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Hemas Consumer, the leading manufacturer and distributor in Sri Lanka’s beauty and personal care sector has strengthened its portfolio of offerings in a groundbreaking partnership with the world’s number one beauty company, L’Oréal. With this partnership Hemas Consumer obtains distributor rights to leverage its sales network and innovative marketing approaches in taking L’Oréal’s wide range of beauty and personal care brands across Sri Lanka.

Commenting on the new partnership, Sriyan de Silva Wijeyeratne, Managing Director, Hemas Consumer & Executive Director Hemas Group said, “We have spent over fifty years building successful and strong consumer brands in Sri Lanka. In keeping with our promise of consumer delight and trust, we are elated to partner a world-class cosmetics group like L’Oréal expanding our existing portfolio with the world’s most sought-after beauty and personal care products.

We are well equipped in our distribution process with island-wide sales channels to serve all parts of the country. I believe this partnership will revolutionize Sri Lanka’s beauty care industry and more prospects await as we continue to look ahead with L’Oréal.”

Sabrina Esufally, Director Business Development and Innovation at Hemas Consumer said, “This partnership will enable Sri Lankans to access the iconic brands and solutions created through years of research and innovation by L’Oréal. In the fast evolving and dynamic beauty industry, the combined strength of Hemas’s local heritage and penetration, and L’Oréal’s global technology and trust is the perfect recipe for consumer delight.”

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DFCC Bank supports industrial excellence by partnering CNCI Achiever Awards

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DFCC Bank PLC, stepped up once again for the 3rd consecutive year to partner with the Ceylon National Chamber of Industries (CNCI) as the principal sponsor and official banking partner of the CNCI Achiever Awards 2020.

The CNCI Achiever Awards was held for the 19th consecutive time to recognize the outstanding efforts of exceptional performers who have molded their respective industries with innovative solutions, while overcoming challenges and meeting the demands of their clientele. This year, the event was recently held under strict health guidelines at the Galadari Hotel in Colombo. 

Commenting on the sponsorship, Chief Executive Officer of DFCC Bank PLC Lakshman Silva stated, “We are pleased to have partnered with the Ceylon National Chamber of Industries (CNCI), as the Main Sponsor and Official Banking Partner of the 19th CNCI Achiever Awards 2020. DFCC is honored to partner in reconciling successful Sri Lankan businesses from various industrial sectors. Our partnership with this prestigious awards programme aligns seamlessly with our commitment to foster and reward industrial growth across the country and support local entrepreneurs in MSME & SME sectors.”

 

 

 

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Lanka SSL triumphs with National Gold and Top Ten Awards

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CNCI Achiever Awards 2020

Lanka Special Steel Limited (Lanka SSL), a trusted name in wires and a fully-owned subsidiary of E B Creasy & Company PLC, was recently awarded the coveted National Gold Award under the Extra Large category in the Manufacturing Sector at the Achiever Awards 2020 for Industrial Excellence.

The annual event organized by the Ceylon National Chamber of Industries (CNCI) was held in March 2021 at Colombo, and celebrated some of the leading industrialists in the country for their tremendous and continued efforts in uplifting and promoting quality standards, productivity, growth and strategy, R&D, employee welfare and others whilst contributing to both the society and economy at large.

‘We are immensely proud to have been recognized with two very prominent awards at this year’s CNCI Achiever Awards. It is a huge leap from just winning a Merit Award the last time around, and this incredible achievement certainly reflects our highly ambitious plans to strive for continued excellence. We would like to thank our valued customers and all stakeholders. We are grateful to our hardworking and committed staff at Lanka SSL who have made this possible,’ said Pravin De Silva, CEO of Lanka SSL.

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