ESSENCE PROFILE
Commercial Bank
“When we invest in women, we invest in a powerful source of global development.” This quote sums up the crucial and complex roles played by women in shaping the socioeconomic landscape of a country.
Sustainable economic development cannot be achieved without women in the equation as they are increasingly becoming key stakeholders of the global economy. Forward-thinking businesses are leveraging the power of women in the economic equation by upholding gender diversity at the top of their agendas.
The contribution of women in the labour force to a country’s economy is equally important and a reality acknowledged by Commercial Bank, the largest private sector financial institution in Sri Lanka
And the bank has made it a strategic focus for many years and remains intent on embarking on a holistic value proposition that is progressive, inclusive and sustainable – encompassing both its internal and external stakeholders.
As economies thrive with the increased participation of women in the workforce, financial institutions have also geared up to cater to the demands of a largely diverse customer base. With more females entering the entrepreneurship space, women led SMEs have seen significant growth – with approximately 24 percent of the total number of SMEs in the country being led by women.
Identifying this niche early, Commercial Bank focussed on growing its business in the sector with specialised offerings and additional support for women entrepreneurs.
To support the financial empowerment of women, Commercial Bank unveiled its ‘Anagi’ Women’s Banking portfolio, a comprehensive exercise completed in partnership with the IFC after in-depth market research and target segment analysis.
This comprehensive proposition focusses on empowering women through an array of superior financial services including investment instruments with preferential rates; credit facilities tailor- made for women, women connected businesses and individual female customers; credit and debit cards with focussed value offerings; and life and fire insurance for individuals, women-owned businesses and dependants/spouses of female customers.
A host of nonfinancial benefits are also offered – focussing on skills development, financial literacy, advisory services and entrepreneurship development – under this portfolio, living up to the brand promise of Anagi: ‘It’s your world.’
The bank has realised that it is imperative to adopt a strategic approach when serving women led SMEs (WSMEs) and women connected micro-enterprises as these segments encompass a wide range of industries of different sizes, holding immense potential that can be converted into significant contributions to the country’s economy.
Commercial Bank’s ongoing SME Banking Transformation Project and Gender Advisory Projects ensure that these important segments receive financial and nonfinancial solutions that address their unique challenges. Even during the COVID-19 pandemic, the bank ensured that these segments were well served to meet their unique socioeconomic challenges.
Females represent approximately 30 percent of Commercial Bank’s senior management. This is a testament to the professional guidance and support available for females in the bank.
The bank’s strategic vision to develop human capital includes specific goals focussing on female employees, to support them through their journey up the corporate ladder while they take on more responsibilities in their personal lives. And the bank’s investment in building up and empowering women, as well as its commitment to diversity, are evident – with a remarkable 100 percent ‘return to work’ rate after maternity leave.
Commercial Bank is committed to support the global mandate to achieve the United Nations’ Sustainable Development Goals (SDGs) by the year 2030 as agreed by 193 countries. Based on a process of principled prioritisation, the bank has identified seven SDGs to focus on including gender equality.
As the largest private bank and a benchmark financial institution in the country, Commercial Bank is well aware of the role it has to play in providing inclusivity and financial independence for Sri Lankan women, which will help them to embrace equity.
Telephone 2486000
Email info@combank.net
Website www.combank.lk