BOC says sovereign rating downgrade has no impact on its int’l operations

• Says its foreign correspondent relationships have never been questioned and have been growing from strength-to-strength

State-owned banking giant Bank of Ceylon (BOC) yesterday said the recent downgrade of sovereign and banking institutions in Sri Lanka has not affected the bank’s operations and its foreign correspondent relationships. 

“The recent downgrade of the sovereign and banking institutions in Sri Lanka had a minimal impact on the soundness of the bank and its international operations continue uninterrupted. Being a bank that has maintained its international presence for over eight decades, its foreign correspondent relationships have never been questioned and have been growing from strength-to-strength,” a BOC statement said.

The bank further said it has been attracting many local and foreign accolades for its banking excellence along its way and looks at 2021 on a positive note.  

“Winding up the year on a healthy note despite the economic downturn due to the COVID-19 pandemic, the banking giant in Sri Lanka, has recorded the highest asset base of Rs.2.9 trillion, highest deposit base of Rs.2.3 trillion and has maintained its market leadership in trade finance, treasury operations including its more than 40 percent market share of Inward remittances (US$ 2.5 billion) and most of the spheres in the banking and finance arena,” the statement said.