Covering the latest developments in the business world, including mergers and acquisitions, new product launches, executive changes, and company earnings reports.
In a recent announcement by the US-based Global Finance magazine, the Commercial Bank of Ceylon has once again secured the title of ‘Best Bank in Sri Lanka’ for an impressive 22nd consecutive year. This recognition underscores the bank’s commitment to offering a wide range of services, long-term reliability, and innovative technological solutions. Global Finance’s Best
The Commercial Bank of Ceylon PLC has appointed new leadership, effective April 22nd, 2024. Sharhan Muhseen takes the helm as Chairman, while Raja Senanayake assumes the role of Deputy Chairman. Sharhan Muhseen: A Seasoned Investment Banker Muhseen, previously the bank’s Deputy Chairman, succeeds Prof. Ananda Jayawardane upon his retirement. He boasts extensive experience in investment
The National Savings Bank (NSB) demonstrated resilience in 2023, achieving a Profit After Tax (PAT) of Rs. 7.2 billion. This accomplishment reflects the bank’s adept management and skilled workforce navigating a challenging economic climate. A key driver of NSB’s success was a strategic investment approach. The bank capitalized on higher interest rates in 2022 by
Dialog Finance PLC has launched Genie Business, a comprehensive fintech platform designed to empower Sri Lanka’s Micro, Small, and Medium Enterprises (MSMEs). This innovative platform aims to revolutionize the business landscape for MSMEs by providing them with the tools they need to thrive in the digital age. The launch event, held at the Dialog Axiata
Sri Lanka’s infrastructure landscape is poised for a potential shakeup with the arrival of Zhong Wei International Corporation, a leading design and construction company from China. The company has established a regional office, Zhong Wei Engineering Consulting Company Ltd., in Colombo, signaling their strong interest in participating in Sri Lanka’s mega development projects. Chairman Luo
Hatton National Bank PLC (HNB) made a strategic move by appointing S. Renganathan and Nanda Fernando, former managing directors of leading Sri Lankan commercial banks, to its Board of Directors as Independent Non-Executive Directors. This is a significant development for HNB, as industry analysts view it as an unprecedented step. Renganathan and Fernando’s extensive experience
Amana Takaful Insurance PLC (General) is celebrating another year of exceptional performance, solidifying its position as a leader in Sri Lanka’s insurance industry. For the third consecutive year, the company has achieved impressive growth, marking a staggering 28% year-on-year increase in Gross Written Premiums (GWP) in 2023. This remarkable achievement translates to impressive revenue of
The Commercial Bank of Ceylon has embarked on a strategic partnership with the International Finance Corporation (IFC) to establish itself as Sri Lanka’s leading Supply Chain Financing (SCF) bank. This collaboration aims to unlock greater financial resources for Small and Medium Enterprises (SMEs), a vital segment of the Sri Lankan economy. Recognizing Commercial Bank’s extensive
A delegation from the Thai Prime Minister’s Office recently visited the Hambantota International Port (HIP) in Sri Lanka. This eight-member group, comprised of government officials and analysts, aimed to learn more about the port’s operations and explore potential business opportunities. The visit comes on the heels of an earlier trip by the HIP team to
People’s Bank of Sri Lanka capped off 2023 with a consolidated operating income of LKR 96.8 billion and a pre-tax profit of LKR 19.3 billion. Despite facing headwinds, the bank demonstrated resilience and strategic execution. A key challenge was managing high interest costs on term deposits, a legacy of the high-interest rate environment in 2022