Our Strategy
STAKEHOLDER NEEDS AND EXPECTATIONS
Stakeholder engagement is a cornerstone of our strategy, reflecting our commitment to fostering meaningful relationships and creating shared value. Throughout the year, we have prioritised transparent communication and active collaboration with our diverse stakeholders, including customers, employees, business partners, shareholder and fund providers, regulators, and local communities. By listening to their concerns, understanding their needs, and incorporating their feedback, we ensure that our decisions align with both the Bank's objectives and broader societal expectations. This approach not only strengthens trust and loyalty but also drives sustainable growth and innovation, positioning us for long-term success in an increasingly interconnected world.
APPROACH TO STAKEHOLDER ENGAGEMENT
STAKEHOLDER MAPPING
Customers
As a customer-centric bank, we support our customers and enrich their customer experience through innovative and digital banking services.
Regulators
Adherence to all relevant regulatory and statutory requirements maintaining a transparent and ongoing dialogue.
Community and Environment
Through our long term approach to sustainability, we strive to create value for the communities at large.
Employees
We value our team which is the vital link between the customer and the Bank. Our HR policies and processes help to build and nurture a future ready team.
Shareholder and Fund Providers
Through our comprehensive strategies, we create shared stakeholder value and consistent returns.
Business Partners
We maintain a continuous and open dialogue with all suppliers and business partners to promote our sustainability practices.
High
High to Moderate
Shareholder and Fund Providers
Our sole shareholder; the Government, and debt security holders who have invested in the Bank's subordinated debt instruments.
- BOC website O
- Annual Report and other publications A O
- Periodic meetings P
- One-to-one meetings with large investors P
- Engagement through market intermediaries P
- CSE market announcement P
- Adequate returns commensurate with risk and potential investments
- Transparent and timely reporting
- Strong corporate governance and risk management practices
- Reputation
- Responsible business practices
- Creating value with adequate returns
- Focus on preserving balance sheet strength
- Effective margin management
- Ongoing focus on strengthening capital growth
- Market disclosures in a timely manner
-
Quality of relationship -
Strong
Customers
Our customer segments include Retail, SME, Corporate and Offshore Operations, to whom we offer a range of financial products and services.
- Direct engagement through customer touchpoints (branches and digital channels) O
- Website and social media platforms O
- Customer hotline O
- Financial literacy programmes O
- Marketing, advertising and promotions O
- Market surveys P
- Speedy and convenient service
- Convenient, reliable and secure platforms
- Transparent, competitive pricing
- Access to finance
- Customer-centric solutions
- Focus on customer experience
- Enhanced digital offerings
- Reduced transaction turnaround time through automations
- Conduct financial literacy programmes
-
Quality of relationship -
Strong
Employees
Our team spread across the island as well as overseas, supporting the Bank's operations and ability to create value by delivering financial services to our Stakeholders.
- Multi-level staff meetings O
- Open door culture O
- Grievance handling mechanism O
- Virtual engagement through tvBOC/BOC e-learning O
- Performance appraisals BI A
- Engagement through trade unions O
- Year-round activity calendar O
- Employee satisfaction surveys A
- Competitive remuneration schemes
- Health and safety at workplace
- Career advancement opportunities
- Opportunities for skills development
- Equal opportunities
- Job security
- Post employment benefits
- Ongoing opportunities for training and skills development
- Attractive reward and compensation structures including performance based compensation
- Measures to ensure physical and mental well-being
- Enhancement of retirement benefits
- Introduction and review of HR policies
-
Quality of relationship -
Strong
Community and Environment
The communities in which the Bank operates, the general public and the natural environment.
- Annual Report and other publications A O
- BOC website O
- Industry forums and meetings O
- Engagement through branches O
- Community investment activities O
- Press releases and media campaigns O
- Supporting businesses and driving the revival of the economy
- Maintaining confidence within the financial sector
- Alignment of the banking strategy to the national development agenda
- Increased focus on ESG considerations
- Contribution to community development projects
- Responsible business practices
- Financial inclusion and empowerment
- Continued support for businesses through business revival units
- New loan schemes for youth, women and SMEs
- Strong governance and risk management practices
- Employment generation
- Facilitating financial inclusion across the country
- Continued investments in long-term community development projects
- Value creation to the Government
- Support for economic revival efforts of the country
-
Quality of relationship -
Strong
Regulators
The Bank's key regulators include the Central Bank of Sri Lanka (CBSL), the Securities and Exchange Commission of Sri Lanka (SEC), and the Colombo Stock Exchange (CSE). The Overseas branches are regulated through the central banks in the relevant country.
- Regulatory reporting O
- One-to-one meetings O
- Discussions through industry forums O
- Annual report and other publications A O
- Supporting businesses and economic revival
- Maintaining confidence in financial sector
- Strong governance and risk management practices
- Facilitating financial inclusion
- Timely reporting and adequate disclosure
- Compliance with all regulations/guidelines
- Adhering to mandatory lending requirements for vulnerable segments
- Ongoing support for critically affected sectors
- Maintain integrity and industry harmony
-
Quality of relationship -
Strong
Business Partners
Our extensive network of local and global suppliers, business partners and correspondent banks.
- Ongoing written communication O
- Regular meetings P
- Periodic bidding process P
- Publications on Financial Statements and Annual Reports A O
- Press notices O
- Transparent process for selection and competitive pricing
- Ease of transacting
- Timely payments
- LKR 9.1 billion payments to local suppliers
- Transparent selection and competitive bidding process
- No payment defaults
- Automation of procurement process
-
Quality of relationship -
Strong
