About Commercial Bank of Ceylon PLC
Commercial Bank of Ceylon PLC provides various commercial banking products and services. The company engages in the banking and related activities, such as accepting deposits, personal banking, trade financing, offshore banking, RFC and NRFC operations, travel-related services, corporate and retail credit, syndicated financing, project financing, investment banking, development banking, lease and hire purchase, rural credit, issuing of local and international debit and credit cards, internet banking, mobile banking, money remittance facilities, dealing in government securities and treasury-related products, salary remittance package, bullion trading, export and domestic factoring, pawning, margin trading, digital banking services, bancassurance and Islamic banking products and services, etc. Local Subsidiaries Commercial Development Company PLC (CDC) CDC provides property development, related ancillary services; and providing manpower needs for various support services, which are unrelated to providing core banking services to the customers of the bank. CBC Tech Solutions Limited CBC Tech Solutions Limited engages in providing information and communication technology (ICT) related products, services, and solutions to the corporate sector. CBC Tech Solutions Limited is a fully owned subsidiary of the bank and provides information technology services and solutions to the bank, its subsidiaries and to a few selected corporates. The main lines of business of CBC Tech Solutions Limited are providing information technology support, supply of hardware, licensed software, hardware maintenance, point of sale (POS) maintenance, software development, and outsourcing of professional and skilled manpower to the bank. The company operates from regional support centers in Colombo, Galle, Kandy, Jaffna and Badulla to ensure prompt services. During 2022, the company continued with its island wide Personal computer/ server maintenance, Point of Sales machines troubleshooting, and first level technical support for the bank. Furthermore, the company embarked on new service line by undertaking the maintenance of Passbook printers to further strengthen the bottom line during the year. The Software development unit completed many projects, developed a few customer centric products, and also penetrated in to several foreign customers in 2022. The company further upskilled its employees and outsourced them to the subsidiaries of the bank. The company was appointed as a retail partner by Lenovo, which is a Fortune 500 technology company. Consequent to this partnership, the company is an agent for Lenovo's range of personal computers, tablets and accessories, including the IdeaPad, Yoga, Legion and ThinkPad series. CBC Finance Limited (CBCF) CBC Finance Limited engages in the granting of lease facilities, hire purchase, mortgage loans, and other credit facilities and accepting deposits. Commercial Insurance Brokers (Pvt) Limited (CIBL) CIBL engages in providing professional service and handling all insurance portfolios of individuals, as well as many leading and reputed organizations in Sri Lanka engaged in diverse business activities. Foreign Subsidiaries Commercial Bank of Maldives Private Limited (CBM) CBM engages in offering of an extensive range of banking and related financial services, such as accepting deposits, retail banking, trade financing, corporate and retail credit, project financing, development banking, tele-banking, internet banking, mobile banking, money remittance facilities, dealing in Government Securities and treasury-related products, etc. CBC Myanmar Microfinance Company Limited CBC Myanmar Microfinance Company Limited engages in operating as a non-deposit taking microfinance institution throughout Myanmar providing micro financial services to the lower segment of the market, and to engage in all activities reasonably allowed by the Microfinance Supervisory Authority of Myanmar. Commex Sri Lanka S.R.L-Italy (Commex) Commex operates as an agent to the bank for opening accounts, providing money transfer services, issuance and encashment of foreign currencies and travellers cheques, collecting applications for credit facilities and handling of ATM cards, etc. (The company is under voluntary liquidation and the bank has made an announcement to the CSE to that effect). Local Associate Equity Investments Lanka Limited: Equity Investments Lanka Limited engages in project financing in the form of equity, quasi equity and other corporate debt instruments of new and existing ventures in Sri Lanka. Segments The company operates through Personal Banking; Corporate Banking; International Operations; Dealing/Treasury; and NBFI (Non-Banking Financial Institution), Real Estate & Services. Deposits The company's deposits are current account balances, savings deposits, time deposits, and other deposits. Securities The company's securities are government securities, such as treasury bills and treasury bonds; and equity securities. History Commercial Bank of Ceylon PLC was founded in 1920. The company was incorporated in 1969.