Commercial Bank of Ceylon PLC: Empowering Sri Lanka's MSMEs through Inclusive Growth

Strategic Insights -

Commercial Bank of Ceylon PLC has been at the forefront of driving inclusive economic growth in Sri Lanka by empowering Micro, Small, and Medium Enterprises (MSMEs) through a combination of innovative financial products, capacity-building initiatives, and deep community outreach. In 2024, the Bank was the largest lender to the SME sector, disbursing Rs. 330.95 billion, representing 30.36% of the total SME lending in the country. This commitment to MSME development has earned the Bank global recognition, with 18 international awards in 2024 alone.

Key Takeaways:

  • Commercial Bank of Ceylon PLC has been the largest lender to the SME sector in Sri Lanka since 2024, disbursing Rs. 330.95 billion, representing 30.36% of the total SME lending in the country.
  • The Bank has won 18 international awards in 2024, including Best SME Bank Sri Lanka by Global Finance Magazine (USA), SME Bank of the Year - Sri Lanka at the Asian Banking and Finance Awards (Singapore), and Best Collaboration for SME Development by Business Pinnacle Magazine (UK) for Commercial Bank Leap Globallinker.
  • The Bank has launched two new development-focused lending products, Diribala and Dirishakthi, in partnership with the National Credit Guarantee Institution (NCGIL) to support MSMEs in accessing credit.
  • Commercial Bank's Agriculture and Micro Finance Units (AMFUs) have been instrumental in uplifting rural livelihoods by offering advisory services, business counselling, and tailored financial solutions to underserved segments.
  • The Bank's Bank on Wheels initiative has improved access to finance for small-scale farmers, traders, and micro-entrepreneurs in remote and underbanked regions.
  • Commercial Bank has partnered with international development agencies, chambers of commerce, and sector-specific associations to facilitate MSME capacity building through regular workshops and seminars.
  • The Bank has a wide international footprint, with 20 outlets in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, and a Microfinance company in Myanmar.

Statistics:

  • Rs. 330.95 billion disbursed by Commercial Bank of Ceylon PLC for SME lending in 2024.
  • 30.36% of the total SME lending in the country for 2024.
  • 18 international awards won by Commercial Bank of Ceylon PLC in 2024.
  • 20 outlets in Bangladesh.
  • A fully-fledged Tier I Bank with a majority stake in the Maldives.
  • A Microfinance company in Myanmar.

Sources:

  • Global Finance Magazine (USA) - Best SME Bank Sri Lanka
  • Asian Banking and Finance Awards (Singapore) - SME Bank of the Year - Sri Lanka
  • Business Pinnacle Magazine (UK) - Best Collaboration for SME Development by Commercial Bank Leap Globallinker
  • Commercial Bank of Ceylon PLC - Press Release, 2024.