Business Partners

Operating Context

The global downturn and supply chain disruptions were exacerbated by Sri Lanka’s economic crisis; exerting pressure on supply chains across multiple sectors. The Country’s sovereign default and foreign exchange crisis resulted in greater importance being placed on the strength of relationships when dealing with international business partners, correspondent banks, and ratings agencies. At the same time, the continued trend for digitalisation gave impetus to expansion and networking with a larger ecosystem of ICT institutions, including FinTech agencies, and leading technology partners.

Responsible Procurement

The Bank works with a number of suppliers who deliver goods and services to the Bank and its customers. These include local and international agencies, corporations, and institutions who contribute to the Bank’s ability to create value, and in turn are empowered and supported to excel in their relevant industries.

SASB FN-CB-510a.2

The Bank employs a comprehensive whistle-blowing policy and fosters a culture where internal and external stakeholders and partners are empowered to speak up about potential issues and concerns, and encouraged to actively prevent and report corruption, money laundering, fraud and other unethical or illegal transactions. The whistle-blowing policy also upholds the privacy and provides protection and safeguards to parties who raise issues.

GRI 204

As a State-owned entity, Bank of Ceylon follows stringent public procurement practices that are transparent, equitable, and considerate of multiple factors in accordance with national policies and priorities. Further, all procurement of goods and fixed assets undergo a strict vetting process by the Bank to ensure they meet appropriate safety, sustainability, and environment-friendly criteria.

As a key player in the financial services sector, Bank of Ceylon supports suppliers and partners to comply with procurement practices and regulations, and prioritises procurement from local suppliers in order to contribute to the development of the supply chain. The Bank ensures timely payments are carried out, and continues to look for ways of reducing payment times and improving convenience for suppliers and business partners.

Bank of Ceylon recognises that business partners constitute a key element of the Bank’s sustainable business model and strategy, and collaborates with them to identify, manage, and mitigate Environmental and Social (E&S) risks. Supplier assessments and audits are an essential and transparent process by which the Bank ensures compliance.

Supplier Audits

The Bank conducts supplier assessments and spot audits to verify adherence to fundamental E&S standards. These audits assess compliance with specific ISO standards, and review suppliers for fair labor practices, energy-efficiency practices, and waste management and recycling practices, among others.

GRI 407/408/409

While the Bank's suppliers were not screened for risk of child labour or forced/compulsory labour, national policies and strong implementation of the same across the supply chain, result in a very low risk profile. Further, there were no instances of loss of freedom of association or collective bargaining recorded during the year.

Expanding Our Reach Through Partnerships

In line with greater digital adoption throughout the Country, the Bank works with an expansive network of local partners to ensure access and optimal service to customers. The Bank partners with merchants from a variety of sectors, providing Internet Payment Gateway (IPG) facilities, Point of Sale (PoS) facilities, and more. In enhancing our value proposition to customers, the Bank also works with a wide network of payment card partners in order to facilitate ease of access for withdrawals and payments across the globe.

A key component of the Bank’s reach to underserved segments of society and unbanked customers is the Agent network of BoC Connect. The Bank works closely with the network to ensure a mutually beneficial partnership with the end goal of greater customer convenience and accessibility for customers and communities in Sri Lanka. More details of the Bank’s BoC Connect network are available in the Customer section.

The Bank works with a host of international partners including maintaining correspondent relationships with international banks and financial institutions, and close collaboration with exchange houses. These relationships enable Bank of Ceylon to facilitate connectivity across overseas locations, and supports the Bank’s remittance operations, overseas operations, and offshore operations.

The Bank also works closely with international ratings agencies, ensuring the Bank is up-to-date on rating requirements and standards, and complying with disclosure requirements in a transparent manner.

More details of the Bank’s relation with international partners is described in the Business Line reviews.

Supporting Financial Services and Related Industries

As one of the largest banks in the Country, BoC takes an active part in fostering industry associations and partnerships, seeking out opportunities for collaboration and partnership with credible organisations in order to support industries, sectors, and the Sri Lankan economy. Bank of Ceylon contributes to development of the financial services sector, and is committed to accelerating and deepening the positive impact of corporations and institutions who share these goals.

In 2022, the Bank retained membership with the following institutions: