Commercial Bank of Ceylon (CBC), Sri Lanka has been in the business of Banking for over 100 years now and has a legacy-driven trust imprinted with the brand name. What they do is objectively carry out financial intermediation for both local and international clients. They are catering to customers from all walks of life through various products and services. They offer a comprehensive range of financial services that cater to the diverse needs of their customers.
CBC’s aim is to stay ahead of the curve in an ever-changing financial landscape. They are dedicated to maintaining a strong financial foundation that supports both short-term profitability and long-term sustainability. Their aim is to grow responsibly, balancing the interests of the stakeholders, communities, and the environment.
A Diligent Leader
Mr. Najith Meewanage’s career with Commercial Bank of Ceylon PLC (CBC) started over 30 years ago, where he started his journey as an entry-level employee in retail banking while securing banking studies and ended up pursuing an MBA at the University of Greenwich in London specializing in Finance.
As he progressed in his career Mr. Meewanage was given more opportunities to take on bigger challenges and responsibilities. This eventually led him to the role of CEO of the Bangladesh Operation in June 2021, where he was responsible for overseeing the entire business. During his professional life, he worked in different senior positions such as Head of Operations in the Head Office, Chief Operating Officer in Bangladesh Operations, Head of Operational Risk, etc. prior to taking up the duties as the Chief Executive Officer of Bangladesh Operations of CBC.
Every business in the market effectively drives on technology and digitalization is driving the future banking business. Under his leadership, Mr. Meewanage started transforming the CBC-Bangladesh Banking business and with it the client journey allowing banks to spot behaviour patterns and solve client problems at a fraction of the current speed in a very cost-efficient manner. CBC- Bangladesh recorded 78 pct profit growth in the year 2022 with all the turbulences generated elsewhere in the world triggering financial uncertainty.
As CEO, Mr. Meewanage is proud to lead a team of dedicated professionals who are passionate about delivering exceptional customer service and value to the stakeholders. During this tenure as CEO, the total number of accounts of Foreign Missions increased to 39 out of 52 operating in the country so far which is indeed a great honor for the Bank.
“Unique products and services, superior service quality, and efficient and customized solutions to the requirements of corporate and personal banking customers are hallmarks of the successful stride of CBC in Bangladesh,” he says.
Leveraging Technology
Commercial Bank of Ceylon PLC – Bangladesh is powered by state-of-the-art technology from its inception. It started its operation in Bangladesh with full-fledged online banking. CBC Bangladesh’s IT is ISO 27001 certified which ensures international standards for information security.
“We are continuously thriving and have introduced a number of innovative digital banking solutions for the ease of the clients which many of our peer banks are yet to launch. To name a few, I can talk about CBC Digital which is an online Corporate Banking solution. Contactless credit card, e-passbook which is a direct replacement of physical passbook which is the only type of service in the market, etc. We are also a Bangladesh Investment & Development Authority -listed Bank as a one-stop service point to assist the Foreign Investors in Bangladesh,” shares Mr. Meewanage.
Innovation in Banking
A financial institution always works in a dynamic environment. Naturally, a dynamic environment always demands going through a continuous innovation process. The main aim of innovative services is to simplify existing customer processes to enhance ease and speed. CBC always encourages innovative ideas in order to improve its service standards. As an accolade, CBC Bangladesh was adjudged as the Most Innovative Foreign Baking Brand – Bangladesh by Global Brands – UK. It may be mentioned here that CBC Bangladesh is the first Bank in the country to introduce a School Banking/ Teen saver account named Dot Com.
“We are very much concentrated on digitalization and currently have quite a number of innovative products and services suited for any type of customers namely, Corporations, SMEs, and individuals,” says Mr. Meewanage.
Challenges within the Industry
Mr. Meewanage feels that the effectiveness of the Banking sector’s ability to deliver staying in this role always determines the solid wealth generation capability of the economy in the long run. The Banking sector’s wider financial inclusion can benefit the middle class and poor by promoting overall economic participation. The real growth, which in turn leads to improved income levels overall in the society thus reducing the risk of financial crises, whose adjustment costs are most felt by the poor.
“One key highlight is that the gross domestic savings rate in Bangladesh is low, especially compared to the neighbouring countries. For the purposes of stimulating economic growth, the country requires a gross domestic saving level above 30 pct. The low level of saving is associated with a high consumption pattern along with a low level of disposable income and a low level of financial intermediation. Therefore, a resource gap exists in Bangladesh, although it is slowly decreasing. My above observations underline the need to accelerate domestic resource mobilization efforts and to improve the investment environment,” shares Mr. Meewanage.
In terms of foreign resources mobilization, peculiarly to foreign investors, he believes that the Banking sector must be geared to gain the confidence of investors, establish and develop a network of financial intermediaries, and produce a wide range of diversified saving and financing instruments that meet market needs.
The end of each business cycle has highlighted flaws in the banking system around the world and the established framework, leading to excessive lending and risk-taking in the absence of sufficient capital and liquidity buffers.
To address the above issues and produce value for all stakeholders in the short, medium, and long terms, the CBC has a comprehensive grasp of sustainability. By making sure that CBC’s total performance is reinforced going forward in accordance with the strategic imperatives of prudent expansion, client centricity, innovative leadership, and operational excellence with the appropriate expertise while paying close attention to the effects on society and the environment.
Encouraging Diversity and Inclusion
At CBC, fostering diversity and inclusion is a top priority and a fundamental aspect of the organizational culture. The firm believes that a diverse and inclusive workplace not only enriches the team but also enhances the organization’s ability to serve its customers effectively. To promote these values, the leadership has implemented a multi-faceted approach: Inclusive identifying Fast-Tracking Staff, Diversity Training, Flexible Policies to ensure proper work-life balances, performance evaluation in the most prudent ways, transparent reporting, etc.
“More importantly my door is always open for everyone for open discussions. Overall, our goal is to cultivate a workplace where everyone feels valued, respected, and empowered to contribute their unique perspectives. We recognize that diversity and inclusion are ongoing journeys, and we are dedicated to making continuous strides towards a more inclusive future,” shares Mr. Meewanage.
Meeting the Sustainability Goals
Ensuring a sustainable future is not only a global imperative but also a core commitment for CBC. The core team recognizes their responsibility to contribute positively to the well-being of the planet and society. CBC’s approach to sustainability is comprehensive and integrated into its business operations, reflecting its dedication to making a meaningful impact. The bank is deeply committed to playing a pivotal role in achieving global sustainability goals. By integrating sustainability into its operations, engaging stakeholders, and championing responsible practices, it aims to contribute to a better, more sustainable future for generations to come.
As recognition, The Commercial Bank of Ceylon PLC (CBC) has won the International Business Magazine Awards 2021, with the honour of “Most Sustainable Bank in Bangladesh” from 2021 onwards.
“Most Sustainable Bank in Bangladesh”, reiterated CBC’s commitment to its ongoing sustainability agenda, further acknowledging the bank’s excellence in creating environmental, social, and governance across its operations, and ensuring economic efficiency, prosperity, and contributions towards its various stakeholders.
Distinguished Recognitions
CBC- Bangladesh Operations has reached the rare height of achieving “AAA” Credit Rating for 13 (thirteen) consecutive years during this year in addition to winning several awards & accolades such as Best Foreign Bank in Bangladesh, Most Sustainable Bank in Bangladesh, Most Recommended Foreign Bank in Bangladesh, Best Corporate Bank Bangladesh, Most Innovative Foreign Baking Brand – Bangladesh, Bangladesh International Trade Finance Bank of the Year, Top Fastest Growing Companies to Watch 2023, The best performance on Growth, The best performance on Profitability, Best Performance on Risk Management and Best Asset Quality from Indian Chamber of Commerce and world-renowned financial magazines based in financial hubs of UK, USA, UAE, and Singapore.
At the same time, Mr. Meewanage was nominated as one of the Top 10 Best Business Leaders in Bangladesh in 2022 and also as one of the 10 Most Prominent Business Leaders to Watch as well as one of the Business Icons of Bangladesh in 2023 by well-reputed business magazines.
Future Insights
The future is always with many challenges. However, Mr. Meewanage is confident of his team’s ability to make astute judgments on the organization’s direction and road ahead. “At CBC, we have embraced the ideology of customer centricity to deliver enhanced services to all our valued clients. We do not operate the Bank worrying about the stock price in the short run rather considers the longer horizon,” he says.
CBC carries the trust that progress is a function of continual investments in employees, systems, and services, both in good and bad times to build their capabilities. They have consistently apprised their international and local stakeholders. The basic principles and strategies they use to build this Bank from maintaining a fortress balance sheet, constantly investing and nurturing talent to fully satisfying regulators, continually improving risk, governance, and controls, and most importantly serving the clients. “The Bank has plans to offer an array of digital products and venture into several new areas to support the economy. We want to see ourselves to be one of the strongest regional Banks through aiding the country’s growth catering to the clients by forming rewarding partnerships. And we are marching towards that,” concludes Mr. Meewanage.
Quote 1: “Our commitment to innovation, customer-centricity, and leveraging technology sets us apart in the market.”
Quote 2: “Our aim is to stay ahead of the curve in an ever-changing financial landscape.”
Quote 3: “Our mission is to deliver optimum value to Customers, Employees, Shareholders & the Nation while ensuring good Corporate Governance.”
Quote 4: “Our vision is to be the Bank of Excellence in Service and Commitments.”
