Business
ComBank adjudged ‘Best Trade Finance Bank in Sri Lanka’ by Asian Banker for 3rd consecutive year
The Commercial Bank of Ceylon was declared the ‘Best Trade Finance Bank in Sri Lanka’ for the third year in a row at the 2020 Asian Banker Transaction Awards recently, in recognition of its achievements in cash management, payments, and trade finance.
This prestigious accolade was conferred on Commercial Bank following a thorough evaluation by the magazine with an audit-based approach. The rigorous selection process took place over several months and involved feedback and interviews with all constituents in a position to comment on the candidates. It was anchored by a panel of global leaders and subject matter experts as advisors.
A survey of domestic institutions that use Commercial Bank’s trade finance services, corroborated by interviews and an evaluation of changes in the market share of competitors, the size and strategic importance of the transaction business as a percentage of the Bank’s business, the contribution of the transaction business to total income, the growing annuity value of the business, core and recurrent customer base and the benefits of processing efficiencies and cost management that are passed on to the Bank’s clients were among the determining factors that led to the Bank winning this award.
Asian Banker also looked at the unique features of the Bank’s fee-based products and services that are not dependent on credit as the primary relationship and the value they provide to clients, and the key achievements of the Bank in the year under review before bestowing the ‘Best Trade Finance Bank in Sri Lanka’ title on Commercial Bank.
Some of the products and services offered by Commercial Bank that contributed towards winning this prestigious award include the online Sri Lanka Ports Authority Payment Gateway, the ‘Biz Club’ for SME clients engaged in trade, door-to-door delivery of Letters of Credit, import documents and guarantees, financing of offshore business operations of local companies, and organisation of awareness programmes for trade-related clients. Other innovative product offerings introduced in the year to support trade finance operations were provision of foreign exchange market and economic updates, simplifying and providing online exchange rates on trade deals, and expediting the credit evaluation and approvals process by setting up a separate unit.
The winners for the ‘Best Trade Finance Bank’ awards are determined through a combination of surveys, interviews, and field research by The Asian Banker’s research staff assessing over 200 submissions from financial institutions across the Asia Pacific, Middle East, and Africa. The findings of the research are published in a neutral manner, with a scorecard outlining how the different domestic and global players feature in them.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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