The Cabinet of Ministers has approved a proposal to establish a new information technology subsidiary for the Bank of Ceylon (BOC), aimed at enhancing the bank’s digital capabilities and maintaining its competitiveness in the financial sector.
The new entity, named BOC IT Solutions (Pvt) Ltd, will function as a fully affiliated institute of the Bank of Ceylon and will be tasked with optimizing IT operations and delivering information and communication technology solutions to support the bank’s digital transformation efforts.
The proposal was submitted by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning, and Economic Development.
The move comes as part of broader efforts to modernize the state-owned bank in response to evolving customer expectations and the growing demand for digital banking services.
BOC IT Solutions (Pvt) Ltd will be established by reviving BOC Management and Support Services (Pvt) Ltd, a company initially formed in 1992 to meet the bank’s manpower needs but discontinued in 2007.
The new subsidiary will be staffed by IT professionals dedicated to advancing the bank’s digital infrastructure. (Newswire)