Hasrath Munasinghe appointed COO of Commercial Bank of Ceylon PLC, effective 27 April 2026, marking a significant leadership transition at one of Sri Lanka’s largest private sector banks. The appointment follows the retirement of S. Prabagar after four years in the role.
Hasrath Munasinghe appointed COO at Commercial Bank of Ceylon
Hasrath Munasinghe has been named Executive Director and Chief Operating Officer of Commercial Bank of Ceylon, reinforcing the institution’s internal succession strategy and operational continuity framework. He succeeds S. Prabagar, who retires on 26 April 2026 after serving as COO since 2022.
The leadership change signals a calibrated transition rather than a structural shift in governance. Munasinghe currently serves as Deputy General Manager – Corporate Banking and has previously held the position of Deputy General Manager – Retail Banking and Marketing. His cross-functional exposure across corporate and retail verticals provides a diversified operational perspective, which is central to the COO mandate in a systemically important financial institution.
With more than 20 years of senior management experience, including 15 years in corporate management at Commercial Bank, Munasinghe’s elevation underscores the bank’s preference for leadership continuity grounded in institutional knowledge. The COO role typically oversees operational risk management, credit processes, branch network efficiency, technology integration, and compliance execution. His prior oversight of corporate portfolios suggests familiarity with large-scale credit structuring, client relationship management, and sectoral risk assessment.
From a governance standpoint, the appointment also reflects stability within the bank’s executive framework. Commercial Bank of Ceylon operates in a tightly regulated environment under the Central Bank of Sri Lanka, where operational discipline, capital adequacy, and digital transformation initiatives remain strategic priorities. A transition anchored in internal promotion reduces onboarding risk and supports uninterrupted execution of ongoing initiatives.
Munasinghe’s earlier tenure in Retail Banking and Marketing is particularly relevant as Sri Lanka’s banking sector intensifies competition in digital financial services, SME financing, and consumer credit products. The convergence of corporate and retail expertise is increasingly critical, given the hybridization of banking models and the need to balance asset quality with growth momentum.
Beyond his executive responsibilities, Munasinghe also serves as a Non-Independent, Non-Executive Director of CBC Finance PLC, a fully owned subsidiary of Commercial Bank. This dual exposure enhances his understanding of the non-banking financial services segment, including leasing, microfinance, and alternative lending products. Such experience is strategically valuable in diversifying revenue streams and strengthening group-level financial resilience.
He is also a board member of the United Nations Global Compact Network Sri Lanka, aligning him with sustainability and environmental, social, and governance (ESG) frameworks. As global banking standards increasingly incorporate ESG compliance into credit evaluation and reporting structures, this governance exposure may reinforce the bank’s sustainability positioning.
The retirement of S. Prabagar concludes a four-year tenure characterized by post-crisis operational stabilization and strategic recalibration. While no immediate changes to corporate direction have been announced, leadership transitions at the COO level often coincide with incremental refinements in cost optimization, digital deployment, and risk-weighted asset management.
In Sri Lanka’s evolving macroeconomic landscape, banks are recalibrating their balance sheets amid recovery dynamics, regulatory adjustments, and digital adoption acceleration. The appointment of Munasinghe occurs within this broader context of sectoral transformation. Operational leadership will remain central to managing non-performing loan ratios, enhancing liquidity buffers, and sustaining profitability under evolving market conditions.
The decision to elevate an internal candidate suggests confidence in the bank’s existing strategic roadmap. Institutional continuity tends to mitigate uncertainty among investors, depositors, and counterparties. It also preserves cultural alignment within senior management ranks, reducing friction in policy execution.
Market observers note that executive appointments at major private banks often serve as forward indicators of strategic emphasis. Given Munasinghe’s background in both corporate and retail domains, stakeholders may anticipate balanced portfolio management with emphasis on credit discipline and technology-driven service delivery.
Overall, the announcement that Hasrath Munasinghe appointed COO represents a structured leadership progression rather than an abrupt directional change. The transition consolidates operational authority under an executive with deep institutional tenure, cross-segment experience, and governance exposure. As Commercial Bank of Ceylon advances its next phase of strategic implementation, continuity at the operational helm may prove instrumental in sustaining financial performance and regulatory compliance.