In this edition of The Islandchief, we proudly feature Elmo Sooriyaarachchi, the Managing Director and Chief Executive Officer of the Commercial Bank of Maldives, a prominent leader in the Banking industry with a career spanning over 37 years. From his impactful tenure as Chief Operating Officer of Commercial Bank of Maldives to his exemplary leadership as Managing Director of Commercial Bank of Maldives, Elmo’s journey reflects a steadfast commitment to excellence and innovation. His strategic expertise, honed as Regional Manager for Colombo North and the Uva/Sabaragamuwa Region in Sri Lanka, saw him manage operations over 40 branches. As Senior Manager of the Development Credit Department, he played a key role in advancing the SME sector, fostering collaborations with apex institutions, and managing credit concentration effectively. In this exclusive cover story, Elmo shares with us the milestones and insights that define his remarkable career.

1. With over 37 years of experience in banking can you share some key moments and challenges in your career that shaped your leadership approach?

Throughout my 37-year career in Banking, I’ve been privileged to hold various positions that significantly influenced my leadership style. Starting from entry-level roles at the Commercial Bank of Ceylon (CBC) to regional management and senior management positions, each phase was a learning curve. One pivotal moment was leading the Development Credit Department, where I managed a substantial credit portfolio for SMEs. This experience sharpened my strategic acumen and deepened my understanding of nurturing almost all industries and economic sectors. Another key period was during my tenure as Regional Manager, where overseeing multiple branches demanded innovative leadership and a strong customer-centric focus. These experiences have ingrained in me the importance of resilience, adaptability, and fostering a culture of operational excellence.

2. As the Managing Director and CEO of Commercial Bank of Maldives, what is your vision for the bank's future, especially in the Maldivian financial landscape?

My vision is to position CBM as a trailblazer in the Maldivian banking sector by leveraging technology to create unmatched customer experiences and operational efficiency. By emphasizing on digital transformation, sustainability, and inclusive growth, we aim to expand our impact across retail, SME, and corporate segments. Our focus will be on introducing innovative products tailored to the local market while maintaining our commitment to community development, environmental stewardship, and financial literacy. CBM will continue setting benchmarks for responsible banking while supporting the economic aspirations of the Maldives.

3. CBM is known for its state-of-the-art digital platforms. How do you plan to further leverage technology to enhance customer experiences and operational efficiency?

Technology is central to CBM’s operations, and we will continue investing in state-of-the-art solutions to enhance both customer convenience and operational efficiency. Plans include expanding our digital banking portfolio with advanced mobile and internet banking features, incorporating AI for personalized customer interactions, and using data analytics to better understand customer needs. Ensuring cybersecurity through robust certifications like PCIDSS remains a priority as we integrate innovation with trust.

4. CBM has made significant contributions to community welfare and sustainability. Can you share how you envision aligning the bank's CSR efforts with its long-term strategy?

Our CSR initiatives are integral to our identity and closely align with our strategic objectives. By focusing on healthcare, education, environmental sustainability, and vulnerable families, we aim to create a lasting social impact. For instance, supporting educational infrastructure and projects to protect the environment reflects our commitment to sustainable growth. These efforts not only contribute to societal well-being but also reinforce our long-term vision of being a community-driven financial institution.

5. Your prior experience with the Development Credit Department focused on SMEs. What specific strategies do you plan to implement at CBM to support the SME sector in the Maldives?

Supporting SMEs is a cornerstone of CBM's mission. Drawing from my experience, I plan to introduce tailored credit schemes and capacity-building programs to empower local entrepreneurs. Partnerships with government and private sectors to provide financial literacy, entrepreneurship and business development workshops will also be prioritized. We aim to enhance access to affordable credit while promoting sustainable business practices to ensure long-term success for MSMEs in the Maldives.

6. Financial literacy is vital in empowering communities. What initiatives or programs does CBM have in place, or plan to introduce, to improve financial education in the Maldives?

CBM has already taken steps to enhance financial literacy, such as hosting events for children with special needs in collaboration with Care Society Maldives. Moving forward, we plan to expand these efforts with workshops, digital tools, and targeted campaigns for different demographics, especially small businesses run by Women entrepreneurs and communities to improve inclusivity. Empowering individuals with financial knowledge will definitely contribute to both personal success and economic growth in the Maldives.

7. How do you ensure CBM remains customer-focused while balancing the demands of profitability and growth in a competitive market?

Customer focus is at the heart of CBM’s operations. We achieve this balance by continuously innovating to meet customer needs, leveraging technology to improve personalized services, and maintaining operational efficiency to ensure a highly satisfied customer journey for all clients. At the same time, our strategic growth initiatives and diversified product offerings ensure profitability. Regularly engaging with customers and stakeholders helps us adapt swiftly to market dynamics while fostering trust and loyalty.

8. Given CBM's environmental efforts for preserving the environment, how do you plan to integrate sustainability into the bank’s core operations and products?

Integrating sustainability into our operations is both a responsibility and an opportunity. We plan to embed green banking principles by offering eco-friendly products, such as loans with preferential rates for renewable energy projects. Operationally, we have plans to continue implementing energy-efficient practices and advocating for sustainable business practices among our clients too. In addition, our partnerships with organizations such as Clean Maldives underline our dedication to environmental conservation.

9. What are the key risks you foresee for CBM in the coming years, and how do you plan to address them while ensuring resilience and stability?

The rapidly changing financial landscape poses risks such as cybersecurity threats, economic volatility, and climate-related challenges. To address these, we will continue strengthening our risk management frameworks, investing in advanced cybersecurity measures, and diversifying our portfolio. Additionally, our commitment to sustainability and community engagement will enhance resilience and stability in the face of future uncertainties.

10. What principles or philosophies guide you as a leader, and how do you inspire and motivate your team to achieve CBM’s goals?

As a leader, I am guided by principles of integrity, inclusivity, and innovation. I believe in empowering my team by fostering a culture of collaboration and continuous learning. Recognizing and celebrating achievements, coupled with clear communication of our vision, ensures that every team member is aligned and motivated to contribute towards CBM’s goals.

I would like to take this opportunity to express my heartfelt gratitude to Tree Top Investments (TTI), the Commercial Bank of Ceylon (CBC), and the esteemed Board Members of Commercial Bank of Maldives (CBM) for their unwavering support and guidance. Their trust and encouragement play a crucial role in shaping our strategies and driving the growth of CBM.

By leading with purpose and passion, and with the steadfast support of our customers and all stakeholders, we aim to inspire excellence and commitment at every level of the organization. Together, we continue to build a sustainable future and achieve milestones that reflect our shared vision.