As I assume the role of Chairman, 
I am honoured and humbled by the 
opportunity to serve you and the 
esteemed Bank of Ceylon in its  
84th year of operations. As the largest 
commercial bank in Sri Lanka, the 
Bank played a critical role in creating 
value for its stakeholders amidst a 
multitude of challenges faced by 
the nation during the last few years. 
Through strategic decision-making and 
unwavering determination, the Bank 
has not only weathered storms, but 
emerged stronger and more agile than 
ever before. By introducing a range of 
state-of-the-art digital solutions, the 
Bank has been successful in leading the 
way in innovation, customer-centricity 
and leadership in the digital banking 
landscape, which I believe will be key 
drivers of success in the years ahead.  

THE PATH AHEAD

I assume my duties with an acute 
understanding of the responsibility 
bestowed upon me and I am committed 
to uphold the legacy of excellence BoC 
carries in supporting the nation and the 
economy. The Bank’s commitment to 
the development of the economy has 
been reinforced by the initiatives that 
have been taken to revive and support 
micro-finance lending for smallholder 
groups and entrepreneurs; concessionary 
and development lending that benefits 
Small and Medium Enterprises (SMEs). 
The Bank’s SME Circle has played a 
pivotal role in guiding SMEs towards 
the right path towards financial stability 
and progress. Recognising the critical 
importance of this segment, we hope 
to focus on directing our concerted 
support and lending to SMEs, especially 
export-oriented SMEs and companies to 
facilitate stability of the financial system 
and the economy. 

Information technology and  
digitalisation is a key priority in  
the Bank’s transformational strategy. 

INCOMING 

CHAIRMAN’S 

MESSAGE

Kavan Ratnayaka

Chairman

Over the past few years, the Bank has 
accelerated its investment in digital 
infrastructure in order to drive greater 
digital adoption levels across our 
customer base, whilst driving financial 
inclusivity. A digital-first business model 
will enable the Bank to reach out to its 
customers, leverage synergies and drive 
exponential growth in volumes. This 
would position the Bank to share the 
benefits of technological advancement 
with its formidable customer base. This 
will also enable us to reach out across the 
length and breadth of our nation with the 
Bank’s wide product spectrum thereby 
enabling all Sri Lankans to realise their 
future financial aspirations. Continued 
investment in our digital channels, will 
refine and develop service standards to 
create a superior customer experience. 
Moreover, the Bank will improve its 
customer-centric service, by reducing 
turnaround times through workflow 
automation and process enhancements. 
Our efforts towards the transition to 
digitalisation and digital products, will be 
a key focus in our future trajectory which 
will enable the Bank to move ahead on a 
pathway to stable growth with a growing 
market share and an increasing asset 
base. 

Our dedicated team has played a critical 
role in charting the course of the Bank. 
We are privileged to have a staff strength 
of over eight thousand team members 
whose unstinted dedication has played 
a key role in maintaining the Bank’s 
number one position despite challenges 
encountered over the years. Ensuring 
that all employees are fully engaged in 
the transformation journey and aligned 
to our vision is key to our success. We 
will also continue to invest in upskilling 
our employees through training, capacity 
development, and measures for career 
progression. 

As the leading bank in Sri Lanka, we aim 
to direct our focus on the core business 
and the Bank has strategically divested 
its shareholding in some of its unrelated 
business ventures. Furthermore, we hope 
to strengthen our overseas operations 
across our network of international 
branches. As the Chairman of the Board, 
comprising of members who have 
excelled in their careers and possess 
wide and varied experience, I will ensure 
their contribution adds substantial value 
to the Bank. I am firmly committed to 
maintaining the highest standards of 
ethics, transparency, and governance 
in all our operations and will continue 
to prioritise integrity and accountability 
in everything we do. Looking ahead, 
we are presented with a world of 
endless possibilities and opportunities. 
By embracing innovation, fostering 
collaboration, and staying true to our 
core values, I am confident that we will 
overcome any obstacles that may come 
our way.

APPRECIATIONS

As I look forward to an exciting year,  
I join the Board of Directors in thanking 
my predecessor, Mr Ronald C Perera  
and the outgoing Directors for  
their vision and guidance over the  
years in propelling the Bank forward. 

I wish to congratulate the General 
Manager, Mr Russel Fonseka and the 
Team for their relentless efforts and 
commitment in delivering the strategic 
aspirations and impressive performance 
set out in this Report. As we reflect on 
the success achieved in the past year, 
amidst a multitude of challenges, it is 
clear that our path to success has been 
made possible by the dedication and 
commitment of our team. Their passion 
and steadfast commitment to excellence 
are the driving force behind our 
achievements.

Our sole shareholder, the Government 
of Sri Lanka has been a guiding force 
and I wish to place my sincere 
appreciation to the Hon. Minister of 
Finance and the officials of the Ministry 
of Finance for their continued support.  
I would also like to take this opportunity 
to extend my gratitude and appreciation 
to the officials of the Central Bank of  
Sri Lanka, our valuable customers, 
business partners and all other 
stakeholders who have been an integral 
part of the Bank’s success story. 

I also take this opportunity to welcome 
to the Board, Mr Jayamin Pelpola and 
Mr Jehaan Ismail. I am confident that with 
the collective dedication of our Board, 
Management, and our exceptional staff, 
the Bank will continue to be the leader 
in Sri Lanka's financial sector. We remain 
dedicated to serve our nation and its 
people, fostering economic growth and 
creating a sustainable future for all.

Kavan Ratnayaka

Chairman

14 March 2024
Colombo

A digital-first business 
model will enable the 
Bank to reach out to 
its customers, leverage 
synergies and drive 
exponential growth in 
volumes. This would 
position the Bank to share 
the benefits of technological 
advancement with its 
formidable customer base.

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