BOC, whilst becoming the first Bank to exceed Rs. 50 Billion in Brand value, has retained its position as No.1 Banking brand in the Banking sector, according to Brand Finance Lanka’s. “The Brand Annual 2019” published by Media Services (Private) Limited. Figures further confirmed that the “Brand” had performed 21% brand value growth over the previous year with the highest growth the brand had ever recorded and presently, counts for an impressive Rs. 51.8 Billion Brand value. Ruchi Gunawardene, Managing Director of Brand Finance Lanka, presented the certificate denoting the awarding of the prestigious “Brand Finance - Most Valuable Banking Brand title in 2019” title to Bank of Ceylon Chairman, President’s Counsel Ronald C. Perera and CEO/General Manager Senarath Bandara at the Bank’s Boardroom recently.
Brand Finance Lanka which was established in 2004 as a joint venture of Brand Finance, originated in London in 1996 as a leading independent brand valuation consulting agency in the world. It has been advising branded organizations on developing brand strategies and maximizing respective brand values through effective management since its inception. Brand Finance Lanka identifies Sri Lanka’s most valuable and strongest brands annually, through a detailed analysis of data obtained from an exclusive market research carried out by an independent research firm and publicly available financial information.
These findings assist brands to make a clear assessment of their brand performance.
“The Bank of Ceylon has always looked towards long term strategies that would bring genuine value added services to all our stakeholders, which has been the base for strengthening our brand. The brand was able to build trust and confidence among all stakeholders through its responsible business practices,” stated Chairman, President’s Counsel Ronald C. Perera.
“The Bank of Ceylon as the Sri Lankan Banking giant which owns the highest brand value of Rs, 51.8 billion which has evolved over eight decades emphasizing its place as the “Banker’s to the Nation,” has been able to relate to its customers by adopting its strategies to be more empathetic towards the needs of the Sri Lankan community. I am also thankful for the continued trust and loyalty that has been placed on the Bank by its valued customers, staff members and all stakeholders which permits the Bank to drive across the country successfully,” he further added.
BOC is Sri Lanka’s highest profit earning single business entity and the first to push forward its balance-sheet over a “Trillion” figure, which now holds over Rs.2.3 Trillion asset base, over Rs.1.5 Trillion loans and advances and over Rs.1.7 Trillion deposit base.
Spearheading Sri Lanka’s banking industry, ‘BOC’ strategically began its digital transformation journey in early 2014, holistically embracing technology to replace its traditional way of business and altering processes and procedures to be more responsive towards customer trends and requirements.
This responsive nature of the Bank enabled BOC to sustain Sri Lanka’s No.1 Banking Brand position intact since its inception in 1939. With experience gathered over many years, BOC comfortably ventured into multiple strategies by experimenting constantly to co-create the brand and products with customers.
The approach the Bank took to cater to a dynamic customer base, has proven to be a success over the years. BOC’s agile nature to respond to customer requirements and infuse synergy into Sri Lanka’s banking industry, had paved way for many new technologies to penetrate the local market. Currently, the brand could be accessed both physically as well as virtually by anyone through its local and foreign branch network that works both as a traditional brick-and-mortar network and as modern-day digital channels.
“Our rich heritage as “Banker’s to the Nation,” says who we are to Sri Lankans. Being the No.1 Banking Brand, we have consistently maintained ourselves as “One-Stop-Shop,” banking solutions provider for Sri Lankans of all walks of life, positioning BOC as the most trusted banking brand of Sri Lankan households. Being a catalyst in the national economy whose financial expertise, innovative spirit and service excellence has empowered Sri Lankan aspirations, “BOC”s unequivocal pledge to all its customers is to provide memorable seamless banking solutions at each of its customer touch points.” CEO/ General Manager Senarath Bandara said.
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