Home » BOC plans mega global campaign to channel low cost funds for entrepreneurs

BOC plans mega global campaign to channel low cost funds for entrepreneurs

by damith
January 2, 2024 1:20 am 0 comment
General Manager Russel Fonseka and Chief Financial Officer M.P. Ruwan Kumara presenting the plaque received in honor of being ‘The Bank of the Year- Sri Lanka’ from ‘The Banker’ U.K. to Acting Chairman Naresh Abesekeara. Picture by Wimal Karunatillike

The Bank of Ceylon will launch a mega global campaign to channel low cost funds to Sri Lanka via their international branches, said BOC Acting Chairman Naresh Abeseysekera at the function held to commence the New Year, yesterday.

He said that this would be done by building digital financial infrastructure in their overseas branches.

“We have set our sights on building digital financial infrastructure in all our overseas locations. This is mainly to mobilize deposits and lend through our overseas subsidiaries at competitive rates to our corporate customers. This will in turn help their global expansions and drive possible overseas acquisitions as well. This allows us boundless possibilities for the future to reshape our economy and the Country for a new Sri Lanka.”

BOC is the only bank in Sri Lanka with banking facilities in London via, BOC UK. Ltd.

He said that they also want to make their overseas branches locations in Chennai, London, Maldives and Seychelles as top overseas branches as well. He also said that BOC had the lowest parate execution in the industry. “Sri Lanka has a financial literacy rate of 30% and we will strategize through BOC TV and digital engagement to lead the quest to increase the nation’s financial literacy that in turn will help shape our customers and the nation at large to manage money better. Our established BOC TV platform is one of the strongest tools we have to drive this national level change that will drive productivity and efficiency across the nation. He said that BOC’s solid performance is built over the last 84 years.

“This includes Rs. 4.5 trillion in assets, being the largest bank balance sheet by far in the country, Market leader in loans and advances, market leader in deposits with close to 9,000 skilled professionals. We also need to innovate and learn to think differently to support our exporters who have supported the export impetus of our country.

“We can’t let them down or let them go down. We have developed a robust technology and digital roadmap that will drive completely new thinking that will leapfrog us as a bank to be in line with global technology changes in Fintech and banking.”

The Bank of Ceylon, commenced the new year, announcing its newest achievement- being accorded recognition as ‘The Bank of the Year – Sri Lanka’ awarded by the prestigious “The Banker” magazine U.K. General Manager Russel Fonseka said that they are also focusing on Green banking. “We have also installed solar energy in 51 of our locations and will keep on investing more to convert all the branch rooftops with solar.”

The bank’s newest smart product- ‘Ran Kekulu Smart Investment’ account focused on building a future investments fund for children was also launched.

Shirajiv Sirimane

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