Double win for ComBank at 2020 Asiamoney Banking Awards 

The Commercial Bank of Ceylon has won two prestigious international awards --‘Best Bank for Small and Medium Enterprises’ and ‘Best Bank for Corporate Social Responsibility’ -- from Asiamoney Magazine, known as the voice of the banking and capital markets industries in Asia.

The award for ‘Best Bank for SMEs’ recognises Commercial Bank’s efforts in identifying the importance of small and medium enterprises to the economy of the country and the products and services put in place to empower this segment, while the ‘Best Bank for Corporate Social Responsibility’ award is a tribute to the Bank’s nationally-significant contributions via its CSR Trust, to the spheres of education, healthcare, environment and community development. The Trust had completed over 480 projects by the end of September 2019 with an investment of Rs, 500 million, the bank said in a media release.

The total SME Loans portfolio of the bank had grown by substantial value over that of the previous year. Other factors that contributed to the SME award included the introduction of SME Managers to each region who were responsible of promoting SME businesses; the introduction of ‘Divisaru’ – a special savings account designed to support micro entrepreneurs and promote financial inclusivity; and the operation of ‘Biz Clubs’ that provide extensive networking opportunities, new business opportunities, and support beyond lending to over 2600 small and medium entrepreneurs of the country. Under this initiative the bank had approved ‘Biz Loans’ amounting to Rs.8.6 billion and disbursed funds amounting to Rs.7.2 billion in the past year.