Bank of Ceylon targeted to be USD 20 bn entity by 2022 | Daily News

Bank of Ceylon targeted to be USD 20 bn entity by 2022

BOC  Chairman  Kanchana Ratwatte handing the fuel card to Ramya Ranaweera, Director Finance, Hovel Holdings.   General Manager K.E.D. Sumanasiri,   DGM Product and Banking Development  Y.A. Jayathilaka and AGM Electronic Banking Centre Eranga Bandara,  were also present.

The Bank of Ceylon received USD 3.5 billion worth of foreign remittances despite the pandemic said Chairman of Bank of Ceylon Kanchana Ratwatte at the Commencing of Operations for the New Year 2022 ceremony at BOC headquarters yesterday.

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

Also during the pandemic a mega digitalization and innovation drive was launched which was very productive for the bank and customers as well. He also said that the bank which had Rs. two trillion of assets in 2018 which is equivalent to USD 10 billion reached the magic figure of Rs. 3 trillion (USD 15 bn) in March 2021.

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

He also recalled that despite the pandemic staff promotions and other work related matters were carried out.

Commenting on the country’s situation he said that the state has spent around USD 500 million for the vaccination process alone though it 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 manage COVID and this is resulting in the increase flow of tourism as after two years we see over 200,000 arrive in Sri Lanka in 2021 “ Talking on fuel prices he said that government is still subsidising fuel prices as a petrol litre in India is equal to 250 Sri Lankan rupees.

He however said despite the recent increase the fuel consumption has increased by 20% as this is evident from the number of LCs that are being opened. Focusing on another aspect of the Sri Lankan economy he said that there are long queues at the consular section of the foreign ministry and this is because workers and students could not go abroad for two years and there is a backlog.

“Ten years ago there were only 10 education centers sending students abroad and today there are 40 plus. Hence there are many students that are going for education and the bank of Ceylon too provides them US dollar facilities to pay for their education fees,” he said.

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