Developing A Management Report On Commercial Banks In Sri Lanka Business Essay
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Published: Mon, 5 Dec 2016
In purpose of developing a management report with experience of my industrial training I have chosen the commercial banks in finance industry in Sri Lanka.
At this research I have got information about five main leading commercial banks in financial market of Sri Lanka to gather more knowledge and experience of commercial banking sector and their role in banking industry as leading banks in Sri Lanka.
Commercial Bank of Ceylon PLC
The generation of Com Bank roots gone back to 1920s’ during the British colonial regime when trade, commerce and enterprises like Banks opened up in Sri Lanka. In 1969 Commercial Bank of Ceylon gathered momentum when it became a totally independent establishment. So began an unbroken tradition of excellence in service that has continued to what it is today the Best Bank in Sri Lanka in the banking industry and top ten company in Sri Lankan Colombo stock exchange. Its head office is located in No 21, Bristol Street, Colombo 1 in Sri Lanka.
Seylan Bank PLC Ltd
Seylan Bank was incorporated in 1987 as a Public Limited Liability Company to serve Sri Lankan customers in financial Industry in the theme of ‘The Bank with a heart’ and its mission is to build a strong bank with equally strong subsidiaries serving the needs of all its customers within and outside Sri Lanka.
The Seylan Bank has taken over the Matara branch of Indian Overseas bank in 1989 and in 1991, at the request of the Central Bank of Sri Lanka. Also its took over the management of the two local branches of the British based Bank of Credit and Commerce International (BCCI) which went into liquidation as a expansion of Seylan business in early stages. They established Seylan Merchant Bank and Ceylinco Development bank as subsidiaries of Seylan bank PLC and based in the Seylan Tower in 1992.In the 24 years since its incorporation, it has established a strong presence island wide through its networks of more than 250 branches located in every town around the country. Also now all branches are interlinked with automated teller machines (ATMs) and obtain Tele banking and E banking facilities for enrich its customer services. It’s also listed company on the Colombo Stock Exchange in Sri Lanka as a leading commercial bank in banking sector.
3. Hatton National Bank PLC Ltd
Hatton National Bank is the one of the most leading commercial bank in the Sri Lankan banking industry and it is in the top ten company’s of Sri Lankan Colombo stock exchange. As a result of nationalisation process in 1970, Hatton National Bank started by acquiring the branches of Grindlays bank in Kandy and Nuwara Eliya. After 1 year, HNB opened its first branch in Gampola with theme of ‘Your Partner in Progress’ and now it’s reaching its nearly 350 branches with good repute among the customers as the largest network holder of private commercial banks and key players of Sri Lankan Banking sector. Its head office is located in HNB Towers with more space for providing better and efficient service at R.A.De Mel Mawatha in Colombo 03.
4. People’s Bank
The People’s Bank is the one of the leading state own commercial bank in Sri Lankan banking industry. It is incorporated in 1961 and now it’s celebrating its silver jubilee as a ‘Pulse of Sri Lankan People’ throughout the over 50 years. It has 261 branches and 295 service centres totalling 556 are inter connected and become a most closest commercial bank among the rural community since it is service centres are located all over the country to serve the rural community for meeting their banking requirements in effectively and efficiently. People’s bank is providing the shelter in every financial aspects to develop Sri Lankan economy as a responsible state own entity in Sri Lankan banking industry.
5. Bank of Ceylon (BOC) http://www.boc.lk/bochome/images/aboutus/corpimg.jpg
The Bank of Ceylon Was stated on 1st of August in 1939 under the Bank of Ceylon Ordinance No 53 of 1938,it is the first and oldest state own commercial bank in Sri Lanka.It’s registered office is located at No 04,Bank of Ceylon Tower, Bank of Ceylon Mawatha, Colombo 01 in Sri Lanka. Today having completed more than 71 years of glorious existence, the Bank is firmly entrenched as Sri Lanka’s premier financial services organization offering various range of services to the customers in the financial industry. Bank of Ceylon is holding the leadership position in its assets, deposits, and foreign currency remittances in Sri Lankan finance industry and serves amazing and incredible service towards of development of the Sri Lankan economy.
1.2 Explain how your chosen industrial experience would contribute to the development of a management report.
In purpose of developing my management report I got more details and knowledge about the Sri Lankan banking industry at financial market and leading commercial bank’s role of the industry as a part of my industrial experience. I have hold interviews with managers of above companies and got brief knowledge about their role of the industry and how they are creating strategies to gain more competitive advantage in this highly competitive market. Today banking industry is become a more competitive and rapidly developing industry in Sri Lankan economy. Since, that all companies in the industry are trying to attract new customers in to them by providing wide range of products and quality, effective services relating in the financial market. As a result of my industrial experience in the banking sector I have selected Commercial bank of Ceylon PLC Ltd to develop my management report, since it is one of best banks in Sri Lanka and leading financial institute in both financial and capital market in Sri Lanka. So I thought I can develop my management report based on experience of Commercial Bank of Ceylon PLC Ltd and discuss its critical success area in the industry as a leading company.
Prepare and agree aims. Objectives and targets of the management report with the appropriate manager within the selected organisation (append a copy of your job description where possible)
2.1) Set priorities and agree aims, objectives and targets for the management report.
My priorities, aims, objectives and targets are as follows for the purpose of developing management report in successfully.
To discuss with my lecturer and gain proper & clear idea about selecting the organisation for developing management report.
Analyse & evaluate the every possible aspect to get industrial experience to create management report.
Gather information about leading companies in banking industry in Sri Lanka by using web browsing & magazines.
Gather more information about ‘Commercial Bank of Ceylon PLC in pre listed, core areas such as Vision, Mission, Objectives and Organisational structure and etc for generating a management report.
Analyse the gathered information and make a structure of the report.
Analyse and evaluate the industrial situation of the Sri Lankan banking industry and get brief idea about the role of Commercial Bank of Ceylon PLC as a leading bank in Sri Lanka.
Develop a Management report about Commercial Bank of Ceylon PLC Ltd by using my industrial experience about banking industry in Sri Lanka.
My distinct objective is finish my Management report in successfully and submit it on time.
2.2) Explain how the aims. Objectives and targets will benefit the organisation and you as a leaner.
Objectives, Goals and targets are the directing, what are they need to be or do in the future also it works as a self guide for either organisation or learner to accomplish its desired out come.
As a learner or an organisation everyone needs objectives, goals and target to direct towards of achieving it or his success in effectively. Unless proper objectives, organisation cannot operate its business with success because nobody knows what should they have do? Or where they are going to? So it means without pre determined objectives and goals, operating the business or doing something is in vain and useless task. So in the modern rapidly changing business and fast growing world set objectives and goals are the more crucial and important key process of the management. Because organisational Vision, Mission and objectives show and provide clear guidance and directions for its employees and managers that what they have to do and where they are going to be? Most of organisations are clearly displaying their vision & mission statement to motivate & aware its employees and other stakeholders. It is pretty much help to manage the organisation towards of its ultimate outcome in effectively & efficiently since, all aware with its goals & objectives.
Management Report of Commercial Bank of Ceylon PLC Ltd
I have chosen Commercial Bank of Ceylon PLC Ltd as my selected organisation to generate my management report. In this management report I have discussed Company’s Vision, Mission, work culture and corporate governance under the Mission statement part. Then I have evaluated about the market related factors in Sri Lankan banking Industry at the financial market and Commercial Bank of Ceylon PLC Ltd as a leading bank among the best bankers of Sri Lanka in the private sector. Under the market research section I have discussed and analysed products & services of Commercial bank PLC Ltd and how macro environmental factors are affecting to the banking industry at the financial & capital market and what are the possible future opportunities in the market to develop the company. Also I analysed & discussed about its entire key strengths, weakness, treats and possible opportunities to develop and the expansion of the company under the internal environmental analysis. Then I reach my conclusion as a final part of my report.
Mission Statement of Commercial Bank of Ceylon PLC Ltd.
In the mission statement section of this management report I have stated the vision and mission of the Commercial Bank of Ceylon PLC Ltd which is providing self guidance & the directions about the company to its stakeholders.
Vision & Mission of Commercial Bank of Ceylon PLC Ltd
The Commercial Bank PLC is known as, the benchmark private sector and one of the best bankers in Sri Lanka. Over the years, it has with clear vision, set standards, created an identity and forged a unique trend in banking that has brought us recognition year after year. It has maintained its cultural identity, reached to the grass roots and created a style that has set the trend. Today, the Commercial Bank PLC superlative range of products and services powered by state-of-the-art technological superiority and peopled by a dynamic, highly motivated team towards the most progressive bank in Sri Lanka.
“To be the most technologically advanced, innovative and customer friendly financial services organisation in Sri Lanka, poised for further expansion in South Asia”
“Providing reliable, innovative, customer friendly financial services, utilising cutting edge technology and focusing continuously on productivity improvement whilst developing our staff and acquiring necessary expertise to expand locally and regionally”
The work culture of commercial bank is based on its goal of human resource department .Its HRM goal is to nurture and build the skills and competencies of its staff at various levels to meet current needs. Commercial bank is also sought to create a wealth of knowledge that is required for the future requirements of the Bank. At Commercial Bank, success is not by accident. It is a conscious choice and commitment of its employees.
The Corporate governance of the Commercial bank PLC as a leading banker in the finance industry as follows
‘The Pride combined with a passion for excellence has forged in us a unique brand of banking. We have served our loyal customers, shareholders, partners and employers with a level of commitment that has set us apart and made us a byword in the industry’.
Market Research Reports
The most important & crucial part of information I have gathered about Commercial Bank of Ceylon PLC is its market research factors because those information is the key success sources of the company as a leading bank in the banking Industry in Sri Lanka. In this section I have discussed the key success factors, mean various ranges of products and services under the sub headings as follows.
Products / services
When we are concerning about the Commercial Bank PLC, It is dealing with two main sections of range operations relating the financial services. They are conducting and dealing with wide range of products and services based on those main sections called personal and business category. The Commercial bank PLC is operating its business in touching their lives and according to meet their wants in successfully.
Personal products and services
When we are concerning about the products and services of the Commercial bank PLC Ltd as a leading bank in Sri Lankan banking industry we can see it is spreading over wide range with more differentiated products and services as follows.
Under the savings accounts they have focused all age structural customers by introducing different nature of accounts in different names as such for minors ‘Arunalu’ and ‘Isuru’ minor savings and for youths Dot.com saver accounts ,for senior citizens ‘Udara’ senior citizens accounts. Also they have three types of other accounts called ‘Regular, Power saver and Super Saver’ with different benefits for main customers to gain more competitive advantages.
Commercial bank has two types of RFC accounts with different nature of benefits to the customers called RFC Savings and RFC Fixed deposit account.
It has personal current account with competitive service range such as over draft facilities and effective service for current account holders and cheques transactions.
Providing loans and financial facilities are the main business of bank. They are introducing different types of loans schemes such as personal loans, home loans, pawning, leasing, educational loans and professional loans to meet different financial requirements of customers with in the short period of time and competitive rate.
They have different types of fixed deposits and call deposit for customers who wish to deposit money at competitive interest rate and benefits.
Also they are dealing with intermediaries services who are investing their money in to money market, treasury bonds and treasury bills.
Also commercial bank is providing competitive service with associating modern technological changes of the world such as tele banking, Com SMS, Com E load and Com E-Exchange.
Business products and services
Commercial bank PLC is dealing with corporate banking by introducing various ranges of products and services as a leading bank in the Sri Lankan banking industry. It is operating its business in domestic and internationally using following product and services as key players of the industry to beat competitors.
In aspects of business loans, commercial bank is introducing overdraft, pre-shipment loans, factoring, leasing, import demand losses, pledge loans to support business organisations in local and internationally.
Under the business accounts operations they have savings, current, money market, Exporters LC accounts and pay master services to serve the corporate customers to run their business in smoothly.
Also they are dealing with exchange bills in international trade bill bonds, performance bonds and advance payment guarantees to support import and export process of local economy as a leading bank in Sri Lanka.
Analyse the Industrial Environment factors (Macro Environment)
When we are analyse the macro environmental factors which are affect to the banking industry at the financial market in Sri Lanka we have to consider political, economical, social and technological factors in the industry.
When we are concerning about the political situation and the back ground of the country, we can see it has good stable government and political environment to develop Sri Lankan business without any problems or crisis. After over 30 years civil war Sri Lanka is rapidly developing and foreign and local private investors are starting their investments in Sri Lanka because of this peace full environment is very good for developing their business. So, the banks have a vital role of this rapidly developing economy because of this peace full environment is pretty much suitable for developing the business.
When we are concerning economical factors which are affecting in to the banking industry and the financial market of Sri Lanka, mainly we can see the economical environment is very good & strong to develop the industry since it is open and highly competitive rapidly growing market. Also the economy is developing rapidly it creates more opportunities to develop business related services such as transport, Insurance, finance, advertising & etc. Because of very good economical back ground
the demand of financial services such as corporate banking, leasing, loans & drafts,
Pawning and other related services are rapidly growing and the capital market also is rapidly developing so, economical factors are is clearly very effective and appropriate for successful of business.
When we are concerning about the social environmental factors relating to the banking industry it has to focus customers age, cultural values and believes, income status, social classes and their behaviour in order to develop and create competitive products and services and gain more competitive advantage in this rapidly changing highly competitive market.
Social attitudes and believes are not strong in the rural community about the banking sector. So the Banking company have good opportunity to expand their market segments by well aware and attract more rural people to the banking industry and the financial market. Also it has good trend of attracting urban community towards of finance industry because they are well aware of the banking and other financial services and they are moving to get more benefits and try to develop their lives by using financial services from banking sector and invest their money in to the bank at various range of deposit plans.
When we are analysing about the technological environmental factors which are affecting Sri Lankan banking Industry and the financial market, as we all know technology is rapidly changing in daily so we have to develop our service according to rapidly changing modern technology otherwise our products and service become out of date. Also in this fastest growing modern technological world the financial sector is the one of most fastest changing field in the world. Because the world is now become a cash less society they are using E money such as credit cards, debit cards, E banking and online banking and etc. Also the world is changed the customers are not present in the bank at over the counter all are can be done by on line with in few seconds via internet at pleasure of home. So, If we are going to acquire more customers and new customers and the segments have to focus about this new modern develop technologies get in to their wings and have to provide quality effective service to the society by gaining more competitive advantages in this fastest growing industry.
When we are evaluating above mentioned information, we can see how Commercial Bank of Ceylon PLC Ltd playing its role as a leading financial institute and the bank of Sri Lankan banking industry at financial market and operate it towards of desired goals and objectives using its strengths to overcome weakness. According to research of its macro and micro environmental factors and various range of products and services of Commercial Bank PLC, I have discussed how the company is operating towards of its ultimate vision and mission and key success factors of the company to beat competitors in this highly competitive fast growing rapidly changing market. Also I have discussed the Vision, mission, work culture and corporate governance of Commercial Bank PLC Ltd in this management report using my industrial experience in banking industry at financial and capital market in Sri Lanka.
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