CEO MONTHLY / ISSUE 4 2024 7 Aruna Kumara: Transformative Financial Leadership Bank of Ceylon (UK) Ltd. has proudly served for over 70 years in the United Kingdom, leveraging the extensive expertise and esteemed reputation of Bank of Ceylon, the largest bank in Sri Lanka. Under the visionary leadership of CEO Aruna Kumara, Bank of Ceylon (UK) Ltd has experienced a remarkable transformation, swiftly evolving into a profitable business entity, and achieving exceptional growth within a relatively short period. Aruna’s strategic initiatives have been instrumental in expanding the bank’s product portfolio, cultivating dynamic partnerships with key stakeholders, and enhancing its brand recognition among both the expatriate community and the broader UK client base. In recognition of his inspirational leadership, Aruna Kumara has received the CEO Monthly’s award for Banking CEO of the Year 2023 – London. In 1949, the Bank of Ceylon (BOC) made a significant leap into the international banking arena by establishing its inaugural overseas branch in London. This historic milestone paved the way for subsequent expansions into other markets such as India, Maldives, and Seychelles. Initially operating as a branch of BOC for over 60 years, it underwent a pivotal transformation in 2010, transitioning into a subsidiary Bank. Today, Bank of Ceylon (UK) Ltd operates under the authorization of the Prudential Regulation Authority (PRA) and falls under the regulatory purview of both the Financial Conduct Authority (FCA) and PRA. The strategic decision to elevate the London branch into a fully-fledged bank in 2010 marked a significant evolution in BOC’s global strategy. This move aimed to broaden the bank’s reach and enhance its service offerings for international clients. Bank of Ceylon (UK) Ltd.’s (BOC UK) business model revolves around delivering a comprehensive array of financial services, ranging from wholesale banking to trade finance, correspondent banking, and commercial, mixed-commercial, and buyto-let loans. Under the dynamic leadership of CEO Aruna Kumara, the bank has diligently expanded its presence and commitment to serving both Sri Lankan expatriates and the burgeoning UK client base. BOC UK’s steadfast commitment to nurturing enduring customer relationships is exemplified by its mission to function as a communitycentric business bank, with a particular focus on supporting the growth aspirations of Small and Medium Enterprises (SMEs) in the United Kingdom. Recognizing SMEs as the backbone of the UK economy, BOC UK is uniquely positioned to bridge the gap between these enterprises and essential banking services. The bank’s relentless pursuit of excellence has been evident in its remarkable financial performance, marked by record revenue growth and achieving its highest-ever profitability in 2023, with pre-tax profits surpassing GBP 1 million. This milestone represents a significant achievement, particularly considering the bank’s historically modest returns since its subsidization. Despite navigating headwinds stemming from the global high inflationary environment and economic challenges in its home country, the bank, under the dynamic leadership of Aruna, delivered impressive results. Notably, the bank saw substantial growth in its deposit pool by 67% and its loan book by 87% in the past year alone. These exceptional accomplishments underscore BOC UK’s resilience and ability to capitalize on growth opportunities, further solidifying its enduring legacy in the financial landscape. As CEO, Aruna plays a pivotal role in charting the bank’s strategic course, collaborating closely with the Board of Directors to ensure alignment with the bank’s obligations to its diverse stakeholders. His leadership is characterized by a relentless focus on driving growth and profitability, leveraging his extensive financial acumen and analytical prowess. Aruna’s professional journey spans over two decades in the banking industry, reflecting his unwavering dedication to continual personal and professional growth. Beginning with specialization in Foreign Currency (FX) Trading, he has ascended to executive leadership roles, showcasing a steadfast commitment to advancement. Before assuming the CEO position in London, Aruna played a pivotal role in driving the Bank of Ceylon’s digital transformation journey. His leadership was instrumental in fostering collaboration with telecommunications companies, fintech partners, and payment card service providers (Visa, Mastercard, and UnionPay), resulting in the introduction of numerous innovations aimed at enhancing financial inclusion and promoting digital adoption. During his tenure at the London subsidiary, Aruna spearheaded transformative initiatives aimed at reshaping the bank’s business model and accelerating its digital transformation agenda. Looking forward, the bank remains resolute in its commitment to further expansion, particularly within the dynamic SME sector, while continuing its journey towards digital innovation and advancement. Aruna’s visionary leadership continues to propel the bank towards its strategic objectives, ensuring its relevance and competitiveness in an ever-evolving financial landscape. Aruna’s innovative leadership and transformative vision have earned him recognition in this year’s CEO of the Year Awards, underscoring his instrumental role in driving the bank’s sustained success and growth trajectory. Contact: Aruna Kumara Company: Bank of Ceylon (UK) Limited Web Address: www. bankofceylon.co.uk Feb24187
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