ComBank wins ‘Best Treasury Team’ at CT Marquee awards for financial institutions

The Commercial Bank has won the Marquee award for ‘Best Treasury Team’ in the Financial Institutions category at the 2023 CT Awards presented by Corporate Treasurer – the print publication in Asia dedicated to treasury teams and Chief Financial Officers (CFOs).

The CT Awards ceremony was held at the Marriot Tang Plaza Hotel in Singapore on Tuesday 21 November 2023. The event celebrated treasury professionals who operate at the top of their class across three categories – House awards, Marquee awards and Best Treasury & Finance Strategies.

“The Treasury Department’s unwavering commitment to delivering outstanding results across various dimensions is at the heart of the Bank’s exceptional performance,” Commercial Bank’s Deputy General Manager Treasury Mr Asela Wijesiriwardane commented. “This ranges from liquidity management to market risk mitigation. Through strategic initiatives, innovative investments, and an unwavering focus on customer service, the Treasury Department consistently delivers exemplary outcomes that contribute significantly to the Bank’s financial strength and regulatory compliance, while managing the respective treasury units of our Bangladesh operations and Maldives subsidiary.”

The CT Best Treasury Team awards recognises among others, the success of Commercial Bank’s Treasury Department in liquidity management and addressing the recent foreign currency deficiency in the country, its strategic investment decisions, high level of customer engagement, role in the Bank exceeding profitability goals, enhancing efficiency, innovative deployment of technology for foreign exchange transactions and foreign currency rate risk management, and generating cost efficiencies and cost savings.

Notably, the Treasury Department contributed more than 32% of the Bank’s profits in the period assessed for the award.

Born from FinanceAsia’s dedication to covering treasury news, CT is celebrating its 10thanniversary this year as a standalone publication, and has become the key forum for market intelligence and long-term strategic insights for the community of senior finance professionals across Asia. CT’s core audience comprises over 9,000 CFOs, treasurers and finance directors who want to keep a pulse on the latest trends affecting treasury and banking, including; fintech, forecasting, risk management, regulation, cash management and compliance.

Sri Lanka’s first 100% carbon neutral bank and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

Commercial Bank’s Head of Treasury Mr Tivanka Damunupola accepts the award on behalf of the Bank.