April 01, 2009 (LBO) – The Commercial Bank of Ceylon has been adjudged Sri Lanka’s ˜Best Bank’ for the 11th successive year by the financial publication Global Finance (USA), a company statement said. The ranking comes in a year when some of the best banks of previous years have lost their places to competitors due to the credit crunch and turmoil in financial markets, it said.
This is the 16th year that Global Finance has published the results of its annual survey of Best Emerging Market Banks.
The report covers best banks in Asia, the Middle East, Africa, Latin America and Central and Eastern Europe.
“In the prevailing adverse environment, it is crucial for financial institutions to build and sustain public confidence,” Commercial Bank managing director Amitha Gooneratne said in the statement.
In selecting this year’s winners, Global Finance considered both objective and subjective factors.
The objective criteria included growth in assets, profitability, geographic reach, strategic relationships, competitive pricing and product innovation.
The subjective criteria included