Sri Lanka

Sri Lanka has just navigated a once-in-a-lifetime economic crisis. Sanath Manatunge, chief executive of Commercial Bank of Ceylon, and Jonathan Alles, CEO of HNB, talk to Asiamoney about what challenges remain for the country’s embattled banking sector.

Nandalal Weerasinghe has returned from exile to rescue the country’s battered economy. Will he succeed?

Sampath Bank wins Asiamoney’s award for best bank for corporate and social responsibility this year because of the impact of its innovative and social-changing ways during Sri Lanka’s economic crisis.

Mark Surgenor started work as chief executive of HSBC’s Sri Lankan business in December 2021. Within just a couple of months, his bank found itself operating in a country in chaos. Sri Lanka’s economic crisis quickly turned into a political one, leading to a change in prime minister and cabinet and the sovereign’s landmark default on its international debt.

Darshan Perera, chief executive of NDB Investment Bank, oversaw a stellar year for the full-service investment bank in 2021; the runaway market leader stood out thanks to its wide range of debt and equity capital market deals and M&A transactions, and it held corporate advisory roles on large trades.

The changing of the guard at a systemically important Sri Lankan bank can be alarming even in the best of times. But throw a political and economic crisis into the mix and the situation becomes even more fraught.

In early 2017, when Dimantha Seneviratne took the reins as chief executive of NDB Bank, he unveiled the bank’s 'Transformation 2020' strategy to strengthen its corporate banking business. The plan, in consultation with the International Finance Corporation, aimed to improve policies toward small and medium-sized enterprises and the microfinance sector, and support businesses led by women.

In early 2017, when Dimantha Seneviratne took the reins as chief executive of NDB Bank, he unveiled the bank’s 'Transformation 2020' strategy to strengthen its corporate banking business. The plan, in consultation with the International Finance Corporation, aimed to improve policies toward small and medium-sized enterprises and the microfinance sector, and support businesses led by women.

Sri Lanka has had a rough 12 months, buffeted by a combination of the Covid-19 pandemic, economic shocks and political turmoil. But People’s Bank managed to navigate the choppy waters well, winning Asiamoney’s award for best domestic bank in the country for 2022.