Commercial Bank of Ceylon PLC

Annual Report 2018

In sync with the future

Where banking matters rather than banks

For the banking industry, the years ahead will be nothing like those preceding.

Many emerging trends are challenging the conventional business models of banks. Leveraging technology, “new” players are entering the arena for the provision of “banking” services. Customers tend to value experience, simplicity and convenience most, above everything else. Yet, significant and mounting regulatory and fiscal requirements restrict the way banks can respond.

Being cognisant that we are in an era where “banking is necessary, banks are not”, we are gearing ourselves to innovate and offer value propositions to be at the centre of the day-to-day lives of our customers. This is a journey we undertake, as always, in close step with our stakeholders.

Chairman’s Statement

The Board continued to ensure the highest standards of corporate governance and adherence to the Bank’s Code of Ethics. I take this opportunity to state that, as at the date of publishing this Annual Report, we had complied with all applicable regulatory requirements and best practices to maintain our position as one of the most compliant financial institutions.

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Managing Director’s Review

In an increasingly challenging macroeconomic and regulatory environment, our ethos of being prudent, customer centric, innovative and agile helped us remain relevant and deliver enhanced value to our stakeholders. Our approach was to anticipate the contours of the future, plot a safe course and follow its trajectory, all the while nimbly making astute course corrections where necessary.

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