Bank of Ceylon among Top Ten Best Corporate Citizens in Sri Lanka
The Ceylon Chamber of Commerce (CCC) has adjudged Bank of Ceylon (BOC) as one of the Top Ten Best Corporate Citizens in Sri Lanka at its Best Corporate Citizen Sustainability Awards 2018, held at Cinnamon Grand Colombo.
This annual event was organised for the 15th consecutive year by the CCC to promote corporate sustainability and recognizes the best practices adopted by organisations.
BOC CEO and General Manager Senarath Bandara received the award from the event’s chief guest, Speaker of Parliament Karu Jayasuriya, amidst a gathering of distinguished corporate executives.
Though ‘sustainability’ is a relatively new term, looked at from a conceptual point of view, it could be said that BOC’S sustainability saga began in 1939. That is because it was founded as the answer to a problem of financial inclusion – an issue that is an integral part of ‘people’, which is the second of the ‘3 Ps’ of sustainability.
Over the 79 years of its existence, it has evolved into what it is today. It present form has been built with the strength, stability and trust earned along the way as the Country’s No.1 Bank. Since inception, the then BOC has sustained its contribution towards the nation acting as a catalyst to economic growth and social well-being from within the banking and financial industry in Sri Lanka.
The formula for BOC’S sustainable growth has always aimed for growth through value generation to the community. With the core and the structure of operation having been properly laid, it naturally improvised with time to incorporate corporate social responsibility (CSR) as it emerged as a practicing theory for organisations.
Being able to reach every economic segment in the country with a like-minded compassion and commitment is an attribute that BOC possesses with its massive branch network that includes 628 branches in every nook and corner of the country.
With that innate feeling, BOC has empathetically bonded with the people to genuinely address their needs to out-grow their shells of socio-economic obstacles and become more economically-able to achieve their goals in life.
“Envisioned to be the catalyst for sustainable development through social, environmental and economic bottom line, our mission is to stay on the course as ‘a responsible corporate citizen by operating the business in an environmentally responsible, socially equitable and economically sound manner’.
The bank’s sustainable sphere covers the triple bottom line, ethical business, responsible lending, prudent risk management, product development, responsible investment, customer relations and supplier relations. Addressing on the triple bottom line people, planet and profit, the bank’s sustainable policy comprehensively covers every aspect with a suitable mechanism.
Some of the most recent advancements made in the technology under the digital transformation process undertaken by the bank, has enabled it to touch all three aspects simultaneously,” stated Bandara.
Having this concept in the agenda, BOC moved into digital transformation back in 2014 and by now it has evolved into many areas of banking operations to produce more efficient results with sustainable ethos.
The Introduction of the environmental and social management systems (ESMS), the bank has shown its commitment towards managing the environmental and the social risk associated with its lending. Also through ESMS, the bank promotes green concepts among its customers.
Embarking on the green building concept and renewable energy consumption, the bank opened-up its first green branch in Tissamaharama as a pilot project and since then has converted 27 branches to such and now in powered with the capacity of 1MW connected to the national grid with the connection of the latest in the Nugegoda branch.
BOC’S Kekirawa branch was recognized with a Gold Award by the Green Building Council Sri Lanka on the basis of successful adaptation of green technologies in its construction. BOC saves resources and energy through paper recycling, digitization processes and minimizing procedures (document management systems, work-flow automation), opening up digital channels to service customer (self-servicing kiosk, ATM/CDM network with over 1000 customer touch points, online banking, online loan request processing, mobile banking, social media presence to share information and to attend to customer requests).
BOC is also a signatory to the Sustainable Banking Initiative by the Sri Lanka Banks Association and represent the core group and the working groups of this initiative and in collaboratively working with the member banks in developing a guidance document on implementing sustainable banking principles into Sri Lankan banks and to develop an e-learning platform aiming at knowledge enhancement for SL Bankers on Sustainability.
The bank has initiated the ‘kumbukarana’ project as a special flood mitigation project to the Sabaragamuwa Province. Also, the bank has partnered with Twin Tree project, which aims at achieving the goal of a new tree for each new born. The pilot project was kicked off in the North Western Province marking the 79th anniversary of the bank.
The Southern Province staff has also started the Green Net project involving schoolchildren in the area. One of the other major CSR initiatives of the bank begun during the year was the organic/inorganic waste management project the bank started in the selected schools from the Western Province in partnering with the Megapolis and Western Province Development Ministry. The project has introduced a novel and a sustainable waste management model to these schools aiming to develop a waste management culture among schoolchildren.
For BOC, improving social and economic well-being is an integral part of its core operations. By increasing digital channels across the country and diminishing the geographical barriers to present the latest technologies available to conveniently conduct banking anywhere anytime within Sri Lanka, BOC has not only promoted green banking but also promoted sustainable and inclusive economic growth.
BOC‘S ‘Mithuru’ sustainable microfinancing programme plays a vital role in helping people from below the poverty line in rural areas and suburbs. The bank not only offers financial assistance to these groups who are registered under BOC Mithuru but also offers comprehensive business knowledge such as market assessment, compiling business proposals and simple bookkeeping in order to continue and grow the business. It has empowered over 100,000 families who are under 20,000 Mithuru Groups to be financially independent.
Underlining the importance of SME development to sustain national economic growth, BOC has laid many special SME development loan schemes with concessionary rates, which can be tailor-made to suite the need of the business. As part of livelihood development, BOC together with Helpage Sri Lanka moved into a segment that is rarely focused in, which is addressing the need for medical check-ups and eye-treatment for elders, especially in rural parts of the country.
As early as in 2002 the bank presented two strategic scholarship schemes, targeting the Grade 5 scholarship and A/L examinations. ‘BOC Nanajaya’ 18 Plus Scholarship programme was awarded to 1707 A/L students, disbursing Rs.61.75 million among highflyers in total and ‘BOC Ran Kekulu Scholarship’ programme annually recognizes 2000 highflyers of the said examination.
The bank formulated the islandwide ‘BOC Hapana’ programme, to coach Grade 5 students who prepare themselves for this competitive examination. Over 1300 ‘Hapana’ programmes have been conducted, coaching over 650,000 students throughout the country since 2000.
BOC joined hands with Neth FM radio station for the ‘You are a Leader programme to build personalities who are courageous and strong enough to overcome future challenges.
The bank also has its own initiative ‘Guide for Future’, where the trained staff from the bank addresses students from the selected schools on financial discipline, career guidance, etc. Since 2017, a number of 171 such seminars have been conducted under this programme, guiding 40,000 students.
The bank has also conducted ‘Punchi-picaso’ an all-island art competition for three consecutive years since 2016 with a view to developing aesthetic skills of the students.