Business

BOC sets up one-stop export unit Export Cycle

  • Launched to accommodate exporters from all walks of life

In line with its 82nd anniversary celebrations, Bank of Ceylon (BOC) yesterday (2) launched “Export Cycle” at the bank’s head office building, under the patronage of Prime Minister Mahinda Rajapaksa virtually from Temple Trees.

The move was initiated by the Trade Finance Division of BOC with the aim of accommodating exporters from all walks of life. This one-stop export unit which is said to be built with state-of-the-art ambiance.

This concept will provide tailor-made services with a credit package and a new deposit scheme. The trade information is expected to provide up-to-date, end-to-end supply chain information as well as advisory and consultancy services, all of which are expected to iron out issues that could emerge when carrying out export transactions.

BOC Chairman Kanchana Ratwatte said Bank of Ceylon has always rendered its fullest co-operation to the socioeconomic development of the country over the past 82 years. “The long history of the bank repeatedly brings out evidence in each decade as to how it became the preferred choice of the people. We cherish the love and patronage shown towards us by fellow Sri Lankans, which made us stand strong over these years. BOC’s deep-rooted relationship with the stakeholders has been earned through its commitment to serving the public and the valor it has displayed in difficult times in assisting the people. This is our strength and it will continue to make us stronger year by year,” he said.

General Manager D.P.K. Gunasekera recalled the unblemished presence the bank has in the banking chronicles of the country. He noted: “Reaching 82 years with an unblemished record itself proves the story behind the bank’s success. Braving environmental and other unforeseen obstacles and sailing undaunted across the troubled waters maintaining its balance, it has been a voyage of success over the years. On this occasion, we recall with gratitude the initiative of the pioneers of the bank who realised the need to set up what would become the first Sri Lankan bank to serve the people of this country. They also had the vision to build it up as the best performing bank of the country and the trendsetter to the other banks. I am sure Bank of Ceylon will continue to play its leading role in contributing to the economic development process the Government has embarked upon, as the leading state sector bank in the future as well.”

For the past 82 years, Bank of Ceylon has established itself as a powerhouse that brightened the nation’s hopes and aspirations by providing customer-centric banking solutions. BOC has reached over 2,000 customer touch points across Sri Lanka and has established its branches in Chennai, Male, Hulhumale, and Seychelles. Further, BOC maintains a full-fledged banking subsidiary in London.

The Banker, a prestigious international bankers’ magazine published in the UK, once again rated BOC a being among their top 1,000 global banks and the highest-ranking Sri Lankan bank in 2020. Inculcating sustainability into their corporate strategy is a much-acclaimed feat within the industry. Reaching the highest industry profits for the year 2020 of Rs. 23.6 billion profit before tax and Rs. 3 trillion assets are some of its unparalleled feats. The bank’s inward remittance grew to over $ 2.8 billion in the year 2020, which is yet another noteworthy achievement.

Establishing the Business Rehabilitation and Revival Unit, the task of which is to uplift and rehabilitate corporate sector businesses affected by the Covid-19 pandemic, and facilitating importation of vaccine in support of the ongoing inoculation programme are other firsts by the bank. Creating significant economic value in the small and medium-sized enterprises (SME) sector and thereby contributing to national economic development considerably, BOC’s “Divi Udana Loan Scheme” was extended as a opportunity for micro SMEs to conveniently access specialised development loans from BOC, in furthering their entrepreneurial ambitions while boosting national economic growth. This facility was further enriched under the “Saubhagya Working Capital Loan Scheme”, which had offered facilities worth over Rs. 39 billion, while total moratorium facilities offered were valued at over Rs. 800 billion.