ComBank named ‘Most Sustainable Bank in Bangladesh’
Commercial Bank Bangladesh, Commercial Bank of Ceylon’s largest overseas operation, has been adjudged the ‘Most Sustainable Bank in Bangladesh’ at the close of 2021, during which the Bank was named ‘Best Foreign Bank in Bangladesh’ by two independent bodies and retained its ‘AAA’ credit rating.
The ‘Most Sustainable Bank in Bangladesh’ award was presented at the Dubai-based International Business Magazine Awards 2021 that honoured best-in-class achievements of organisations across various spheres related to international business and finance. The title recognises the sustainable and stable growth that Commercial Bank Bangladesh has demonstrated over the years.
In 2021, Commercial Bank Bangladesh was also recognised with top awards by two UK-based institutions – the Global Business Outlook (GBO) magazine and Global Economics Limited, a financial publication that recognises best performers in various financial sectors, worldwide.
Both these publications crowned Commercial Bank Bangladesh the ‘Best Foreign Bank in Bangladesh’ – a title that acknowledges the Bank’s resilience in the face of competition from local and international banks, its service excellence and dedication towards serving customers.
The Bank’s prowess in 2021 was also underlined by its ‘AAA’ (Triple A) credit rating from Credit Rating Information and Services Ltd (CRISL).This was the 11th consecutive year that Commercial Bank Bangladesh was given a ‘AAA’ long term credit rating, which is the highest credit rating given to a financial institution in Bangladesh by CRISL. The latest ratingis the outcome of an in-depth analysis of the operational and financial performance of the Bank along with an assessment of relevant quantitative and qualitative factors.
Commenting on the Bangladesh operation’s achievements in 2021, Commercial Bank Managing Director and Group CEO Mr S. Renganathan said: “Despite the pandemic-caused decline in economic activity and other challenges, Commercial Bank Bangladesh has proven its mettle and stayed on the course charted for itself. The accolades and accreditations the Bank has received are affirmations of its stability, consistency in performance and service delivery. We would like to thank our stakeholders and customers in Bangladesh for their support as we celebrate the close of another successful year.”
Commercial Bank entered Bangladesh in July 2003 with the acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), its first ever acquisition of a banking operation. The French multi-national bank operated two branches and two booths in Bangladesh at that time. Over the 18 years that followed, the Commercial Bank of Ceylon Bangladesh operation has established itself above other regional banks operating in the country with 11 branches, six SME Centres and two Offshore Banking Units.