The Commercial Bank of Ceylon has been declared Sri Lanka’s best bank in 2010 for a record 12th year running by Global Finance magazine.The US-based financial publication’s latest listing of the Best Emerging Markets in Asia’ is to be published in its May issue.
This is the seventeenth year that the magazine has selected top banking performers in emerging markets. The report covers the best banks in Asia, the Middle East and Africa, Latin America, and Central and Eastern Europe.
Listed alongside Commercial Bank are the HDFC Bank as the best bank in India, AB Bank in Bangladesh, Habib Bank in Pakistan, Public Bank Berhad in Malaysia, Shinhan Bank in South Korea, Chinatrust Bank in Taiwan, and several other leading banks in the regions surveyed.
A noteworthy feature of the 2010 listing is that while the position of the Best Bank in countries such as Sri Lanka, India and Pakistan remained unchanged from 2009, there have been changes in several other countries, including in Bangladesh and Philippines.
“The last financial year was a challenging one for the banking industry worldwide, and it is therefore doubly satisfying to retain our position as Global Finance’s Best Bank in Sri Lanka,” Commercial Bank Managing Director Amitha Gooneratne said.
“Being adjudged the best for 12 consecutive years is an even more extraordinary achievement, and illustrates the fact that we have been remarkably consistent in getting our fundamentals right.” he said.
The criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products. Global Finance editors consider inputs from industry analysts, corporate financial executives and banking consultants in selecting the magazine’s final winners.
Global Finance’s Best Bank awards for 2010 are to be presented on October 9 in Washington D.C. at the National Press Club.
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