The Commercial Bank of Ceylon has begun 2024 by underlining its commitment to sustainability – symbolically as well as literally.
The instantly-recognisable Commercial Bank logo in blue will hereafter also feature a green element, representing the Bank’s multifaceted commitment to sustainability, encompassing diversity, inclusivity, good governance, transparency, social equity, accountability and eco-friendly banking solutions, the Bank said.
“Our commitment to sustainability isn’t just a buzzword, it’s ingrained in our DNA, influencing our decisions, actions and the services we offer,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge commented. “We are a sustainable bank in everything we do, and the first organisation in Sri Lanka to proclaim that commitment in its corporate identity, and we want all our stakeholders, from employees, customers, shareholders and business partners, to see that at first glance.”
“The new logo reflects our dedication to total sustainability in all spheres of our operations and our practical commitment to the way we do business; from paperless transactions, responsible compliance practices, and energy-efficient operations,” Mr Manatunge added.
The Bank follows a meticulously-crafted sustainability strategy and blueprint as a guiding principle for its sustainability activities. The strategy is based on three key pillars – Sustainable Banking, Responsible Organisation and Community Impact. There are nine core areas under these pillars – Responsible Financing, Financial Inclusion, Sustainable Products and Services, Green and Safe Workplace, Workplace Culture, Social Enterprise, Social Engagement, and Environmental Engagement.
The Bank said all these core areas align under seven selected Sustainable Development Goals (SDGs) set by United Nations, namely, Quality Education, Gender Equality, Affordable and Clean Energy, Decent Work and Economic Growth, Industry, Innovation and Infrastructure, Responsible Consumption and Production and Partnership for the Goals.
In line with its sustainability goals, Commercial Bank has established a high level Sustainability Committee, which is responsible for sustainability strategy formulation and top-level decision making. The Bank’s Sustainability Working Committee with representation from all key business verticals is tasked with execution of the strategies adopted. To maximise staff engagement and awareness the Bank has introduced an awards programme for the Best Sustainable Branch and Department. Additionally, a Sustainability Group comprising of volunteers from various business units has been formed to engage employees in creating a sustainability culture within the organisation.
The Bank has also entered into collaborations with the IFC, the Asian Development Bank (ADB), the Global Green Growth Institute (GGGI) and the Green Building Council of Sri Lanka (GBCSL) to develop sustainable financing products that support eco-friendly manufacture, green operations and sustainable construction.
In the realm of environmental sustainability, the Bank has launched a tree-planting programme with the goal of planting 100,000 trees across the country, is supporting a turtle conservation project in Panama, has funded mangrove replanting, a reforestation project and a coral restoration initiative, is maintaining a stretch of coastline, has made significant headway in propagating paperless banking across multiple customer segments, and has installed solar power at more than 80 branches.
The Bank was a pioneer in commencing the assessment of environmental risks associated with lending projects with a comprehensive Social and Environment Management System (SEMS) framework. Similarly, the social and environmental impacts of its supply chains are reviewed via supplier selection and evaluation processes, and the impacts of aspects such as economic, environmental, social, human rights, society and product responsibility on the Bank’s operations and their materiality to the Bank as well as relevant stakeholders are assessed. Commercial Bank’s credit policy and lending guidelines clearly articulate the policies for the Bank to be a “Responsible Lender” by minimising transactions and activities which negatively impact the environment.
A trailblazer in the digital banking arena, Commercial Bank has revolutionised banking with an innovative and inclusive product range with state-of-the-art security features and user-friendly interfaces to facilitate maximum customer convenience. Commercial Bank’s digital products have achieved the best penetration and usage in the banking sector. In addition to the extensive projects that aim at enhancing the digital literacy of Sri Lankan school children, equipping the government healthcare sector with necessary infrastructure, and environment conservation through its CSR Trust, the Bank is also strengthening its focus on the social enterprise space. Recent projects include the launch of a Child Care Centre to support working women in Batticaloa in partnership with the IFC, Australian Aid and Sarvodaya, and the donation of a food dehydrator machine to the Hettipola village in partnership with United Nations Development Programme (UNDP).
The Bank’s exemplary corporate citizenship and unwavering commitment to good governance have been recognised both internationally and locally throughout the years, with a host of awards and accolades.
Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a network of 271 branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.