BOC Full Form: Know All About BOC Here!
By BYJU'S Exam Prep
Updated on: September 25th, 2023
BOC Full Form: Many people ask what is the full form of BOC is when studying for banking exams. The BOC full form is the Bank of Ceylon. Before independence, Sri Lanka (formerly known as Ceylon) was dominated by different colonial powers. Foreigners had a monopoly in trade, commerce, and industry, and traders and money lenders abused the indigenous people. As a result, it became necessary to form a national bank to meet local entrepreneurs’ needs and provide progressive financing to diversify the economy. Based on the recommendations of the Banking Commission, which the Governor constituted in 1934, the State Council of Ceylon approved the formation of a National Bank in Ceylon.
As a result, on August 1, 1939, Sir Andrew Caldecott, then Governor of Ceylon, ceremoniously established the Bank of Ceylon (BOC) at the City office premises in Fort Colombo.
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Despite fierce competition from exchange banks and informal money-lenders, BOC began to flourish as a domestic bank. Its first branch opened in Kandy in 1941, and it has since expanded to include outstation communities such as Galle, Jaffna, and Trincomalee. In 1949, the Bank of Ceylon established its first overseas branch in London. In 1961, the Bank was nationalised to aid in national development objectives.
Organisational Structure Of BOC
On January 2, 2020, Mr Kanchana Ratwatte was named Chairman of the Bank of Ceylon. Mr Ratwatte attended Trinity College Kandy for his primary and secondary schooling and graduated from the University of Colombo with an LL.B degree. He has represented both corporate and individual clients throughout his legal career in both civil and criminal matters.
He has held roles in the public sector, including Director-General of the Sri Lanka Telecommunications Regulatory Commission, Chairman of the Sri Lanka Standards Institution, and the Ceylon Shipping Corporation, among others. Because of his considerable experience leading these public sector entities, he has amassed a wealth of knowledge in public sector processes and regulations in the sectors of commerce and administration.
|
Name |
Position |
|
Mr Kanchana Ratwatte |
Chairman |
|
Mr R.M.P. Rathnayake |
Ex-Officio Director |
|
Mr. G. Harsha Wijayawardhana |
Non-Executive Director |
|
Mr. Anura Christopher Manilka Fernando |
Non-Executive Director |
|
Major General (Rtd) G A Chandrasiri |
Non-Executive Director |
|
Mr Jayampathy Molligoda |
Non-Executive Director |
Headquarters of BOC
The Bank of Ceylon is a prominent commercial bank in Sri Lanka that the government owns. Its headquarters are in Colombo, the island’s political and commercial centre, in a distinctive cylindrical edifice.
Engagements and Network of BOC
The Bank is securely entrenched as Sri Lanka’s premier financial services company, offering a broad range of services after over eight decades of magnificent existence. Commercial banking, trade finance, development financing, mortgage financing, lease financing, investment banking, corporate financing, government securities dealing, pawn-broking, credit card facilities, off-shore banking, foreign currency operations, and other financial services are among them. In terms of assets, deposits, and foreign currency remittances, BOC is the market leader.
BOC extended out to all country inhabitants through its widest network of over 2000 touchpoints, with over 645 branches connected online, as Bankers to the Nation. BOC’s ATM/CDM/CRM network, which numbers over 1350, serves the public 365 days a year, 24 hours a day, in all 25 districts. The Bank’s group structure includes ten subsidiaries and three affiliate entities.
BOC diversified its operations in the United Kingdom by converting its first overseas branch, the London branch, into a fully-fledged bank called Bank of Ceylon UK Ltd, which operates as a subsidiary of BOC. Male, Hulhumale, Chennai, and Seychelles are the four international sites where BOC operates. In the Maldives, there are two ATMs.
With over 865 overseas correspondent banks and exchange businesses, BOC has the largest global network. They have expanded their services to assist the country’s migrant communities through representatives in Qatar, the United Arab Emirates, Kuwait, Bahrain, Oman, the Kingdom of Saudi Arabia, Israel, Jordan, Italy, South Korea, France, and Japan.
Bank of Ceylon pursues a strategy of being in line with best practices in respect of Corporate Governance to attract and maintain public confidence in the institution. It is a Government-owned enterprise, and because of the Bank’s pivotal and dominant role in the Sri Lankan economy, with substantial influence and leadership over many matters of policy and practice. As a vital success component of a solid control environment, the bank adhered to rules and regulations on Corporate Governance, which boosted operational efficiency and strengthened the brand image.
This was all about BOC Full form, BOC History and BOC Functions. We hope you found this article to be helpful, this would be extremely beneficial for a banking exam. Please contact us if you have any questions, and we will gladly assist you.
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