Commercial Bank of Ceylan has been rated ‘the strongest banking brand’ in Sri Lanka for the third consecutive year in the 2022 report on the country’s most valuable and strong brands by Brand Finance, the leading firm of independent brand valuation consultancy in the world.
The Commercial Bank brand has also moved up the value ranking to become the third most valuable brand in Sri Lanka across all sectors covered by the latest edition of the “Brand Finance Sri Lanka 100” released in April 2022.
Brand Finance has assigned the Commercial Bank brand a value of Rs 46.7 billion, an increase of Rs 3 billion or 7% from its valuation for 2021, acknowledging that the value of the Commercial Bank brand has increased to a faster pace than the overall brand value of the banking industry, up 3%.
In terms of brand strength, Brand Finance gave Commercial Bank a BSI (Brand Strength Index) score of 86.7 and a AAA brand rating, the highest rating given to top brands this year. In its summary of findings, Brand Finance noted that the stronger the brand, the greater the potential value it can generate in the future.
Referring to Commercial Bank, the consultancy said that the bank’s attempt to differentiate its product offering through a digital banking environment such as the Q+ Payment app (which was the first QR code-based payment app under LANKAQR) coupled with other digital transformation strategies, and its strong branch network greatly contribute to its strength.
Other digital banking and social media services offered by Commercial Bank include ComBank Digital, ComBank ePassbook, 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 sound financial system in the country,” Brand Finance said. – growing consumer demands and effective cost management systems. The overall industry brand value increased by 3%, accounting for 44% of the total Sri Lanka 100 brand value.”
Mr. S. Renganathan, Managing Director of Commercial Banking and Group CEO, said: “This is an extremely challenging time for businesses, and the brands that can thrive under these circumstances are those that visibly deliver on their promises.
in a tangible and customer-friendly way. This has always been a strength at Commercial Bank. We believe that every employee should live our brand values.”
According to Commercial Bank Group Marketing Manager, Mr. Hasrath Munasinghe, the Bank has continued its strategic brand building activities despite the harsh external conditions during the pandemic. “The bank’s strategic marketing efforts are not just about getting the brand heard or seen, but primarily about building, engaging and nurturing relationships with our key stakeholders by delivering consistent value to them,” he said. in an interview with Brand Finance. “The bank has defined branding as a core part of its corporate strategy. Brand values have been aligned to create synergy with corporate values. The key to the bank’s success has been to find the elements to differentiate the bank and its products and services from the rest.”
Brand Finance calculates the value of brands listed on the Colombo Stock Exchange (CSE) and private companies that wish to be featured, using a method based on the Royalty Relief approach – a brand valuation method used by the company to worldwide. Each year, it tests 5,000 of the world’s top brands, ranks brands across industries and countries, and publishes nearly 100 reports.
Brand Finance experts have contributed to the development of the internationally recognized standards on brand valuation – ISO 10668 and brand valuation – ISO 20671. The consultancy firm’s methodology has been certified by global independent auditors – Austrian Standards – as being compliant with both and has received official Marketing Accountability Standards endorsement. Plank.
One of Sri Lanka’s most active and vibrant brands, Commercial Bank’s brand building efforts maintain a healthy balance between corporate and product communications and ground-level customer engagement events. . Besides traditional media, the Bank is very active in social and digital media and customer engagement events, both nationally and regionally. The Bank’s strong client base spans all segments of society and encompasses all socio-economic groups spread across Sri Lanka.
The first 100% carbon neutral bank in Sri Lanka, the first Sri Lankan bank to be listed among the world’s top 1000 banks and the only Sri Lankan bank to be listed for 11 consecutive years, Commercial Bank operates a network of 268 branches and 938 machines. machines in Sri Lanka. Commercial Bank is Sri Lanka’s largest SME sector lender and is a leader in digital innovation in the country’s banking industry. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he owns a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.