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TheWay Forward...

The Bank of Ceylon over a period of time has not only enlarged its balance sheet but has also enhanced its brand equity with global acceptance. The way forward is indeed a tremendous challenge, but I have every confidence that with the very able and vastly experienced staff under the stewardship of the General Manager we could always sustain our growth path with greater commitment.

At the outset let me place on record my appreciation to the former Chairman and the Board of Directors of the Bank of Ceylon. During the period under review they steered the Bank to achieve unprecedented results, under the guidance of His Excellency the President, who holds the portfolio of Minister of Finance, the Honourable Deputy Minister of Finance, the Secretary to the Treasury and his deputies and officials, who ably supported the Board at all times. I also appreciate the guidance and support extended by the Governor of the Central Bank, the Deputy Governors and the other officials.

The Bank of Ceylon over a period of time has not only enlarged its balance sheet but has also enhanced its brand equity with global acceptance.

The way forward is indeed a tremendous challenge, but I have every confidence that with the very able and vastly experienced staff under the stewardship of the General Manager, we could always sustain our growth path with greater commitment.

We shall certainly focus on improving capital adequacy to complement the asset growth enjoyed by the Bank in the past few years.

We shall endeavour to diversify our revenue sources and introduce new product lines to make BoC the preferred Bank in high growth and high-potential sectors of the economy.

Every effort shall be made to improve the online footprint of the BoC and to invest in information and communication technologies and mobile infrastructure. In this regard, we shall take every effort to train and mentor the management staff to meet the needs of a growing tech-friendly customer base and create a corporate culture that embraces change focused on enhancing value.

We shall also explore opportunities in our global backyard and along the old silk route.

We reckon however that the sailing will not always be smooth. One needs to be cautious particularly when the sailing is smooth and be prepared to assess and manage risks. It is with pride that I state that the management team has taken note of these possible scenarios and developed the corporate plan for the next three years focusing on the Bank's stability and financial strength to consolidate the leverage and growth achieved.

We will create a professional culture promoting the true spirit of governance among all stakeholders. The hidden talents of 9,000+ like-minded professionals and their skills should be considered as corporate treasures, heard, respected and explored to make the future of the Bank prosperous, creating a conducive environment to enable employees to engage and to take calculated risks. Mistakes of the past shall be a strength than a deterrence.

We shall endeavour to engage the Bank to integrate fully with the country's economic mandate and set the pace for a rapid transformation, both internally and externally to make the Bank of Ceylon the bankers to the future generation.

Razik Zarook

Chairman

21st March 2013

Colombo