The Commercial Bank of Ceylon has been declared Sri Lanka’s best bank in 2010 for a record 12th year running by Global Finance magazine (www.gfmag.com) giving Sri Lanka’s benchmark private bank a round dozen of these prestigious international accolades.

The US-based financial publication’s latest listing of the ‘Best Emerging Markets in Asia’ is to published in its May issue.

This is the 17th year that the magazine has selected top banking performers in emerging markets. The report covers the best banks in Asia, the Middle East and Africa, Latin America, and Central and Eastern Europe.

Listed alongside Commercial Bank are the HDFC Bank as the best bank in India, AB Bank in Bangladesh, Habib Bank in Pakistan, Public Bank Berhad in Malaysia, Shinhan Bank in South Korea, Chinatrust Bank in Taiwan, and several other leading banks in the regions surveyed.

A noteworthy feature of the 2010 listing is that while the position of the Best Bank in countries such as Sri Lanka, India and Pakistan remained unchanged from 2009, there have been changes in several other countries, including in Bangladesh and Philippines.

"The last financial year was a challenging one for the banking industry worldwide, and it is therefore doubly satisfying to retain our position as Global Finance’s Best Bank in Sri Lanka," Commercial Bank Managing Director Amitha Gooneratne said.

"Being adjudged the best for 12 consecutive years is an even more extraordinary achievement, and illustrates the fact that we have been remarkably consistent in getting our fundamentals right."

The criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products. Global Finance editors consider inputs from industry analysts, corporate financial executives and banking consultants in selecting the magazine’s final winners.

Announcing the results of the magazine’s latest survey, Global Finance publisher Joseph Giarraputo said: "We remain in an unusually challenging environment for banks and their customers. More than ever, customers are demanding superior competence from their banking partners. These are the banks best providing that competence."

Global Finance’s Best Bank awards for 2010 are to be presented on October 9, 2010 in Washington D.C. at the National Press Club. The ceremony takes place during the World Bank/IMF Meetings in Washington. The 2010 awards are based on the respective banks’ performances in 2009.

In 2008, the Commercial Bank of Ceylon entered the Top 1000 Banks of the World ranking of ‘The Banker’ magazine at No 950 on its Tier One Capital strength, and was ranked 155th among the world’s banks on Financial Soundness.

Founded in 1987, Global Finance has a circulation of 50,050 and readers in 163 countries. The magazine’s audience includes chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80 per cent of all global assets under professional management.

Established in 1969, Commercial Bank owns a network of 173 computer-linked branches and supermarket banking counters and 355 ATMs in Sri Lanka, while its operations in Bangladesh have grown to 15 delivery channels and 13 ATMs. The Bank and its subsidiaries and associates reported a post-tax profit of Rs 4.193 billion for the year ending 31st December 2009, during which deposits grew by 17.44 per cent to Rs 234.7 billion.

Besides being selected as Best Bank in Sri Lanka by Global Finance for the last 12 years, Commercial Bank has also been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘The Best Bank in Sri Lanka’ by FinananceAsia and ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.