News
ComBank MD/CEO Sanath Manatunge honoured as ‘Diversity Champion’
Commercial Bank of Ceylon Managing Director/CEO Mr Sanath Manatunge has been recognized as one of the ‘Top 10 Diversity Champions’ in Sri Lanka in 2024 for his leadership in fostering diversity, equity, and inclusion within Sri Lanka’s banking sector, a news release from the bank said.
“This prestigious recognition is part of the Top 10 Diversity Champion Awards Program organized by Women in Management (WIM) in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, under the ‘Respectful Workplaces’ initiative,” it said.
“The selection of the country’s Top 10 Diversity Champions was based on a rigorous process of evaluation by a panel of judges which included Mr Gevorg Sargsyan, Country Manager for the World Bank and IFC. “
Mr Manatunge’s unwavering commitment to an inclusive workplace has driven a profound cultural transformation at Commercial Bank, where every employee, regardless of background, ethnicity, gender, or orientation feels valued and empowered, the Bank said. His dedication to diversity and inclusion has positioned Commercial Bank as a beacon of equitable leadership, reshaping industry standards and setting a new benchmark for what it means to be a true champion of diversity, the release continued.
Notably, Commercial Bank was recently ranked No 1 among Sri Lankan banks in the inaugural Corporate Happiness Index (CHI) of LMD magazine. The Bank was the highest-ranked bank in 14 of the 16 attributes used to compile the index, including the attributes of ‘Gender balance’ and ‘Workplace diversity.’
Under the guidance of Mr Manatunge, Commercial Bank has launched a series of innovative products and initiatives that emphasise customer experience and a strong commitment to Diversity, Equity, and Inclusion (DEI). Mr Manatunge’s vision has driven the Bank to create inclusive financial solutions that cater to various customer needs and promote sustainability.
These initiatives include embracing a trilingual approach across all digital banking products; the launch of products for different customer segments including teenagers; the ‘Empower Her’ series of initiatives to support women’s financial independence and develop their financial literacy and entrepreneurial potential; the launch Sri Lanka’s first Green Home Loans scheme; and the launch of ‘Commercial Bank LEAP Global Linker’ – the platform that connects Sri Lankan SMEs to global markets, to name a few.
Commercial Bank’s efforts to promote gender balance has resulted in higher female representation in both corporate and senior management roles, which reflects the Bank’s dedication to providing equal opportunities for career advancement and fostering leadership pathways for women. Additionally, the Bank upholds equal pay standards, ensuring that there are no gender-based pay disparities and that female employees are remunerated fairly for their contributions across all roles.
Under Mr Manatunge’s leadership, Commercial Bank has also taken strategic steps to operate as a social enterprise, balancing financial success with a genuine contribution to society. This focus on marginalised communities and livelihood development ensures the Bank’s services create lasting, positive change. Through collaborations with like-minded organisations, the Bank reinforces its role in supporting community development with sustainable, impactful programmes.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives. The Bank’s fully-owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its own branch network.
News
Rs 1. 3 bn yahapalana building deal under investigation
Several ex-Cabinet ministers questioned; Ranil, Sajith, too likely to be summoned
The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has initiated an inquiry into the shifting of the Agriculture Ministry situated at Rajamalwatte, to a building belonging to the D. P. Jayasinghe Group of Companies, at Rajagiriya, during the Yahapalana government.
The building was rented for a five-year period at a cost of over Rs 1 bn by the yahapalana government within months after the then President Maithripala Sirisena declared opened the 10-storey building complex.
The CIABOC yesterday morning recorded former yahapalana minister Gayantha Karunatilleke’s statement in connection with the investigation. Later in the day, CIABOC recorded the statement of SJB General Secretary Ranjith Maddumabanadara. Earlier CIABOC summoned former ministers Thalatha Atukorale, Wajira Abeywardena and Lakshman Kiriella. At the time of the finalisation of the deal, KIriella was in the UNP.
Sources said that former PM and President Ranil Wickremesinghe, too, was likely to be questioned in this regard. Responding to The Island queries, sources pointed out even SJB leader Sajith Premadasa was expected to be questioned.
The then Speaker Karu Jayasuriya is on record as having said that the building was rented in keeping with a decision taken by the government and not Parliament.
The UNP-SLFP coalition shifted the Agriculture Ministry to accommodate 16 Sectoral Oversight Committees therein.
Although the government paid as much as Rs. 21.5 mn monthly rent to D.P.A. Jayasinghe Company, the Agriculture Ministry failed to move in for over a year. The then Agriculture Minister Duminda Dissanayake sought Cabinet approval on Dec 1, 2015 to rent the building.
According to inquiries conducted earlier by the Presidential Commission appointed to probe state sector corruption, the Agriculture Ministry sought Cabinet approval for a new building after the then Prime Minister Wickremesinghe submitted a cabinet proposal on 21 September, 2015, to use the Agriculture Ministry building for Parliament’s sectoral oversight committees.
PM Wickremesinghe’s Secretary Saman Ekanayake has told the Commission that public funds could have been saved if the several vacant floors of Suhurupaya belonging to the Defence Ministry had been made available to the Agriculture Ministry.
By Shamindra Ferdinando ✍️
News
SL Railways suffers staggering losses; more than 2/3 of rail tracks out of service
Railway sources said that the damages caused to railway tracks could be more than USD 300 mn.
According to UNDP Rapid Crisis Assessment Sri Lanka’s railroad system, over 278 km of railways were exposed to cyclone-related flooding, including 35 railroad bridges nationwide. This figure reflects flooding only, but other hazards (such as localised debris, landslides, or damage to a single bridge) can also disrupt operations, meaning that even relatively small obstructions can render long stretches of railway non-operational. Like road exposure, railway exposure limits mobility and the capacity of affected populations to access key services and infrastructure.
At the level of divisional secretariats, Colombo and Thimbirigasyaya in Colombo District, Ja Ela in Gampaha District, as well as Mannar Town and Nanaddan in Mannar District all registered over 10 km of exposed railways each.
Commissioner-General of Essential Services B.K. Prabath Chandrakeerthi is on record as having said that only 478 kilometers of Sri Lanka’s 1,593-km railway network were currently usable following extensive damage caused by the recent cyclone.
News
US, SL advancing free, open, and resilient Indo-Pacific region: Embassy
Under Secretary of State for Political Affairs Allison Hooker arrived in Colombo yesterday (11) to underscore US interest in defence, trade and maritime security in line with their Indo-Pacific strategy.
The US embassy here issued the following statement: “Under Secretary Hooker will meet with Sri Lankan counterparts to discuss a wide range of bilateral issues, focused on deepening economic and commercial ties, strengthening defence cooperation, and supporting Sri Lanka’s economic and maritime sovereignty.
The United States and Sri Lanka share a strong and enduring partnership rooted in our mutual commitment to regional security, economic growth, and prosperity for our peoples. Through close cooperation on defence, trade, and maritime security, we are working together to advance a free, open, and resilient Indo-Pacific region.
As we continue to build on our strategic partnership, the United States also stands with the people of Sri Lanka as they respond to the devastating impacts of Cyclone Ditwah. We remain committed to working together to address both immediate challenges and long-term opportunities for our two nations, reflecting our ongoing commitment to the U.S.-Sri Lanka partnership.”
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