Commercial Bank
Topics: Deposit account, Bank, Sri Lanka, Banking, Cheque / Pages: 19 (4672 words) / Published: Jul 24th, 2013

Commercial Bank of Ceylon PLC

Introduction
Commercial Bank of Ceylon is identified as the benchmark private sector bank in Sri Lanka. The Bank had the largest market capitalization among all listed banking institutions in Sri Lanka and was ranked at No. 05 among all listed entities as at end 2012. Commercial Bank is only the Sri Lankan bank represented in the top 1000 Banks in the world for two consecutive years of 2011 and 2012. The bank has a subsidiary in Bangladesh. The Bank’s Head Office is located at No.21, Commercial House, Sir Razik Fareed Mawatha, Colombo 01. Commercial Bank PLC associated with 5 companies. They are Commercial Insurance services (Pvt) Ltd, Commercial Leasing (Pvt) Ltd, Commercial Fund Management (Pvt) Ltd, Commercial Stock Brokers (Pvt. Ltd) and Commercial Development Company Ltd.

History
The birth of Commercial Bank of Ceylon dates back to the 1920s’ during the British colonial period, during which trade, commerce and enterprises opened up, and thrived. In 1920, The Eastern Bank opened a branch at Chatham Street, Colombo little realising they were laying the foundation to what was to become a byword in Sri Lankan banking. As businesses thrived under the Donourmough constitutional reforms, in 1939, they moved to the heart of the premier business area at 57, Sir Baron Jayatilleke Mawatha, Colombo.
After gaining independence in 1948, trade continued to flourish and as a consequence, the share capital of Eastern Bank Ltd was acquired by the Chartered Bank in 1957. A decade later, in 1969, Commercial Bank of Ceylon was duly incorporated in Ceylon, with the Eastern Bank holding 40% of its equity, before being taken over in 1971, by the Chartered Bank. In 2003, it ventured into overseas markets, when it took over operations of Credit Agricole Indoseuz in Bangladesh, its first overseas foray.
Commercial Bank installed its first Automated Teller Machine (ATM) in 1990. A sophisticated Online Banking System was installed in 1998 and then

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