Bank of Ceylon
Encyclopedia
Bank of Ceylon is a government-owned, major commercial bank in Sri Lanka
. Its head office is located in iconic cylindrical building in the capital Colombo
, the political and commercial capital of the island
The bank has a network of 308 branches and 200+ extension centers covering all parts of the island in real time operation. It has around the clock call center at 0094 11 2204444 and all time operating branch at its Colombo Office.
Addition to the local presence, Bank operating in-house Off-shore Banking Unit in the head office, Colombo and 3 overseas offices in (London, Malé
& Chennai
) which all of them are member banks for SWIFT
having BCEYLKLX for all Sri Lankan Branches and have appointed agents in all countries in the world for more convenient banking to its all customers.
ceremoniously opened the bank on 1 August. The English government introduced the banking arm for its government oriented businesses. Two years later, in 1941, BoC started to expand beyond the city of Colombo. It opened its first branch in Kandy
. Subsequently BoC added branches in major cities such as Galle
, Jaffna
, Kurunegala
, Batticaloa
, Trincomalee
, Badulla
, and Panadura
.
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
. Its head office is located in iconic cylindrical building in the capital Colombo
Colombo
Colombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
, the political and commercial capital of the island
The bank has a network of 308 branches and 200+ extension centers covering all parts of the island in real time operation. It has around the clock call center at 0094 11 2204444 and all time operating branch at its Colombo Office.
Addition to the local presence, Bank operating in-house Off-shore Banking Unit in the head office, Colombo and 3 overseas offices in (London, Malé
Malé
Malé , is the capital and most populous city in the Republic of Maldives. It is located at the southern edge of North Malé Atoll . It is also one of the Administrative divisions of the Maldives. Traditionally it was the King's Island, from where the ancient Maldive Royal dynasties ruled and where...
& Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
) which all of them are member banks for SWIFT
Swift
The swifts are a family, Apodidae, of highly aerial birds. They are superficially similar to swallows, but are actually not closely related to passerine species at all; swifts are in the separate order Apodiformes, which they share with hummingbirds...
having BCEYLKLX for all Sri Lankan Branches and have appointed agents in all countries in the world for more convenient banking to its all customers.
History
Bank of Ceylon (BoC) was founded in 1939, with Sir Ernest de Silva as its first Chairman. At the time, Ceylon was a British colony and the then governor Sir Andrew CaldecottAndrew Caldecott
Sir Andrew Caldecott, GCMG, KBE was a British colonial administrator.-Early Life, Education:Sir Andrew Caldecott was born on 26 October 1884 in Kent, England. His father was a cleric...
ceremoniously opened the bank on 1 August. The English government introduced the banking arm for its government oriented businesses. Two years later, in 1941, BoC started to expand beyond the city of Colombo. It opened its first branch in Kandy
Kandy
Kandy is a city in the center of Sri Lanka. It was the last capital of the ancient kings' era of Sri Lanka. The city lies in the midst of hills in the Kandy plateau, which crosses an area of tropical plantations, mainly tea. Kandy is one of the most scenic cities in Sri Lanka; it is both an...
. Subsequently BoC added branches in major cities such as Galle
Galle
Galle is a city situated on the southwestern tip of Sri Lanka, 119 km from Colombo. Galle is the capital city of Southern Province of Sri Lanka and it lies in Galle District....
, Jaffna
Jaffna
Jaffna is the capital city of the Northern Province, Sri Lanka. It is the administrative headquarters of the Jaffna district located on a peninsula of the same name. Jaffna is approximately six miles away from Kandarodai which served as a famous emporium in the Jaffna peninsula from classical...
, Kurunegala
Kurunegala
Kurunegala , is the capital of the North Western Province, Sri Lanka, Sri Lanka and the Kurunegala District. Kurunegala was also an ancient royal capital for 50 years, from the end of the 13th century to the start of the 13th century. The town itself is a busy commercial and a transport hub...
, Batticaloa
Batticaloa
Batticaloa is a city in the Eastern province of Sri Lanka. It is the seat of the Eastern University of Sri Lanka. It is on the east coast, south by south east of Trincomalee, and is situated on an island.-Etymology:...
, Trincomalee
Trincomalee
Trincomalee is a port city in Eastern Province, Sri Lanka and lies on the east coast of the island, about 113 miles south of Jaffna. It has a population of approximately 100,000 . The city is built on a peninsula, which divides the inner and outer harbours. Overlooking the Kottiyar Bay,...
, Badulla
Badulla
Badulla , is the capital of Uva Province, Sri Lanka. Badulla is located 60 km southeast of Kandy, almost encircled by the Badulu Oya River, about 680 metres above sea level and is surrounded by picturesque hills and mountains, most of which have tea plantations.-Geography:It is located on the...
, and Panadura
Panadura
- History :The historic debate 'Panadura Vadaya' was held in this place which is a milestone of the history of Buddhism in Sri Lanka with the initiative of the ven. Migettuwaththe Gunananda Thera.- People and Culture :Panadura is home to about 100,000 citizens...
.
- 1948: The Ceylon, Obtained her independence from the British and then the monetary authorities are transferred to Sri Lanka. Thereby in 1949 The Central Bank of Sri Lanka has been founded and regulation of all banks are assigned to them. Which they carrying out to-date.
- 1949: BoC opened its first overseas branch in London, United Kingdom. This helps the bank and the Government to handle the business between two countries easily.
- 1961: Up until this year the bank was operated as an individual organization and The Government of Sri LankaSri LankaSri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
stepped forward and declared the bank as a public organization. By then the government has nationalized BoC and became a semi government institute.
- 1972: The then government declared the name of the country as Sri Lanka. However the bank did not rename itself accordingly. The government also passed the Agricultural Productivity Law, which forced the bank to open Agrarian Service Centre branches in almost all villages in the country. As a result of that, the branch network of the bank expanded tremendously to majority of Sri Lanka's rural areas by the end of this period.
- 1979: As oppose to the controlled economy by the government, the then government relaxed the exchange control regulations by making it regulate by central bank up to some period and then by the market demand itself. This Liberalization of exchange control regulations led the bank to open its first Foreign Currency Unit for handle the boom of request for non local currency requirements.
- 1981: BoC passed another big milestone by opening the second overseas branch, this one in MaléMaléMalé , is the capital and most populous city in the Republic of Maldives. It is located at the southern edge of North Malé Atoll . It is also one of the Administrative divisions of the Maldives. Traditionally it was the King's Island, from where the ancient Maldive Royal dynasties ruled and where...
, MaldivesMaldivesThe Maldives , , officially Republic of Maldives , also referred to as the Maldive Islands, is an island nation in the Indian Ocean formed by a double chain of twenty-six atolls oriented north-south off India's Lakshadweep islands, between Minicoy Island and...
.
- 1982: BoC founded the first merchant bankMerchant bankA merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
in Sri Lanka, which it named the Merchant Bank of Sri Lanka.
- 1987: The bank moved into its 32-storey headquarters. Sri Lankans have nicknamed the building (PuttuPuttuPuttu is a South Indian and Sri Lankan breakfast dish of steamed cylinders of ground rice layered with coconut. It is popular in the Indian states of Kerala and Tamil Nadu as well as in areas of Sri Lanka, where it is also known as pittu...
bambuwa) a Sinhalese term used for a cylindrical cooking implement. The new building enabled the bank to house all its administrative offices and central operations in one location.
- 1989: The bank joined with the Visa International to introduce first credit cards business to Sri Lanka.
- 1994: BOC Joined SWIFTSwiftThe swifts are a family, Apodidae, of highly aerial birds. They are superficially similar to swallows, but are actually not closely related to passerine species at all; swifts are in the separate order Apodiformes, which they share with hummingbirds...
at the SWIFT BICISO 9362ISO 9362 is a standard format of Business Identifier Codes approved by the International Organization for Standardization . It is a unique identification code for both financial and non-financial institutions...
BCEYLKLX along with 15 other financial institutions in Sri Lanka.
- 1995: BoC expanded its foreign operations by opening its third foreign branch in KarachiKarachiKarachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
, PakistanPakistanPakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
and fourth in ChennaiChennaiChennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, IndiaIndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. This facilitated the bank's operations in the Asian Clearing UnionAsian Clearing UnionThe Asian Clearing Union , with headquarters in Tehran, Iran, was established on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific...
.
- 2003: BoC took a 15% stake in newly formed Dawood Bank in PakistanPakistanPakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
, which was later renamed as Burj Bank. BoC then transferred all its operations in Pakistan to the new bank.
- 2006: BOC finally was able to connect all its branches in the inland to one network.
- 2010: BoC converted its branch in London to a subsidiary.
- 2010: BOC achieves its highest ever profit before tax at LKR 10.1Bln.