One of Sri Lanka’s premier banks, Bank of Ceylon completed 40 years of service to the community in Maldives on May 7.
As a leading bank, BOC Malé continues to play a significant role as a banking and financial services provider to the Maldives and an important offshore branch of Sri Lankan origin that is of greater significance to uplifting Sri Lanka’s economic profile.
Marking its global presence, since the inauguration of the London Branch, BOC opened its first branch in Malé in 1981, making it the second foreign branch of the bank. BOC continued to expand its reach with branches in Chennai and Seychelles.
Having firmly established operations in Male’, Bank of Ceylon went on to open its second Maldivian branch in Hulhumalé in 2019. This initiative was an extension of the bank’s vision to build a strong global presence, with its own branch network, that could generate foreign income flows to Sri Lanka. To date Bank of Ceylon has expanded its overseas operations to London, Maldives (Malé and Hulhumale), Chennai and Seychelles, with five foreign counterparts under the Bank of Ceylon brand.
Since its establishment Bank of Ceylon, Maldives has been a partner in developing the economy of the Republic of Maldives over the last four decades. BOC actively contributed by funding the Hulhumalé Reclamation Project Phase II, which is one of the largest projects ever undertaken in Maldives to date.
“BOC Maldives is a pioneer in the Maldives banking sector, with an unprecedented digital drive to fulfill the evolving aspirations of our valued customers. We continue to develop strategies to strengthen our digital backbone, while enhancing customer service excellence,” said R.M.N. Jeewantha, Deputy General Manager International, Treasury and Investments. “Our focus in the coming years is to help reinstate the Maldives tourism industry, which is severely affected due to the Covid-19 global Pandemic. We will continue to strengthen our relationships and grow our private sector corporate portfolio to achieve a balance as we have so far focused to serve the economy of the Maldives primarily by funding Government and State-Owned Enterprises,” said the Chairman Bank of Ceylon, Kanchana Ratwatte.
Commenting on the milestone, the General Manager of Bank of Ceylon, D.P.K. Gunasekera added, “Managing different regulatory frameworks in several foreign banking landscapes, BOC has proven its resilience in its operations amidst many challenges, while complying with all regulatory requirements.”
“Behind the success of the 40-year journey, the significant role of our valued customers, who continue to keep their trust with BOC Malé is remarkable,” added the Country Manager of BOC Malé and Hulhumalé, S.B.A.M.G.S. Arampath.
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