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HNB ushers in new era with Damith Pallewatte at the helm as Acting CEO

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Damith Pallewatte, Acting CEO – HNB

Sri Lanka’s largest private sector retail bank, HNB PLC announced the appointment of Damith Pallewatte as Acting CEO, effective from 6th April 2024, subject to approval of his fit & propriety from Central Bank of Sri Lanka. The strategic appointment comes as part of a planned leadership transition first announced in May 2023.

A qualified Banking and Risk Management Professional with over 27 years of experience including more than 14 years in Senior and Corporate Management positions, Pallewatte brings a wealth of diverse experience to his new role. His career has spanned the full spectrum of banking operations, including Strategy and Risk Management, Credit, Branch Banking and Operations, before his most recent tenure as Deputy General Manager of HNB’s Wholesale Banking Group.

“As a result of the fundamental realignment that has taken place at HNB over the past decade, we are ideally positioned to play a transformative role in the national economy. Our goal is to continue building on this legacy of strength, stability and innovation.

“Leveraging best in class customer service, emerging technologies, and unmatched network capabilities, we aim to facilitate Sri Lankan enterprises of all sizes to connect to global opportunities, while engaging with critical sectors and new markets to enable a true economic resurgence,” HNB Acting CEO, Damith Pallewatte said.

Pallewatte brings to his role as Acting CEO of HNB an extensive portfolio of leadership positions and directorships within and beyond Sri Lanka. Since November 2021, he has served as Chairman/Director of Lanka Ventures PLC and LVL Energy Fund PLC, both listed on the Colombo Stock Exchange, showcasing his expertise in venture capital and renewable energy investments across Sri Lanka, Bangladesh, and Nepal.

Further enriching his profile, Pallewatte holds directorships at Acuity Partners (Pvt) Ltd, Acuity Securities Limited and Lanka Financial Services Bureau Limited. Further, he was recently appointed as Vice President/Director of the International Chamber of Commerce in Sri Lanka.

Pallewatte holds a Master of Business Administration (MBA) degree from the Postgraduate Institute of Management, University of Sri Jayewardenepura and a Bachelor of Science in Management from the University of London, London School of Economics.

He is also a Certified Financial Risk Manager (FRM) by the Global Association of Risk Professionals (GARP), an ACI Operations Certificate holder of Financial Markets Association – France, a Fellow Member of the Chartered Institute of Management Accountants (CIMA), UK and holds a Sustainability and Climate Risk Certificate (SCR) from GARP, underscoring his dedication to advancing financial, social and environmental sustainability practices.

Pallewatte’s influence extends into professional accounting and risk management communities as evidenced by his appointments to the MESANA (Middle East, South Asia and North Africa) Regional Advisory and Engagement Panels by the Association of International Certified Professional Accountants (AICPA) and CIMA, and his leadership roles within the CIMA Country Network Committee in Sri Lanka and as the Chairman of South Asia Area Committee covering India, Bangladesh and Sri Lanka.

His tenure as past president of the Association of Banking Sector Risk Professionals, also known as the CRO Forum, and his significant contributions as the Chairman of the Technical Committee for the Credit Information Bureau of Sri Lanka (CRIB), underscore his commitment to enhancing financial systems and technologies for the broader economic benefit. Before joining HNB he had stints with Sampath Bank PLC and Nations Trust Bank PLC.

With 256 customer centres, HNB stands as one of Sri Lanka’s largest and most technologically innovative private banks. Having been recognized as the Best Retail Bank in Sri Lanka for the 14th consecutive year at the Asian Banker Global Excellence in Retail Financial Services Awards 2024, HNB continues to solidify its reputation in the sector. Additionally, the bank has been honored with prestigious awards, including Best Market Leader in Trade Financial Services at the renowned Euromoney Awards for Excellence in 2024, highlighting its excellence in service, market leadership, and commitment to sustainable banking practices.



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Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook

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The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm's engagement with its growing client base.

Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.

The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.

The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.

The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.

Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.

Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.

The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.

Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.

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Tata Group leads humanitarian education support initiative with DIMO and ChildFund

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The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.

Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.

As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.

This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.

This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.

Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”

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NovaNest Properties launches Rainbow Apartments in Ratmalana

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Samitha Waidyasekera CEO - NovaNest Properties (Pvt) Ltd

NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.

The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.

The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.

Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.

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