Foreign Unit

Sept 11, 2008 (LBO) – Sri Lanka’s Commercial Bank said the long term credit rating of its Bangladesh unit had been upgraded by one notch to AA+ from AA, by Credit Rating Information and Services Ltd (CRISIL). CRISIL had given it a ST-1 short term rating.

Commercial Bank of Ceylon had bought Credit Agricole lndosuez (CAl) operations in Bangladesh in 2003. Commercial Bank Bangladesh now has nine branches.

“The Commercial Bank’s operations in Bangladesh are rated as stable on account of steady business growth, stable financial and operating performance, as well as consistent fundamentals,” S. Renganathan, Commercial Bank’s country manager in Bangladesh said in a statement.

He says the ST-1 represents the highest certainty on timely re-payment of liabilities in the short term, “almost like risk-free Government short term obligations”.

Established in 1969, Commercial Bank is Sri Lanka’s leading bank, with dominant positions in consumer banking, treasury and securities markets.

Started in 1969, Commercial Bank has 167 computer-linked branches, supermarket banking outlets and service centres and 321 ATMs in Sri Lanka.