The Commercial Bank of Ceylon recently commemorated 20 years of remittance operations in Qatar with a celebratory event hosted for the management and employees of Exchange Houses, the Bank’s premier customers and other stakeholders in this Arabian Peninsula state.
The milestone event held at the Alwadi Hotel Doha – MGallery, was graced by His Excellency Mohamed Mafaz Mohideen, the Sri Lankan Ambassador to Qatar, as the chief guest. The event commenced with a welcome address by Mr Pradeep Banduwansa, Assistant General Manager – Digital Banking of Commercial Bank. Providing valuable insights, the keynote address was delivered by Mr S. Prabagar, the Bank’s Chief Operating Officer.
Other attendees included the Bank’s remittance partners in Qatar, select Sri Lankan customers and the Bank’s staff, including Deputy General Manager – Retail Banking and Marketing, Mr Hasrath Munasinghe, Senior Manager – Global Remittances, Mrs Rangika Chandrasena and the Bank’s Business Promotions Officers in Qatar.
The milestone was marked with a ceremonial cutting of a cake and the Bank’s management also took the opportunity to felicitate remittance partners by presenting plaques as a gesture of appreciation.
Commenting on this latest milestone in remittance services, Commercial Bank Chief Operating Officer Mr S. Prabagar said: “When the Bank embarked on its remittance operations in Qatar, we introduced a web-based real time solution for sending money to Sri Lanka. We were always cognizant of the fact that the needs and aspirations of migrant workers go far beyond simply sending money home. Therefore, continuous improvement of our services portfolio focusing both remitters and beneficiaries was a priority. Over the past 20 years, Qatar has emerged as a key market for worker remittances, with approximately 120,000 Sri Lankan expatriates. Today, we are proud to have expanded our operations in Qatar with over 15 business partners, and our presence here is a testament to our successful two-decade journey.”
Commercial Bank entered the Qatar market in 2003 with its very own product ‘e-Exchange’ which was a real-time, web-based money transfer solution that was rebranded as ComBank RemitPlus in 2021. The Bank introduced Sri Lanka’s first Remittance Card in 2016 and the country’s first remittance app in 2019. To cater to the size and demand of the market, Commercial Bank currently has three Business Promotion Officers and more than 15 remittance partners in Qatar.
Commercial Bank is one of the most active players in Sri Lanka in the field of remittances. Earlier this year, the Bank also celebrated 20 years of remittance operations in Kuwait. One of the Bank’s key strengths is its island-wide network of 271 branches, many of which remain open on public, bank and mercantile holidays, and its network of 952 machines, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. Recipients of remittances sent to the Bank enjoy many benefits such as Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.