By Azhar Razak
Sri Lanka’s largest commercial bank, Bank of Ceylon (BoC) is planning on opening special SME units in each district in the island this year and would look to expand its network internationally including the planned expansion of Chennai and Malé Branches. According to the Bank’s 2011 Annual Report, BoC is exploring the possibilities of positioning its UK subsidiary in the Euro Zone countries, where a large number of Sri Lankan diaspora live, to mobilise deposits and inward remittances.
“Our plans to expand globally will divert our already increased banking business activities on to a whole new global platform and bring further foreign remittances to the country through a full-fledged world banking system,” the management said in their commentary.
The report noted that the Bank intends to expand its network to over 1,000 worldwide network correspondence banks and exchange houses to provide services to the Sri Lankan diaspora as well as to facilitate international trading parties.
“The Bank of Ceylon became the first commercial bank to establish an SME Advisory
Centre in Kurunegala last year and will continue to establish more centres that will assist in the SME expansion drive,” BoC Chairman, Dr Gamini Wickramasinghe said in his message in the Report released last week.
He said the Bank’s future strategic goals include achieving the broad based growth projections unveiled in the Government’s Budget for 2012 which focus on sustainable growth, earmarking exports, agriculture, construction, infrastructure development, tourism, education and improving upon the government’s policy of financial inclusion to promote the SME sector and micro entrepreneurship.
“The Bank’s role in the development of Sri Lanka’s socio-economic growth will aspire to increase accessibility to the domestic market. Overall, we are proceeding in the right direction to accomplish our set targets for 2012,” Dr Wickramasinghe added.
Sri Lanka’s largest commercial bank, Bank of Ceylon (BoC) is planning on opening special SME units in each district in the island this year and would look to expand its network internationally including the planned expansion of Chennai and Malé Branches. According to the Bank’s 2011 Annual Report, BoC is exploring the possibilities of positioning its UK subsidiary in the Euro Zone countries, where a large number of Sri Lankan diaspora live, to mobilise deposits and inward remittances.
“Our plans to expand globally will divert our already increased banking business activities on to a whole new global platform and bring further foreign remittances to the country through a full-fledged world banking system,” the management said in their commentary.
The report noted that the Bank intends to expand its network to over 1,000 worldwide network correspondence banks and exchange houses to provide services to the Sri Lankan diaspora as well as to facilitate international trading parties.
“The Bank of Ceylon became the first commercial bank to establish an SME Advisory
Centre in Kurunegala last year and will continue to establish more centres that will assist in the SME expansion drive,” BoC Chairman, Dr Gamini Wickramasinghe said in his message in the Report released last week.
He said the Bank’s future strategic goals include achieving the broad based growth projections unveiled in the Government’s Budget for 2012 which focus on sustainable growth, earmarking exports, agriculture, construction, infrastructure development, tourism, education and improving upon the government’s policy of financial inclusion to promote the SME sector and micro entrepreneurship.
“The Bank’s role in the development of Sri Lanka’s socio-economic growth will aspire to increase accessibility to the domestic market. Overall, we are proceeding in the right direction to accomplish our set targets for 2012,” Dr Wickramasinghe added.
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