Connect with us

Business

From national pillar to modern tower: People’s Bank enters new era

Published

on

Governor of the Central Bank, Dr. P. Nandalal Weerasinghe inaugurates the new iconic head office of the ‘People’s Tower,’ on Oct. 7, along with People’s Bank Chairman Prof. Narada Fernando and CEO /General Manager, Clive Fonseka

In a ceremony that marked not just the opening of a building but the celebration of a national financial institution, the People’s Bank inaugurated its new iconic head office, the ‘People’s Tower,’ on Oct. 7, signaling a bold new chapter in its 64-year journey of service and resilience.

The grand opening, held at the new address in Union Place, Colombo 2, was graced by the Governor of the Central Bank, Dr. P. Nandalal Weerasinghe, and the Secretary to the Treasury, Dr. Harshana Suriyapperuma, underscoring the building’s significance as a national financial landmark.

Beyond the steel and glass of the 22-storey, environmentally sustainable ‘green building,’ the event was a powerful testament to the Bank’s deep-rooted connection with the citizens of Sri Lanka.

The Bank’s Chief Executive Officer/General Manager, Clive Fonseka, used the occasion to paint a vivid picture of the bank’s pervasive role in the national economy. He revealed stunning statistics that bring its mission to life: “Accordingly, 7 out of 10 people in the country carry out transactions with the People’s Bank,” he told the gathered dignitaries, which included Chairman Prof. Narada Fernando and the Bank’s board.

Fonseka elaborated on the Bank’s reach, noting that its digital services have penetrated far beyond the capital. “By now, about 80 percent of the Bank’s digital transactions are carried out outside of the Western Province,” he said, highlighting its national digital footprint.

Furthermore, he revealed that one-fifth of the people and entities in the country have obtained loans from the People’s Bank. “That is a speciality for the Bank,” Fonseka stated with pride.

The CEO’s address also shone a light on the Bank’s critical role as a stabilising force during the nation’s most challenging periods. He recounted how the bank collaborated with the people during the COVID-19 pandemic and the subsequent economic crisis.

“During the economic crisis, the Bank provided the largest contribution in facilitating the importation of the essential fuel, petroleum products, coal, pharmaceuticals, and fertilizer,” Fonseka said, acknowledging the immense challenges the institution faced in 2022-2023 as a result of that.

“It was through unstinting resilience and support of the staff, the Bank has now achieved a top spot in the country’s banking sector, standing strong in profitability, liquidity, and capital strength,” he noted.

The new ‘People’s Tower’, which replaces the head office inaugurated in 1977, is a manifestation of this strength and ambition. The state-of-the-art facility, complete with an auditorium, training college, cafeteria and a new Union Place branch, is designed to be a crucial financial centre for the entire country.

Envisioning the tower as a launchpad for future excellence, he went on to share a key insight from his experience: “No matter how many new services are introduced or new technology is deployed, any bank can gain a period of six months to one year in exceeding competency over other banks. So, I am convinced that only a seamless banking experience is the only way to achieve operational excellence and retain people’s trust in the long term.”

Looking ahead, he outlined a competitive and people-centric vision. “Our objective is to compete fiercely with the public sector and private sector banks and exceed their performance and provide an unparallel service to the people,” Fonseka declared, emphasizing that this forward journey would be powered not just by the bank’s size or its state ownership, but by its human resource and premium service.

With the inauguration of the new ‘People’s Tower’ and assets exceeding Rs. 3.7 trillion, the People’s Bank is positioned like never before. The challenge now, however, is to ensure this scale translates into genuine support for people and small and medium enterprises, finally unlocking the transformative growth they have been waiting for.

By Sanath Nanayakkare



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Lanka’s largest solar park set to transform energy landscape and local economy in Hambantota

Published

on

A new era in Sri Lanka’s renewable energy is unfolding in the Gonnoruwa Division of Hambantota District, where construction has begun on the country’s largest solar power park. Spanning 450 acres and designed to generate 150 megawatts (MW) of electricity, the US$150 million private-sector-led project is poised to become a cornerstone of the nation’s sustainable energy ambitions.

Officials say the solar park, guided by the Sustainable Energy Authority and the Mahaweli Authority, will make its first contribution to the national grid by the end of this year, with full capacity expected by 2026. Once completed, the facility will rank among Sri Lanka’s largest renewable energy installations, second only to the 210 MW Victoria Dam and the 150 MW Upper Kotmale hydropower project.

The initiative is being framed as a strategic response to recurring power cuts in the Southern Province during annual drought periods. With a projected 20% contribution to the country’s daytime electricity demand, the solar park is expected to significantly stabilize the grid, reduce reliance on fossil fuels, and contribute to the country’s renewable energy targets.

Project Engineer Thilanka Bandara confirmed that preliminary land preparation and boundary works have been completed, with 50 MW already feeding into the national grid. The investment, fully funded through foreign direct investment, local bank loans, and equity capital, requires no government funding. Two private firms are sharing the development, contributing 70 MW and 80 MW respectively.

Bandara highlighted a unique feature of the project: the transmission infrastructure, estimated at US$16 million, is entirely financed by the investors, marking a departure from conventional grid-connected projects. The park will also employ state-of-the-art ground-mounted solar technology, considered the most advanced currently deployed in Sri Lanka.

In a first for Sri Lanka, the solar panels will be installed five feet above the ground, allowing partial-shade crops to be cultivated underneath. Technical Officer Sithmina Bandara explained that this setup will enable the cultivation of food plants such as mushrooms, which thrive in shaded conditions, creating a model for integrated solar-agriculture systems. Agricultural experts have already provided guidance on implementing this initiative, which combines energy production with local food security.

The project is expected to generate 750 to 1,000 direct and indirect jobs, with 400–500 already employed in the initial phase. Long-term maintenance work will provide further employment opportunities, offering a substantial economic boost to the Hambantota region. Environmental management measures are also in place to prevent elephants from entering nearby villages, ensuring harmony between development and wildlife.

All necessary approvals and permits were obtained by February 2025, aligning the project with the Ceylon Electricity Board’s national generation plan. Officials confirmed that upon completion, the total output of the Solar Energy Park will rise to 200 MW, combining existing installations with the new 150 MW facility.

Experts say the Hambantota solar park represents more than just a power generation project. Its innovative design, private-sector financing, and integrated agricultural approach position it as a template for future renewable energy projects in Sri Lanka, reflecting a new model of sustainable development that balances energy, economy, and environment.

By Sirimanta Ratnasekera

Continue Reading

Business

ESU Kandy clinches dominant victory at ‘Battle of Esoftians’

Published

on

The Battle of Esoftians, an annual cricket encounter organized by ESOFT Uni Kandy, concluded with a spectacular display of cricketing prowess as the Kandy team secured a massive 245-run victory over ESOFT Metro Campus, Kurunegala. The match was held on the 15th at the University of Peradeniya Grounds.

Winning the toss and electing to bat first, the ESOFT Uni Kandy batsmen dominated the field from the outset. They showcased an explosive batting performance, posting a formidable total of 280 runs for the loss of 5 wickets in their allotted 20 overs.

In response, the Kurunegala ESOFT Metro team struggled against a disciplined bowling attack. The Kandy bowlers dismantled the opposition’s batting lineup, bowling them all out for a mere 35 runs, sealing a historic win for the Kandy campus.

The event was graced by the presence of key officials from the ESOFT management: Amila Bandara – Chief Operating Officer (ESOFT Uni), Dimuthu Thammitage – General Manager (Central Region), Lakpriya Weerasinghe – Deputy General Manager, ?Lahiru Diyalagoda

Centre Manager-Degree Division, ESOFT Metro Campus Kurunegala and Dushantha Sandaruwan – Master in Charge (ESU Kandy Cricket Club)

Team Lineups

ESOFT Uni Kandy (Winners)

Chamath Ekanayake (Captain), Dinuka Tennakoon (Vice Captain), Dushantha Sandaruwan (MIC), Chalitha Rathnayake, Pulasthi Bandara, Isuru Dehigama, Kesara Nuragoda, Aadhil Sherif, Isuru Pannala, Achintha Medawatta, Ahamed Shukri, Gowtham Hari Dharshan, Danushka Sahan, Eranda Bandara, and Damith Dissanayake.

ESOFT Metro Campus Kurunegala (Runners-up)

Adeesha Samarasekara, Savishan Madusha, Lahiru Diyalagoda, Hirun Damayantha, Naveen Madushanka, Daham Pothuwewa, Senuda Thewnaka, M.R. Abdulla, Arunodya Dasun, Mohamad Afri, Desith Perera, Lasitha Ranawaka, Anton Dilon, Shenuka Thirantha, and Kavindu Bandara.

Text and Pix By S.K. Samaranayake

Continue Reading

Business

HNB joins Royal–Thomian “Battle of the Blues” as official banking partner

Published

on

HNB Vice President Marketing & Corporate Communications, Upul Adikari, together with HNB, Brand Manager, Ishara Thilakarathne, presents the Official Banking Partner sponsorship cheque to St. Thomas’ College, Warden, Asanka Perera and Royal College Principal Athula Wijewardana, in the presence of the Co-Chairs of the Royal–Thomian Match Organizing Committee and captains from both teams.

HNB PLC, Sri Lanka’s leading private sector bank, has joined as the Official Banking Partner for the 147th edition of the historic “Battle of the Blues,” the Royal–Thomian cricket encounter between Royal College, Colombo, and S. Thomas’ College, Mt. Lavinia. Commenting on the partnership, HNB’s Managing Director/CEO Damith Pallewatte highlighted the bank’s long-standing connection with cricket, including sponsorship of Sri Lanka’s first Test match against England in 1982, and emphasized HNB’s commitment to nurturing young talent and promoting school cricket. The three-day clash for the Rt. Hon. D. S. Senanayake Memorial Shield will take place from March 12–14 at the SSC Grounds, with the Mustangs Trophy one-day match following on March 28 under lights. HNB’s inaugural involvement marks a milestone in the bank’s sports marketing journey, strengthening its role in the school cricket ecosystem. The bank will enhance the spectator experience by introducing digital and cashless banking solutions, modernizing the event while preserving its rich heritage and sporting tradition.

Continue Reading

Trending