Bank of Ceylon aims to be a $20 billion entity by 2022

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

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

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

Also during the pandemic, a mega digitalization and innovation campaign was launched, which was also very productive for the bank and customers. He also said that the bank which had Rs. two trillion in assets in 2018, equivalent to $10 billion, reached the magic figure 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 have been carried out.

Commenting on the situation in the country, he said the state had spent about $500 million on the vaccination process alone, although it brought no immediate economic benefit to the government.

“However, it has helped Sri Lanka to be elevated to be ranked as one of the best countries to handle COVID and this is translating into an increase in the flow of tourism as after two years we are seeing over 200,000 arriving in Sri Lanka in 2021” Talking about fuel prices, he said the government is still subsidizing fuel prices as one liter of petrol in India is equivalent to 250 Sri Lankan rupees.

He said, however, that despite the recent increase, fuel consumption has increased by 20%, as evidenced by the number of LCs being opened. Focusing on another aspect of the Sri Lankan economy, he said there were long queues at the consular section of the Foreign Ministry and that was because workers and students were not couldn’t go overseas for two years and there was a backlog.

“Ten years ago, there were only 10 teaching centers sending students abroad and today there are more than 40. As a result, there are a lot of students going study and the bank of Ceylon also provides them with facilities in US dollars to pay their tuition,” he said.

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