Business
Forum addresses banks’ role in holding together a fragmented economy
EY Sri Lanka successfully concluded its inaugural Sri Lanka Banking Conference themed “Surfing through the Crisis” on November 14, 2022. The event builds on a series of similarly themed sessions conducted by the firm over the past two years aiming to support the banking sector navigate through these challenging times.
The banking conference hosted the CEOs, CROs, CFOs, the chairperson of the Board Audit Committees, and the chairperson of the Board Integrated Risk Management Committees of Banks in Sri Lanka. Manil Jayesinghe, Country Managing Partner, EY Sri Lanka & Maldives launched the conference addressing the need for banks to be equipped for the difficult task of holding together a fragmented economy. He commented that banks must understand their customers and understand the cashflows of the customers to accurately evaluate their credit quality. Special units with specially trained and skilled officers should evaluate and decide the recoverability of the loans and take a decision post haste because NPL under an economic crisis will not cure as a function of time.
In his session on “Key Considerations for Credit and Liquidity Risk Management for banks”, Rajith Perera, (Partner | EY Sri Lanka, Financial Accounting Advisory Services) further stressed the importance of banks performing multiple scenario analysis on Non-Performing Ratio, the impact to its capital; understanding the level of risk tolerance in terms of credit risk, and working backward the NPA management strategy. The need for such scrutiny comes with the high propensity for NPLs to increase exponentially, even beyond the range of 15%, an all-time high for the country. The retail portfolio and SME portfolio which collectively contribute to more than 40% would be particularly vulnerable to these choppy economic waves.
Saleem Malik (Partner | EY UK, Head of Turnaround, Restructuring and Portfolio Solutions) together with Bogdan Ioan (Director | EY UK, Turnaround, Restructuring and Portfolio Solutions) in their technical session on Impact of the Debt Restructuring Process to the Financial Services Sector, and Non- performing resolution strategy built strong cases for consideration by referring to the Euro Zone debt crises of Greece and Cyprus. In their presentation they drew parallels to the Sri Lankan Crisis and valuable considerations for bank recapitalization, NPL Resolution and management strategies, liquidity support, and the importance of private sector involvement.
The Technical Sessions thus concluded, the stage was set for a lively discussion among the ‘Fire Side Chat’ panelists Bingumal Thewarathanthri (CEO, Standard Chartered Sri Lanka), Jonathan Alles (MD/CEO Hatton National Bank PLC), Dr. Nishan De Mel (Executive Director, Verité Research) and Manil Jayesinghe, moderated by Arjuna Herath (Senior Partner | Head of Consulting EY Sri Lanka). This unconstrained Q&A session discussed the economic revival curve that could be anticipated and the likely effects of inflation and interest rates in reviving the economy, the implications to the financial services sector of the potential budget proposals, the debt restructuring process and the NPL management strategies that banks would have to strategically implement.
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has successfully launched the highly anticipated vivo V50 smartphone, marking a significant milestone in its commitment to bringing 5G technology and pro-level mobile experiences to Sri Lankan customers, with the first customer handover taking place on 27th March 2025.
The vivo V50, designed in collaboration with ZEISS, combines advanced features such as a 50MP ZEISS OIS Main Camera, a powerful Snapdragon® 7 Gen 3 processor, and a stunning 6,000mAh battery, all housed in a sleek, ultra-slim design. Available at an attractive price, the vivo V50 delivers unmatched mobile performance for work, play, and creativity, offering features such as AI-enhanced photography, 4K video recording, and lightning-fast 90W FlashCharge technology. The vivo V50 also boasts a 41° golden curvature for a comfortable grip and a premium, cinematic mobile experience.
Dialog’s partnership with vivo underscores its commitment to bringing the latest in 5G innovation to Sri Lanka, providing customers with access to next-generation mobile experiences and empowering them to capture, create, and connect like never before. The vivo V50 is now available for purchase at Dialog’s Experience Centers and via https://www.dialog.lk/phones/vivo-v50-5g-12gb.
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Sun directly overhead Nainamadama, Sandalankawa, Kundasale, Mahiyanganaya and Kalmunanai at about 12:12 noon today [08]
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