The Commercial Bank of Ceylon is one of the leading commercial banks in Sri Lanka with over 100 branches.
History
1920: Eastern Bank, a British overseas bank, opened a branch in Ceylon.
1957: Chartered Bank (anothe British overseas bank; see below) acquired Eastern Bank but ran it separately.
1961: The Government of Ceylon forbade foreign banks to accept deposits from Ceylonese nationals.
1969: Eastern Bank incorporated its branch under the name, Commercial Bank of Ceylon (CBC), and took 40% of the equity. CBC got Mercantile Bank of India’s branches in Kandy, Galle and Jaffna as part of a deal that would remove the government’s limit on deposit taking in Mercantile’s remaining branches in Colombo and Pettah. The branches actually transferred in 1973. (HSBC had acquired Mercantile in 1959.)
1971: Eastern bank amalgamated with Chartered Bank.
1997: Standard Chartered divested itself of its 40% stake in CBC. DFCC Bank (ex-Development Finance Corporation of Ceylon) acquired 29.5%.
2003: CBC acquired Credit Agricole Indosuez's two branches in Bangladesh at Dhaka and Chittagong to become the first Sri Lankan bank to establish operations outside the country. Banque Indosuez had opened its branches in 1980.
Source
Green, E., and S. Kinsey. 1999. The Paradise Bank (Aldershot: Ashgate).
External links
Commercial Bank of Ceylon (http://www.combank.net)
COMMERCIALBank of Ceylon (CBC), an 81-year-old Lankan outfit, recently hired The Redwood Edge, a Pune-based consultancy, to run programmes for both its executives and client organisations.
CBC is among Sri Lanka's frontline banks, said Mr Prakash Rohera, Director of The Redwood Edge.
For the consultant, the CBC mandate was a first, followed as it was by a short presentation last year at a management school in Sri Lanka.
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