The Commercial Bank of Ceylon has entered into a strategic partnership with Brown & Company PLC to make modern agricultural machinery and technology more accessible to Sri Lankan farmers and agri-entrepreneurs as part of the Bank’s commitment towards SME empowerment initiatives and inclusivity.
This partnership includes special leasing facilities aimed at driving the country’s agricultural modernisation. A Memorandum of Understanding (MoU) formalising the collaboration builds on a longstanding collaboration between the two institutions and reflects a shared commitment to advance mechanisation, productivity, and sustainability in agriculture.
Under the agreement, Commercial Bank will offer special leasing facilities through its Agri Lease and Diribala Green Development Loan Scheme to support the purchase of agricultural vehicles, machinery and equipment, protected agriculture and irrigation systems, and post-harvest machinery marketed by Browns Agriculture.
Browns Agriculture will extend a range of exclusive benefits to farmers who purchase equipment under this promotion. These include a free first-year insurance policy for selected two-wheel drive tractor models, first four labour-free services for all tractors as well as first three labour-free services for Yanmar and Sumo harvesters, and a free first-year IoT-based remote monitoring and equipment tracking platform for SUMO Automated Rice Milling Machines. Each SUMO rice mill will also carry a one-year warranty for manufacturing defects and a labour-free service within the first year.
Commenting on the partnership, Commercial Bank said that facilitating access to smart, eco-friendly agricultural machinery through the Agri Lease and Diribala Green Development Loan Scheme aligns with the Bank’s commitment to promote sustainable farming practices. The Bank emphasised that the initiative supports innovation and climate resilience while strengthening its relationship with rural customers and contributing to national food security.
The introduction of advanced technology and equipment is considered essential for improving productivity and reducing operational cost, the Bank said. This strategic initiative takes a holistic approach – helping farmers not only to acquire modern machinery but also to gain the knowledge and support needed for its effective use.
Brown & Company, a pioneer in agricultural mechanisation since 1875 contributed to the nation’s green revolution by launching its first-ever four-wheel tractor in 1952, the Massey Ferguson. The introduction of tractors was the first step towards a stepping up of agriculture productivity and paving the way for Browns Agriculture to evolve into one of Sri Lanka’s foremost suppliers of agricultural technology, operating a nationwide distribution and service network through more than 130 dealers and 11 showrooms. The collaborative synergy of the MoU further reinforces Browns Agriculture’s long-standing commitment to nurturing and building a new generation of agri-entrepreneurs and its continuing collaboration with Commercial Bank has played a key role in equipping the country’s farmers with the tools and technology to thrive in an evolving agricultural landscape.
The first Sri Lankan bank with a market capitalisation exceeding US$ 1 billion, Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
Photo caption:
Mr S. Prabagar, Chief Operating Officer of Commercial Bank and Mr Thushan Gunarathne, Head of Sales of Browns Agriculture exchange the agreement in the presence of representatives of the two companies.
