Sri Lanka's best domestic bank 2021: People's Bank
Sri Lanka’s banks had seemed poised for a recovery in early 2020: almost a year had passed since the bomb attacks which killed more than 250 people, hitting tourism and other businesses. But then the pandemic struck.
All of Sri Lanka's banks took steps to support customers seeking financial assistance during the crisis. But People's Bank stood out as the best domestic bank because of its long-standing efforts to lead Sri Lanka's digital banking developments (it won our award for best digital bank in Sri Lanka last year). That put the bank in the best position to deal with the difficulties created by the pandemic.
While other banks ramped up their digital banking efforts to cater to isolated populations, People's Bank was able to benefit from the work it had started in 2015, allowing its customers to bank safely.
The state bank, led by chief executive Ranjith Kodituwakku, was able to keep about 80% of its 741 branches and service centres open in 2020, despite lockdowns in Sri Lanka.