Corporate Chase

August 3, 2006 (LBO) — Sri Lanka’s Bank of Ceylon, a state-owned bank which is heavily involved in financing the government, is targeting corporate clients with its computerisation plan nearing completion. Unlike the private commercial banks which went on-line much earlier, the state owned giant with a large branch network spread into the far corners of the island has a much tougher job in getting linked.

But the bank says it has now connected 220 branches to its core-banking software platform and most of the 302 branches expected to be linked by the year end.

The bank says it is now ideally positioned to provide competitive banking services to institutional clients with distributed operations.

“In the first half of the year we have achieved remarkable growth in retail banking sector,” Chairman Udayasri Kariyawasam told the media this week.
“Now we want to focus on corporate sector.”

The 67 year old bank has started to classify large corporate clients under a ‘Business Class’ service where services such as linked banked accounts is being offered, with automatic transfer of funds from one account to another to meet payments.

By giving additional services at no cost to clients class