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Commercial Bank supports ‘Ransalu’ loyalty privilege program for apparel sector
Commercial Bank supports ‘Ransalu’ loyalty privilege program for apparel sector Friday, 12 February 2016 16:40 Written by  Daily FT

Sri Lanka’s apparel sector associates are to be supported by the country’s largest private bank with an exclusive Debit Card that confers special benefits, under a partnership between the Commercial Bank of Ceylon, the Joint Apparel Association Forum (JAAF) and Channel 17, the company tasked with managing an employee loyalty program for the sector.

The JAAF membership targeted Commercial Bank – MasterCard issued ‘Ransalu Privilege Card’ will be available free of charge to any member of the JAAF operated Ransalu Loyalty Program who has, or opens an account with Commercial Bank.

The Debit Card will make its owners eligible to receive the extensive collection of discounts and offers normally enjoyed by Commercial Bank Debit Card holders, in addition to the benefits they are entitled to under the Ransalu program. The card will also serve as identification for them to claim benefits from the Ransalu loyalty program, which targets a membership of over 350,000.

The Ransalu Privilege Loyalty Program already offers its members discounts on essential consumer items, hospitalisation, pharmaceutical products and clothing.

“The apparel industry is a vital constituent of Sri Lanka’s export economy, and retaining and rewarding its workers is mission-critical,” Commercial Bank Managing Director/CEO Jegan Durairatnam said. “Commercial Bank is therefore delighted to join the Ransalu Loyalty Program to support the aspirations of our apparel sector workers through this exclusive Debit Card.”

JAAF Secretary General Tuli Cooray said: “Commercial Bank’s support to the Ransalu loyalty program will significantly add value to the program and enhance its attractiveness to members.

Country Manager, Sri Lanka & Maldives for MasterCard R B Santosh Kumar said: “The combined strength of MasterCard and Commercial Bank has benefitted many thousands of Sri Lankans. MasterCard is pleased to be part of an effort to improve the lives of apparel sector workers through this initiative. This Debit card will enable them to manage their finances better and at the same time receive a host of other benefits.”

Channel 17 CEO Jumar Preena added that the Ransalu Loyalty Program is one element of an island-wide employee retention and motivation drive for the apparel sector, the largest single industrial employer in the country and the fastest growing contributor to the national economy. “Channel 17’s unique loyalty program is fully supported by the Ministry of Industry & Commerce. National Telco leader Mobitel provides the IT platform while Lake House Printers and Publishers are official card suppliers,” he said. “Commercial Bank which provides banking services to a good share of the apparel workforce, is a very welcome addition to the program and we look forward to great value additions through the Bank,” he said.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 248 branches and 623 ATMs in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.