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ComBank ranked Strongest Bank Brand in Sri Lanka for 3rd successive year – The Island

The Business Bank of Ceylon has been ranked the ‘Strongest Bank Brand’ in Sri Lanka for the third consecutive 12 months within the 2022 report on the nation’s most dear and strongest manufacturers by Brand Finance, the world’s main impartial model valuation consultancy.

The Business Bank model additionally moved up the worth rating to be the third most dear model in Sri Lanka throughout all sectors coated by the newest version of the ‘Brand Finance Sri Lanka 100’ launched in April 2022.

Brand Finance assigned the Business Bank model a worth of Rs 46.7 billion, a rise of Rs 3 billion or 7% over its valuation for 2021, recognising that the worth of the Business Bank model grew at a quicker tempo than the general model worth of the banking sector, which was up by 3%.

By way of model power, Brand Finance gave Business Bank a Brand Energy Index (BSI) rating of 86.7 and a AAA model ranking, the best ranking assigned to the highest manufacturers this 12 months. In its abstract of the outcomes, Brand Finance famous that the stronger the model, the upper the potential worth it will possibly generate sooner or later.

Referring to Business Bank, the consultancy commented that the financial institution’s try to differentiate its product providing by way of a digitally-driven banking atmosphere such because the Q+ Cost App, (which was the primary QR code primarily based cost app below LANKAQR) coupled with different digital transformation methods, and its sturdy community of branches are an enormous contributor to its power.

Among the many different digital and social media banking companies supplied by Business Bank are ComBank Digital, ComBank ePassbook, the Flash Digital Bank Account, ComBank eSlips, ComBank RemitPlus, ComBank WhatsApp Banking and Bank with ComBank on Viber.

“The banking sector continues to play a pivotal role in maintaining a healthy financial system in the country,” Brand Finance stated.”This 12 months sees a progress in worth for banking manufacturers regardless of the turbulent financial system as they proceed to make efforts in assembly the fast-growing client calls for and environment friendly price administration methods. Total model worth of the sector grew by 3%, accounting for 44% of the Sri Lanka 100 complete model worth.”

Business Bank Managing Director/Group CEO Mr S. Renganathan stated: “These are extremely challenging time for businesses, and brands that can grow in these circumstances are those that visibly live up to their promise in tangible and customer-responsive ways. This has always been a strength at Commercial Bank. We believe that every employee must live our brand values.”

In accordance with Business Bank’s Group Chief Advertising Officer Mr Hasrath Munasinghe, the Bank continued its strategic model constructing actions regardless of the powerful exterior situations through the pandemic. “The bank’s strategic marketing efforts are not just about making the brand heard or seen, but mainly about building, engaging, and maintaining relationships with our key stakeholders through delivering consistent value to them,” he stated in an interview with Brand Finance. “The bank has defined brand strategy as a central part of its corporate strategy. Brand values have been aligned to synergize with the corporate values. The key to the success of the bank has been finding the elements to differentiate the bank and its products and services from the rest.”

Brand Finance computes the worth of manufacturers listed on the Colombo Inventory Alternate (CSE) and personal firms that want to be featured,utilizing a technique primarily based on the Royalty Reduction strategy – a model valuation methodology utilized by the corporate globally. Yearly it places 5,000 of the world’s largest manufacturers to the check and ranks manufacturers throughout all sectors and international locations and publishes almost 100 stories.

Brand Finance consultants helped craft the internationally recognised requirements on Brand Valuation – ISO 10668 and Brand Analysis – ISO 20671. The consultancy’s methodology has been licensed by world impartial auditors – Austrian Requirements – as compliant with each, and obtained the official approval of the Advertising Accountability Requirements Board.

One of the vital energetic and vibrant manufacturers in Sri Lanka, Business Bank’s model constructing efforts keep a wholesome stability between company and product communications and floor degree buyer engagement occasions. Along with conventional media, the Bank is very energetic in social and digital media and buyer engagement occasions, at nationwide and regional degree. The Bank’s sturdy buyer base covers all segments of society, and encompasses all socio financial teams unfold throughout Sri Lanka.

Sri Lanka’s first 100% carbon impartial financial institution, the primary Sri Lankan financial institution to be listed among the many High 1000 Banks of the World and the one Sri Lankan financial institution to be so listed for 11 years consecutively, Business Bank operates a community of 268 branches and 938 automated machines in Sri Lanka. Business Bank is the most important lender to Sri Lanka’s SME sector and is a pacesetter in digital innovation within the nation’s Banking sector. The Bank’s abroad operations embody Bangladesh, the place the Bank operates 19 retailers; Myanmar, the place it has a Microfinance firm in Nay Pyi Taw; and the Maldives, the place the Bank has a fully-fledged Tier I Bank with a majority stake.

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