The London based ‘The Banker’ publication which comes out monthly, has rated Commercial Bank of Ceylon Ltd as the ‘Bank of the year’ in Sri Lanka for 2001, says a press release.

It has selected Commercial Bank on the ‘basis of its splendid performance and growth in terms of tier-1 capital, growth in assets and return on equity. Some of the other criteria used by the magazine to determine the winner is ‘the technological developments that have provided the Bank with significant market advantages over the past year, achievements and initiatives that have provided the Bank with significant success and market advantages over the past year, and how the structure and strategy of the Bank best fit the future development of the market.’

‘The Banker’ is the second major international publication to acknowledge Commercial Bank as the best bank in Sri Lanka. In 1999 and 2000, ‘Global Finance,’ a leading US based financial publication rated Commercial Bank as the best bank in Sri Lanka.

Commercial Bank is also the only bank in Sri Lanka to receive SL AA++ rating from Fitch Ratings Lanka Ltd.

Patrick Penny, Director of the magazine in a letter to Commercial Bank has said that competition in each country has been very fierce with many contenders this year than the last. Selection has proved difficult with some very good performances under testing circumstances. The magazine is published by Financial Times Business Ltd., UK, and is targetted at CEOs and senior managers of global companies.