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

‘The devil is in the details’ in West Asian peace

Published

14 hours ago

2026/06/18

Sahan Weerasooriya

President Donald Trump at the current G7 summit in France. Evelyn Hockstein/Getty Image

It is obviously too early for an outpouring of joy over the seeming cessation of hostilities between the main antagonists in West Asia. While the prospect of there being a measure of calm in the region is being welcomed by considerable sections of the international community, what is ‘on the table’ currently is only a Memorandum of Understanding between the US and Iran to give peace a chance. The hard part in the peace effort remains to be achieved.

In the Middle East of today we have one of the most complex conflicts to break out in modern international politics and the observer would be naive in the extreme to expect a facile and early closure to the tangle. Yet, for the sake of the world’s publics who have been hurting badly in the prolonged hostilities one could only hope that the US-Iran MoU that is expected to be signed by the sides on Friday would lead eventually to a substantive peace. The world’s thanks are due to Pakistan in this connection for its sustained support in the peace drive.

While the sides have agreed to a ceasing of hostilities in the most general terms and have reached accord on the facilitation of uninterrupted oil and gas supplies to the rest of the world, for instance, the ‘devil will prove to be in the details’ in an envisaged comprehensive peace settlement. It is these details that would make or break peace if the negotiations go on in earnest.

Nevertheless, the details would need to be worked out consensually in a spirit of compromise with an eye to the greater good of the world community. Realpolitik or a narrow focus on solely the national interest among the protagonists, for example, would need to give way to a measure of humanity that would encompass within it a consideration of the overall well being of the world. In other words, it is statesmanship that would crucially matter.

The next few weeks would establish whether humanists are ‘asking for far too much’ when they broach the questions at issue in these terms. Yet it is essentially self interest and national security considerations of the first importance that drove the conflict from even prior to February this year and these questions would need to be taken up and resolved to the satisfaction of the US and Iran in the main if some headway is to be made towards a durable settlement.

The nuclear issue would prove to be the proverbial Gordian Knot. From a realistic viewpoint, Iran could not be expected to be without a potential nuclear deterrent in the face of perceived nuclear threats emanating for it from the West and Israel. In the short term, Iran would need to possess this deterrent to a measure, within a mutually agreed international legal framework maybe, until wide agreement is reached on the nuclear tangle. Specifically, Iran’s immediate threat perceptions with regard to her nuclear-powered rivals would need to be defused during initial negotiations.

Ideally it is a world free of nuclear weapons that must be aimed at but since this goal cannot be achieved in the near or medium terms, unfolding negotiations would need to ensure Iran’s absolute security in a world of powers that continue to swear by the nuclear deterrent, if it is to give up the suspected latter capability.

However, it is to the degree to which the present nuclear powers divest themselves of this capability that Iran could be put at ease on this score. Accordingly, it is nothing short of a complete elimination of nuclear weapons from the world that could dissuade keenly security conscious states from developing nuclear weapons of their own with a mass destruction capability.

This is the number one dilemma the international community needs to grapple with going forward and it is to the extent to which it resolves it that a nuclear weapons free world could be envisaged. No doubt, an uphill challenge.

Compelling Israel to support the present negotiatory process constitutes another grueling challenge for the US. Currently the Iranian position essentially is that a Middle East peace is inseparable from a normalization of the security situation in Lebanon. That is, the present Israeli attacks on the Hezbollah presence in Lebanon must cease if a comprehensive peace is to be realized in West Asia.

However, Israel is showing no signs of drawing back from its attacks on Hezbollah strongholds in Lebanon since the security of the Israeli state is being seen as threatened by the militant group. Co-opting Israel into the negotiatory effort therefore would turn out to be a matter of paramount concern for the US.

Moreover, elements in the rightist administration in Israel are seeing the current peace efforts as a ‘sell out’ to the enemies of Israel. They would have none of it. It is left to be seen how the US would be managing these virtual storm centres in the diplomatic process that could very well bring down the overall purported peace drive.

A recent pronouncement by US Vice President J.D. Vance points to yet another problem area in the US’ current peace overtures. He said that, ‘Regional peace and stability includes stopping the funding of terrorist organizations.’ He was obviously referring to the support extended by Iran to Hezbollah when he mentioned ‘terrorist organizations’ but he has given fresh life to the age-old conundrum of ‘Who is a terrorist?’ by these words.

To the Netanyahu government the Hezbollah and other militant organizations fighting Israel are ‘terrorists’ but from the viewpoint of the Iranian regime they are ‘freedom fighters’. This seemingly insurmountable definitional issue would not only stubbornly bedevil the peace effort but could even figure in bringing about its collapse, unless judiciously handled.

Thus, it’s the thorny details that need to be watched to keep the West Asian peace process afloat, once it gets going in earnest. There is no doubt that US President Trump would be receiving a considerable amount of support from the G7 in this historic peace undertaking and his personal appeals to the grouping currently meeting in France for continuous support are likely to elicit a positive response from it.

Likewise, Trump would need to appeal to also the BRICS countries if almost total global support is to be garnered for the peace drive in West Asia. BRICS’ solidarity with the US and the West is likely to carry considerable weight with Iran and other Eastern actors who are key to a sustained peace drive in the Middle East.

Features

Sri Lanka’s elephant paradox: Govt. counts tourism dollars while playing a dangerous numbers game: Expert

Published

14 hours ago

2026/06/18

Sahan Weerasooriya

At a time when Sri Lanka is enjoying a resurgence in wildlife tourism, with elephants remaining the undisputed stars of the country’s national parks and one of its most marketable natural assets, elephant conservationist Supun Lahiru Prakash has sounded a stark warning: the nation is in danger of losing the very species that helps attract millions of tourism dollars while sustaining some of the island’s most important ecosystems.

Supun says repeated claims by authorities that Sri Lanka’s elephant population is increasing, despite the absence of a final survey report and amid continuing elephant deaths, risk creating a misleading narrative that could undermine conservation efforts and encourage retaliation against elephants.

According to Supun, the issue is not merely about numbers. It is about political priorities, scientific credibility and the future of one of Sri Lanka’s most iconic species.

“Repeatedly claiming that the elephant population is increasing appears to be an attempt to hide the Government’s inability to manage the rising annual elephant death rate and the complications of human-elephant conflict,” Supun said.

For decades, the Sri Lankan elephant has been a symbol of the country’s rich natural heritage. It is the centrepiece of wildlife tourism, drawing visitors from across the globe to national parks such as Yala, Udawalawe, Minneriya, Kaudulla and Wilpattu. International wildlife documentaries, tourism campaigns and social media promotions frequently place elephants at the heart of Sri Lanka’s nature tourism brand.

Yet, according to Supun, the country’s conservation policies do not reflect the value of the species.

“On one hand, the Government is enjoying increasing tourism revenue, and elephants remain one of Sri Lanka’s most important wildlife attractions. On the other hand, narratives are being promoted that could encourage retaliation against the very species that contributes significantly to the country’s tourism industry,” Supun said.

According to the First Countrywide National Survey of Elephants conducted in 2011, Sri Lanka had 5,879 elephants. However, official statistics show that 4,167 elephants died between 2012 and 2024.

Supun stressed that these figures represent only the deaths officially recorded by the Department of Wildlife Conservation.

“In a context where more than 70 percent of the country’s elephant population reported in 2011 has died within 13 years, it is difficult to accept claims that the population has increased,” Supun said.

The conservationist pointed out that elephants have the longest gestation period among land mammals and that scientific studies have reported increasing interbirth intervals among female elephants together with high calf mortality.

“When such biological realities are taken into consideration, claims of a dramatic increase in elephant numbers become difficult to understand,” Supun said.

Supun believes that repeated references to increasing elephant populations risk fuelling public hostility towards elephants, particularly among farming communities already affected by crop raids and property damage.

“Such claims can create the impression that elephant populations are exploding and thereby promote retaliation against elephants as well,” Supun said.

According to Supun, Sri Lanka’s elephant crisis cannot be understood solely through population estimates. The real issue lies in the country’s failure to address human-elephant conflict through long-term, science-based solutions.

Sri Lanka continues to record among the highest levels of human-elephant conflict in the world. Every year, hundreds of elephants and dozens of people lose their lives as competition for land and resources intensifies.

Despite the scale of the crisis, Supun says authorities continue to rely on strategies that have repeatedly failed.

Lahiru Prakash

These include driving elephants into protected areas, strengthening electric fences to confine them there and allocating additional manpower to maintain fencing systems.

Supun was also critical of several proposals that emerged from district-level discussions on conflict mitigation, including the sowing of paddy and corn using Air Force drones and the planting of fruit orchards within protected areas.

“Such proposals fail to address the real ecological and social dimensions of the conflict,” Supun said.

While welcoming reports that the Government intends appointing a national-level mechanism to tackle human-elephant conflict, Supun said the challenge required intervention at the highest level of government.

“Given the gravity, complexity and geographical spread of human-elephant conflict, appointing any committee other than a Presidential Task Force is not useful,” Supun said.

He argued that a Presidential Task Force chaired by either the President or the Secretary to the President would be better positioned to overcome the bureaucratic delays and institutional fragmentation that have hindered previous efforts.

Supun also stressed the urgent need to restore and protect elephant corridors and home ranges that allow elephants to move safely across landscapes.

He cited the Koholankala elephant corridor in Hambantota as one example where removing obstacles could help reduce conflict while improving habitat connectivity.

At the same time, Supun questioned policies that permit the allocation of forest lands in areas identified by environmental assessments as crucial elephant ranges and movement corridors.

“The opening of elephant corridors and the protection of elephant home ranges must be carried out scientifically and consistently if they are to succeed,” Supun said.

Beyond tourism, Supun emphasised the ecological importance of elephants.

“Elephants are ecosystem engineers. Through their feeding habits and movements, they help maintain habitats that support numerous other species. In many ways, they create safer and healthier environments for wildlife,” Supun said.

According to Supun, protecting elephants means protecting entire ecosystems and the biodiversity upon which Sri Lanka’s wildlife tourism industry depends.

“By protecting elephants, we are also protecting the biodiversity that makes Sri Lanka one of the world’s premier wildlife tourism destinations,” Supun said.

As Sri Lanka seeks to expand tourism earnings and strengthen its reputation as a wildlife destination, Supun believes the country faces a defining choice: continue with policies that have failed to stem elephant deaths and human-elephant conflict, or embrace a science-based conservation strategy that safeguards both people and wildlife.

Without a fundamental shift in policy and political will, Supun warned, Sri Lanka risks losing not only one of its most iconic species but also the ecological and economic benefits that elephants continue to provide.

“The suffering of both farmers and elephants will only intensify unless meaningful action replaces rhetoric,” Supun said.

By Ifham Nizam

Features

Top Model of the World 2026

Published

14 hours ago

2026/06/18

Sahan Weerasooriya

Back-to-back victory for Colombia

Katherine Castaño of Colombia claimed the Top Model of the World 2026 crown, securing a historic back-to-back victory for her country. Angelica Sanchez of Puerto Rico was named first runner-up, and Eunice Deza of the Philippines finished as second runner-up.

Katherine was crowned by outgoing titleholder Natalia Garizabal Vera of Colombia.

Several special category awards, and subsidiary titles, were also presented during the Top Model of the World 2026 pageant.

These awards recognised excellence in modelling, peer support, and regional representation.

Primary Subsidiary Titles

Sri Lanka’s Netalie Withanage: Top 16 at
the grand finale

Miss Globe 2026: Valentina Tabares (Ecuador) — Awarded to the contestant who perfectly balances fashion modelling with traditional beauty queen qualities.

Queen of Europe 2026: Mia Danielle Williams (United Kingdom) — Given to the highest-ranking candidate from a European nation.

Special Awards Recognition

Audience Iconic Award: Charly (Dominican Republic) — Won via the official public online vote, granting her a fast-track direct entry into the Top 6.

Exotic Model of the World: Angel Emeka (Nigeria) — Awarded for exceptional editorial presence and strong runway performance.

Best Body Award: Thailand — Voted directly by fellow contestants at the Flow Spectrum Hotel. The highest-ranking runners-up for this category included Zambia, South Africa, Colombia, and Ghana.

Angelica Sanchez (Puerto Rico): 1st Runner-up

Final Placement

Winner: Katherine Castaño (Colombia)

1st Runner-Up: Angelica Sanchez (Puerto Rico)

2nd Runner-Up: Eunice Deza (Philippines)

Top 6 Finalists: Included contestants from the Dominican Republic, Romania, and Germany.

The pageant, known for focusing on professional modelling careers over just beauty, brought together 36 models from around the globe for two weeks of runway, photoshoots, and cultural events.

Sri Lanka’s Netalie Withanage walked among 36 of the world’s best and powered her way into the Top 16 at the grand finale.