Sunday, October 1, 2023

ComBank ranked strongest bank brand and country’s 2nd strongest brand overall

The Commercial Bank of Ceylon has been ranked the strongest bank brand in Sri Lanka for the fourth consecutive year and the second strongest brand in the country overall by Brand Finance, the world’s leading independent brand valuation consultancy.

The just-released 2023 Brand Finance report on Sri Lanka’s 100 most valuable and strongest brands ranks Commercial Bank as the most valuable private sector bank in the country with a brand value of Rs 43.553 billion, making the Commercial Bank brand the third most valuable across all sectors as well.

In terms of brand strength, Brand Finance assigned Commercial Bank a Brand Strength Index (BSI) score of 87.8, up 1.1 points over the previous year, and an AAA brand rating, the same rating assigned to the brand last year. Brand strength reflects the potential value a brand can generate in the future.

Commenting on the Bank’s impressive showing in Brand Finance’s ‘Sri Lanka 100: 2023,’ Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “As a dynamic corporate brand, Commercial Bank has a legacy that has evolved over a century, during which it has stood for trust, financial strength and dependability, and in recent years for exceptional performance, social responsibility, good governance, innovation and customer focus as well. Every employee of Commercial Bank is called upon to live the values the brand represents, and the latest Brand Finance rankings are therefore a tribute to the entire Commercial Bank team.”

Referring to Commercial Bank, Brand Finance noted: “Commercial Bank continues to tout exceptional performance as Sri Lanka’s largest private sector bank and has built a strong legacy as one of the most recognized Sri Lankan banks, both locally and internationally. Additionally, by adopting Flash Digital Account, it is one of the first banking companies in Sri Lanka to make the switch to “wearable banking” from traditional banking. The bank’s ongoing efforts could be explained by strong consideration for the brand.”

Brand Finance disclosed that the aggregate value of the top 100 brands in the ranking plummeted by a substantial 16% compared to the preceding year, underscoring the profound struggles endured by Sri Lankan brands due to the formidable challenges stemming from economic and geopolitical barriers they encountered in 2022. This year, the banking industry in Sri Lanka, which continues to be the country’s most valuable sector, accounted for 47% of the total value. However, the sector recorded a decline in total value of 9%.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

One of the most active and vibrant brands in Sri Lanka, Commercial Bank’s brand building efforts maintain a healthy balance between corporate and product communications and ground level customer engagement events. In addition to traditional media, the Bank is highly active in social and digital media and customer engagement events, at national and regional level. The Bank’s strong customer base covers all segments of society, and encompasses all socio economic groups spread across Sri Lanka.

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 operates a network of 271 branches and 957 automated machines in Sri Lanka. 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.

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