Bank of Ceylan aims to become a $ 20 billion entity by 2022


BOC Chairman Kanchana Ratwatte hands the fuel card to Ramya Ranaweera, Chief Financial Officer, Hovel Holdings. General Manager KED Sumanasiri, DGM Product and Banking Development YA Jayathilaka and AGM Electronic Banking Center Eranga Bandara were also present.

The Bank of Ceylon received $ 3.5 billion in overseas remittances despite the pandemic, Bank of Ceylon Chairman Kanchana Ratwatte said at the New Year’s 2022 start of operations ceremony in BOC headquarters yesterday.

He said that figure was 2.5 billion earlier and reached 2.8 billion in 2020. It is a very remarkable achievement because it was done at the height of the pandemic, ”he said. . During the pandemic, the BOC export circle was started by the bank targeting and benefiting mainly the SMS industry and it was very successful.

Also during the pandemic, a mega campaign of digitization and innovation was launched, which was also very productive for the bank and the customers. He also said that the bank which had Rs. Two trillion in assets in 2018, which equates to $ 10 billion, reached the magic number of Rs. 3 trillion ($ 15 billion) in March 2021.

“Now our goal is to make Bank of Ceylon a $ 20 billion entity by 2022.”

He also recalled that despite the pandemic, staff promotions and other work-related issues had been carried out.

Commenting on the country’s situation, he said the state had spent around $ 500 million on the vaccination process alone, although this did not bring any immediate economic benefit to the government.

“However, this has helped Sri Lanka to be elevated to be ranked among the best countries to deal with COVID and this translates into an increase in the flow of tourism because after two years we are seeing over 200,000 arriving in Sri Lanka in 2021 “Speaking about fuel prices, he said the government always subsidizes fuel prices, as one liter of gasoline in India is equivalent to 250 Sri Lankan rupees.

He said, however, that despite the recent increase, fuel consumption has increased by 20%, as shown by the number of LCs being opened. Focusing on another aspect of the Sri Lankan economy, he said there were long lines at the consular section of the Ministry of Foreign Affairs and this because workers and students could not leave. abroad for two years and there was a backlog.

“Ten years ago, there were only 10 educational centers sending students abroad and today there are more than 40. Therefore, there are a lot of students who continue. studies and the Bank of Ceylon also provides them with US dollar facilities to pay their tuition fees, ”he said.


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