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The Bank of Ceylon (BoC) was founded on August 1, 1939, during the British colonial era of Ceylon (now Sri Lanka), following the recommendations of the 1934 Ceylon Banking Commission. Its establishment was a direct government initiative intended to create a national bank that would cater to the financial needs of local entrepreneurs and support government-oriented business, as the trade, commerce, and industry were largely dominated by colonial authorities at the time. The bank began its expansion two years later by opening its first branch outside of Colombo in Kandy, steadily broadening its reach across the island.

Today, the Bank of Ceylon is a state-owned, major commercial bank in Sri Lanka, having been nationalized in 1961 to facilitate national development efforts. It is considered the country's largest bank, maintaining a commanding position with the largest asset base (reaching Rs. 5.0 trillion for the Group as of late 2024) and the most extensive banking network. Its significance in the national financial system is profound; the BoC serves as a cornerstone for national development, contributing substantially to the Sri Lankan economy as a government-owned institution and playing a major role in financial inclusion by reaching a vast number of rural areas. The bank also maintains an international presence, with its first overseas branch opened in London in 1949 and subsequent branches in cities like Malé (Maldives) and Chennai (India).