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)

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The Bank of Ceylon (BOC) and the National Savings Bank (NSB) reported record-breaking profits for the year 2024, marking a milestone moment for Sri Lanka’s financial sector.

The BOC announced a staggering pre-tax profit of Rs. 106 billion, the highest ever recorded not only by a bank but by any institution, public or private, in Sri Lanka’s history. 

Meanwhile, the NSB posted a dramatic turnaround, reporting a pre-tax profit of Rs. 26.4 billion, a remarkable leap from Rs. 4.2 billion in 2023. 

The two state banks officially presented their annual reports to President Anura Kumara Dissanayake at the Presidential Secretariat today (22). 

The achievements, marked by robust fiscal discipline, strategic vision and public accountability, signal a renewed trajectory of confidence in state-owned banking institutions.

BOC Chairman Kavinda de Zoysa emphasized the significance of this financial milestone, stating, “This is a historic record as the BOC recorded the highest profit before tax of Rs. 106 billion, the highest profit achieved by any institution, bank or company in Sri Lanka in its entire history.” He credited the bank’s strategic focus on national development and SME support, adding, “BOC continues as the largest SME and development bank in the country with the best business rehabilitation unit which is futuristic and supports the entire nation.”

NSB Chairman Dr. Harsha Cabral attributed this growth to prudent fiscal governance and effective stakeholder collaboration. “The National Savings Bank recorded the highest ever profit before tax of Rs. 26.4 billion for the year 2024. This is a momentous success and a major increase from the Rs. 4.2 billion in 2023,” he said. “The success of NSB is mainly due to the financial discipline and macroeconomic stability of the country. I dedicate this achievement to the entire NSB family, including our employees, board of directors, senior staff, customers and all stakeholders who support us directly or indirectly.”

Dr. Cabral highlighted that NSB is no longer a burden on the state. “We are a self-sustaining success story and not a burden on the Treasury anymore. With professional management and financial discipline, the NSB has achieved its targets and hopes to exceed them in 2025,” he noted. He also pointed to internal reforms and staff incentives that bolstered morale and productivity. In 2024, NSB’s workforce was streamlined from 4,600 to 4,200 while maintaining a 262-branch network. Employees were rewarded with a five-month bonus, and gold coins were reintroduced for long service recognition after a five-year gap.

Both chairmen underscored a rare but significant aspect of their governance: neither they nor their board members draw a salary for their service. “Our reward is the institution’s success and its contribution to national development,” Cabral remarked, a sentiment echoed by de Zoysa as a model of civic-minded leadership.

President Anura Kumara Dissanayake commended the accomplishments of both institutions, stating, “These banks demonstrate how strategic leadership and ethical governance can transform public institutions into pillars of national strength. Their performance is a beacon of what’s possible in Sri Lanka’s economic future.” 

With an eye on 2025, BOC is set to expand its digital infrastructure to enhance accessibility and customer service, while NSB plans to refine its operations further, guided by corporate governance best practices. (Newswire)

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Kavinda de Zoysa, a career banker with over 30 years of industry experience and 25 years in management, has been appointed Chairman of the Bank of Ceylon (BOC), effective from today, 04 November 2024.

Kavinda de Zoysa’s appointment is expected to bring leadership and strategic insights to BOC. His deep understanding of local and global markets positions him well to support the Bank’s objectives in this evolving environment. Known as a team player and innovator, he champions ethics, compliance, diversity, equity & inclusion (DEI) and believes strongly in ESG, meritocracy and agile execution.

He most recently served as Director and Country Business Head of Citibank N.A., Sri Lanka. His nearly two decades of experience at Citi covered Corporate & Investment Banking, Capital Markets, M&A, Risk Management and Advisory. 

For over a decade, he was a core member of the Country Management Committee and all Governance Committees. His leadership at Citi saw him develop, implement, and execute Strategic Plans, lead landmark Corporate Finance & Capital Market transactions, Advisory, and promote Digitization.

Prior to joining Citigroup, he held roles at NDB Bank (former ABN Amro), Nations Trust Bank during its formation, National Development Bank and Seylan Bank, where he began his career as a Banking Assistant at the age of 18. His experience also includes Retail & Branch Banking, Project Finance, Development Banking, SME Lending, Finance, Strategic & Corporate Planning, Marketing, Banking Operations and Audit.

Currently, de Zoysa serves as a Global Council Member of CIMA U.K. He previously served as Chairperson of the MESANA Region REG for the AICPA (Association of International Certified Professional Accountants) and is a Senior Global Membership Assessor for CIMA/AICPA since 2011 (U.K. trained). He was Chief Examiner, Moderator, and Advisor to the Institute of Bankers of Sri Lanka and continues as a visiting lecturer at the University of Colombo and the University of Ruhuna. He was also a Board member of the American Chamber of Commerce (AmCham), Sri Lanka. (Newswire)

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