Sri Lanka’s NDB named Best bank in Sri Lanka by Global Finance magazine in US
National Development Bank (NDB) PLC has reportedly been named as Sri Lanka’s Best Bank 2021 by the prestigious Global Finance Magazine of USA, in its 28th edition of awards for the World’s Best Banks. According to reports, the much-coveted win by NDB closely follows the Bank being recognised as The Bank of the Year Sri Lanka 2020 in December 2020, by renowned The Banker Magazine of UK’s annual Bank of the Year Awards – dubbed as the Oscars in the banking and financial services industry.
Accordingly, NDB has become the incumbent holder of both these defining awards simultaneously, given away by two of the most seminal publications in the world, a feat rarely achieved by a bank and this achievement affirms the significant impact and contribution NDB is making to the Sri Lankan banking sector, as the fourth largest listed banking entity in the country, 40 years young with agility and nimbleness whilst embracing novelty to stay continually relevant in the rapidly evolving industry landscape, local media reports stated.
The win from Global Finance has made NDB join an elite group of best banks from their respective countries across the globe, such as DBS of Singapore, Commonwealth Bank of Australia and Bank of America of USA.
Being recognised as the Best Bank in Sri Lanka attests to NDB’s excellence in financial performance and equally important – its support to key stakeholders and the community in the unprecedented challenges brought about by the COVID-19 pandemic.
Expressing his views on this exceptional achievement, NDB Director/Group Chief Executive Officer Dimantha Seneviratne has reportedly said that NDB and its team is encouraged to be recognised by this awards programme, which garners much respect as one of the most independent and objective evaluations in the industry. He stated that this is a clear reflection of the equilibrium in performance that the Bank has maintained through the toughest of times, without any aspect being compromised on. “I wish to express my heartfelt gratitude to all our customers, shareholders and other stakeholders, and also the passionate and dedicated NDB Team, for taking the NDB brand to the global arena and for making great achievements a possibility,” he has further noted.
Joseph D. Giarraputo, publisher and editorial director of Global Finance has said, “Banks are playing a key role in economic recovery around the world. Our Best Bank awards highlight the leaders in restoring growth and mapping a way forward. This year’s evaluations are more important and valuable than at any point in their 28-year history, given the unprecedented economic conditions wrought by the global pandemic.”
In further elaborating the mechanism that led to the meticulous selection process, a Global Finance Press Release stated that the winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success.
All selections had been made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
In selecting these top banks, Global Finance has considered factors that ranged from the quantitative objective to the informed subjective. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry, the Press Release has further stated.
OSL take:
The latest win recorded by Sri Lanka’s NDB is indicative of the strength and growth of the country’s banking sector. The strength of any economy is its banking sector and the recognition of a Sri Lankan bank in this manner is indicative of the strength and growth of the country’s economy. Foreign businesses/investors could therefore confidently explore opportunities in Sri Lanka since it has a strong banking sector. Also, Sri Lanka’s geographical positioning in the Indian Ocean region and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region.
| Article Code : | VBS/AT/25032021/Z_3 |