Business News Update: The Commercial Bank of Ceylon, the private bank with the largest branch and ATM network operation in the country, recently opened a branch in Madampe in the Puttalam District, bringing its branch count in Sri Lanka to 268 and its ATM count to 865 terminals at the close of 2019.
The new branch declared open by Commercial Bank Deputy Chairman Mr Preethi Jayawardena is located on the Chilaw Road, in New Town, Madampe. It is an Automated Banking Centre featuring an Automated Teller Machine (ATM), a Cash Recycler Machine (CRM) and a Cheque Deposit Machine (CDM) making its services accessible any time of the day or night.
With the opening of this branch, the number of Cash Recycler Machines within Commercial Bank’s network of ATMs in Sri Lanka grows to a milestone 200. Notably, the Bank’s ATM network has expanded by 65 terminals in one year, after the 800th ATM opened at the Bank’s Giriulla branch in November 2018.
Commercial Bank was the first bank in Sri Lanka to upgrade its entire ATM network to EMV Chip capability, significantly enhancing security against fraud by conforming to the EMV standards of the various card brands that it accepts. As a result, every Commercial Bank ATM now accepts and processes transactions based on Smart Card Integrated Circuit (IC) data as well as magnetic strip data.
About a fifth of Commercial Bank’s ATM network is located outside the precincts of its branches, with terminals installed in places such as industrial zones, railway stations, central bus stands, apartment complexes, shopping malls and large scale factories, enhancing access for customers and non-customers alike.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank won over 40 international and local awards in 2018, has received more than 30 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.