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NSB records again its dominance in raising funds in the Debt Capital Market

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National Savings Bank (NSB), the premier most savings bank in the country furthering its dominance, successfully issued yet another debt capital bond to raise Rs.5 Bn.

This time it was a perpetual capital bond issued to augment the additional Tier 1 capital base of the Bank. It carried the customary features required for a bond of this nature; unlisted, unsecured, rated, subordinated and perpetual in maturity. Further, in compliance with Basel III requirements carried non-viability write down features as approved by the Central Bank of Sri Lanka.

This is the first time in the history of a savings bank, that a hybrid debt instrument of this nature and in this magnitude was issued, in the Sri Lankan Capital Market. In compliance with the statutory requirements of the Bank, the bond was not listed and was confined to qualified investors. The Bank is at the liberty of exercising a call option at its will only after the expiry of a minimum period of 5 years.

The successful closure of the issue, despite not having a specific date of maturity for the investment is a testament to the confidence, the investors have placed with the Bank.

The investors had an option of opting to earn an interest income at a fixed rate or a floating rate which was priced at very attractive terms for this type of a hybrid instrument. The main objective of the issue was to strengthen the additional Tier 1 capital base of the Bank.

NSB carries the highest credit rating, a bank can have in the country. This issue is just an extension of a series of issues made in the past, namely the largest international sovereign bond issue of USD One Billion, unlisted debenture issue of Rs.20 Bn. and further issuance of Rs.6 Bn. from 2013 – 2019. All these issues were structured and managed by the Corporate Finance Division of the Bank.

NSB being a pioneer financier of Sri Lanka’s infrastructure projects, would utilize the proceeds of the issue to fund long term funding requirement of the economy as well as to address the needs of the retail borrowers. The Bank’s customer base consists of retail customers of all strata, premier corporates and government entities. The Bank’s portfolio of lending also includes overseas ventures. The Bank humbly takes pride of being a partner of the major development projects in the country.

NSB will be celebrating its 50 years of presence in the banking fraternity of the country in a few months’ time with a mark of unparalleled track record of being a driving force in the country’s economic development and improving the living standards of the Sri Lankan people.

 

NSB with this solid history is poised to further its horizons in the coming years.



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From Mt. Fuji to Sri Pada: Lessons from a father-son climb

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by SK Samaranayake

For Daham Gunasena, reaching the summit of Mt. Fuji with his 12-year-old son was not the end of the journey but the beginning of a different kind of lesson.

Gunasena, Director – Commercial at SPAR Sri Lanka and a senior business leader, academic and Chartered Accountant, spent nearly 12 hours on August 19 climbing Japan’s highest mountain with his son, Methum. After eight hours of climbing, the pair reached the 3,776-metre summit before beginning a demanding four-hour descent to Fujinomiya 5th Station.

“The summit was only halfway,” Gunasena reflected, describing the experience as a lesson in preparation, perseverance and responsibility.

Their journey began two days earlier with a trial excursion to the 6th Station and the volcanic landscape around Mt. Hoei. The experience allowed Gunasena to assess the altitude, terrain, weather and equipment before deciding whether his son was ready for the summit attempt.

The climb itself reinforced the value of taking one step at a time. Rather than focusing on the distant summit, father and son concentrated on the next marker, the next few steps and short periods of rest.

Reaching the summit brought another lesson. After taking photographs and celebrating, they still had four hours of descent ahead of them over loose volcanic terrain.

“Reaching the top was an achievement. Returning safely was success,” Gunasena said.

The experience also prompted him to reflect on how Japan manages Mt. Fuji, including visitor education, digital information, sanitation, transport, safety and environmental protection.

Having climbed Sri Pada 12 times last year and five times so far this year, Gunasena sees opportunities to apply some of these principles in Sri Lanka without compromising the mountain’s unique pilgrimage traditions.

He suggested a comprehensive digital platform for Sri Pada providing information on weather, congestion, transport, sanitation, first aid and emergencies, while educating foreign visitors about its religious significance.

For Gunasena, however, the most enduring lesson was personal: a mountain can teach what lectures cannot—through preparation, perseverance, respect for nature and the shared experience of taking each step together.

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FLIR, Marlbo promote smarter industrial maintenance

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Sri Lankan industries are being encouraged to adopt advanced condition monitoring technologies to detect equipment problems before they develop into costly failures, as global technology company FLIR and its local partner Marlbo Trading Company strengthen their collaboration.

The companies brought together industry professionals at a technical seminar held on August 20 at Taj Samudra, Colombo, focusing on the use of thermography and acoustic imaging to reduce unplanned downtime, improve energy efficiency and lower maintenance costs.

Organised by Marlbo under the theme “Condition Monitoring Using Thermography and Acoustic Imaging for Measurable ROI,” the seminar highlighted the growing importance of proactive and predictive maintenance in improving equipment reliability and operational efficiency.

FLIR Sales Director – Instrumentation, India, Bhaskar Lala, and APAC Condition Monitoring Specialist David Gambarte shared their expertise on the latest diagnostic technologies and their practical industrial applications.

Thermal imaging can identify abnormal heat patterns linked to electrical and mechanical faults, while acoustic imaging can detect problems that may go unnoticed during routine inspections.

The technology is particularly useful in identifying compressed-air leaks, which can cause significant energy losses and increase operating costs.

Shevon Liyanage, Engineer – Measuring Instruments at Marlbo, also shared insights into applying condition monitoring technologies in the Sri Lankan industrial environment.

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Lumbini Tea Valley wins intl award for Singharaja Wirytips

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Chaminda Jayawardana receiving the award

Lumbini Tea Valley Ceylon won an award for its Singharaja Wirytips at The Leafies: International Tea Awards held in London in 2024, marking another international recognition for the Sri Lankan tea producer.

The award comes as the company marks two decades of direct exports, with its premium and organic Ceylon teas now reaching 35 countries across six continents.

Established in 1984, Lumbini Tea Valley began its direct export drive after Chaminda Jayawardana joined the family business in 2000 alongside his father, Dayapala Jayawardana. The initiative materialised in 2006 with the company’s first direct shipment—a 15-kilogram consignment of Flowery Broken Orange Pekoe (FBOP) tea to the United States.

Since then, the company has expanded its direct-export operations, which now account for around 20% of its total manufacturing output. Following its transition to organic production, approximately half of its organic tea output is exported directly by the company.

Its key export markets include Japan, the United States, France, the Netherlands, Switzerland and Australia, with direct shipments now reaching 35 countries.

The company said its direct-export model would continue to expand amid growing international demand for traceable, single-origin Ceylon tea, with premium and organic grades at the centre of its export strategy.

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