Connect with us

Business

HNB recognized as ‘Best Retail and SME Bank’ at International Finance Awards

Published

on

Sri Lanka’s most innovative private sector bank HNB PLC, once again consolidated on its reputation for banking excellence at the International Finance Awards 2021, bagging the Best Retail Bank and Best SME Bank awards in the banking category, a news release said last week.

Organized by the prestigious International Finance Magazine as a global platform for the recognition and celebration of the world’s most successful financial institutions, the awards highlight the accomplishments of corporates leading in innovation, infrastructure development and customer-centricity.

As the sector has evolved due to a raft of regulations, technology developments and market reforms, each applicant has been researched by dedicated experts with special consideration directed towards the strength of their applications, performance and past accomplishments, the release said.

“We are delighted to have once again emerged victorious as the Best Retail Bank and the Best SME Bank organized by the prestigious International Financial Magazine. This recognition is a testament to our employees’ hard work and dedication in the SME and Retail sectors, which have evolved continuously despite the challenges brought on by the pandemic, to deliver unmatched products and excellent service contributing positively towards the growth of our clients. Moving forward, we pledge to continue enhancing our focus on transformative banking by leveraging the power of technology to provide innovative solutions and processes for all our clients,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

Catering to the needs of over 2.5 million Sri Lankans island-wide, Retail Banking is a flagship segment for HNB. The Bank has been a pioneer in leveraging digital banking products, services and channels to provide customers with convenient, comprehensive and secured options to transact remotely, the release added.

After the onset of the pandemic, HNB rapidly embedded its full suite of digital offerings into the contactless delivery mechanism advocated by the state, kept branches open during curfew periods as per the guidelines issued by the Central Bank and operated our dedicated Omni Channel engagement Centre on a 24*7 basis.

Subsequently, the bank extended substantial relief to clients in Debt Moratoriums and Working Capital loans at concessionary rates. Notably, HNB was also previously adjudged the Best Retail Bank in Sri Lanka for the 11th time at the Asian Bankers Awards organised by the prestigious Asian Banker Magazine.

With 254 customer centres and more than 780 devices across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd. The Bank was also ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for five consecutive years. HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020.



Continue Reading
Click to comment

Leave a Reply

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

Business

Political risks to Sri Lanka’s debt restructuring agreement recede: Fitch Ratings

Published

on

President Anura Kumara Dissanayake holds talks with the IMF delegation on Oct. 4, 2024

Fitch Ratings Hong Kong says that the Sri Lankan authorities’ confirmation that they endorse the targets set under the country’s IMF programme, and intend to implement debt restructuring based on the terms agreed with international sovereign bondholders in September, reduces risks to the debt treatment process associated with the outcome of the presidential election on 21 September.

The election of Anura Kumara Dissanayake, of the opposition Janatha Vimukthi Peramuna (JVP), as president in September had increased policy uncertainty, raising the risk that the government could launch challenges to key elements of the IMF programme, potentially delaying Sri Lanka’s foreign currency debt restructuring. However, the Ministry of Finance announced on 4 October that consultations with the IMF and Sri Lanka’s Official Credit Committee had been successfully concluded, suggesting that any policy changes are unlikely to threaten the IMF programme or the debt treatment agreement-in principle reached under the previous administration.

The Ministry also indicated that the consultation had agreed that the preliminary agreement adhered to the principle of comparability of treatment between official creditors and bondholders, and was compatible with the IMF programme’s terms.

” We view this as a positive sign for the restructuring process’s prospects. Fitch has rated Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) since May 2022, and the government is not currently servicing its foreign-currency debt. We may move the IDR out of ‘RD’ upon the sovereign’s completion of a commercial debt restructuring that we judge to have normalised the relationship with the international financial community. Sri Lanka’s postdefault rating would depend upon our assessment of its credit profile. Fitch upgraded Sri Lanka’s LongTerm Local-Currency IDR to ‘CCC-‘ in September 2023, reflecting the completion of the local-currency portion of Sri Lanka’s domestic debt optimisation plan. We expect Sri Lanka’s government debt to remain relatively high, even if debt restructuring is completed successfully along the lines laid out in the agreements with its creditors,” Fitch says.

“The IMF forecasts Sri Lanka’s gross general government debt/GDP ratio to decline only gradually to about 103% of GDP by 2028, from about 116% in 2022, after building in a local- and foreign-currency debt restructuring. The government’s revenue/GDP ratio remains low, but the effects of several revenue-raising measures passed since May 2022 are beginning to be felt. Revenue collection in 7M24 rose by about 43% yoy, well above the nominal GDP growth rate of 9.5% in 1H24. Our baseline projections assume an increase in revenue/GDP, from 11.4% in 2023 to 15.5% in 2026, reflecting the measures already in place. However, these forecasts could be affected, if the new government introduces fiscal reforms. The IMF programme’s targets offer some flexibility for changes in the government’s fiscal policy approach.

‘The president’s capacity to push through policy changes may depend partly on the outcome of the parliamentary election on 14 November. The JVP and its allies had relatively few seats in the outgoing legislature, though the trends evident in the recent presidential election suggest that there will probably be large changes in the make-up of the new chamber.

‘The economy more broadly remains on a recovering trend. Real GDP growth was 5.0% yoy in 1H24, after contracting by 7.3% during 1H23. We expect the economy to expand by 3.9% in 2024 and to average growth of 3.6% over 2025-2026. External liquidity stresses have also eased, with foreign-exchange reserves hitting USD6.0 billion in August 2024, up almost 66% yoy. Nevertheless, the speed of the recovery in reserves is likely to be set back when Sri Lanka resumes external debt-service payments,” Fitch notes.

Continue Reading

Business

Rotary fights breast cancer with NCCP through early detection and prevention

Published

on

October is Breast Cancer Awareness Month—a time to come together not only to acknowledge a disease that affects millions but to celebrate the resilience of women and the power of early detection to save lives.With a long-standing partnership of 20 years with the National Cancer Control Programme, Rotary Club of Colombo members came out in their numbers to create awareness and joined the recent NCCP Breast Cancer Awareness Walk on October 2nd.

It is a time to reaffirm our collective responsibility toward the well-being of our mothers, sisters and daughters and those thousands of women who may one day be struck down by this disease if not detected early.

Rotary has been a beacon of hope in the fight against breast cancer, working hand-in-hand with the Ministry of Health for 20 years since 2004. This partnership with the National Cancer Control Programme has been instrumental in addressing breast cancer, which remains the leading cause of death among women aged 40 to 55 years.

Rotary’s journey began 20 years ago with the sole focus on screening and early detection and prevention to fight the rising incidence of cancer. Together with NCCP they set up a dedicated Cancer Screening and Early Detection Centre focused on breast cancer, first in Colombo and then extended to other cities to ensure no woman is left behind. These regional Breast Cancer Early Detection Clinics will bring lifesaving services closer to those who need them most.

Rotary Club of Colombo has led the way in the screening and early detection of breast cancer and invested in state-of-the-art technology at the main Cancer Early Detection Centre in Narahenpita run by NCCP, including installing a 3D tomosynthesis Digital Mammography Machine. This machine provides highly accurate screenings for breast cancer, five days a week, entirely free of charge. This represents Rotary’s unwavering commitment to ensuring early detection, which is key to improving breast cancer survival rates.

Rotary Club of Colombo was also a pioneer in introducing HPV DNA testing at the Centre for cervical cancer screening —an initiative that highlights their approach to tackling women’s cancers holistically.

Continue Reading

Business

Pepsi® unveils its new logo with street art murals in Sri Lanka

Published

on

(Left to Right - Sandeep Kumar, Country Head, Varun Beverages Limited (VBL) - Sri Lanka, Manmohan Paul, Chief Operating Officer, Varun Beverages Limited (VBL) – South India & Sri Lanka, Tanu Sinha - Head of Design, PepsiCo India & South Asia, Anuj Goyal, Associate Director - Marketing, Area Countries, PepsiCo and Munish Dhawan, Country Head, Area Countries, PepsiCo)

Honouring its 125 years long legacy, Pepsi®, a brand that has been at the center of global pop culture, unveiled its new identity in Sri Lanka through its groundbreaking campaign, ‘Pepsi® Street Kala’. The ‘Pepsi® Street Kala’ campaign represents a groundbreaking moment for the brand, introducing its revamped brand identity through public art for the first time globally. With 17 murals featured across the country, this initiative is an attempt to democratize art through dynamic experiences that invite public interaction and make art and culture more accessible.

Pepsi® celebrated this milestone with a spectacular launch event at the iconic Lotus Tower – South Asia’s tallest self-supported tower. The event brought its bold identity to life through immersive experiences, captivating the audience from start to finish. Media, influencers and individuals from the art community in Sri Lanka enjoyed a sensory feast, with the aura of Pepsi® resonating throughout, showcasing the brand’s vibrant spirit. The highlight of the evening was the illumination of the Lotus Tower in Colombo with Pepsi®’s new bold colors, transforming the city’s skyline.

Speaking on the launch, Anuj Goyal, Associate Director, Area-Countries Region, PepsiCo said, “Pepsi has consistently been at the forefront of youth culture and with this initiative, we are extending that dedication to the streets of Sri Lanka. The new Pepsi logo represents a bold new chapter for Pepsi, bringing it to life through street art with the ‘Pepsi® Street Kala’ campaign – enabling us to expand the horizons of visual narrative. The grand launch event, including the striking projection of our brand colors at the iconic Lotus Tower and the murals altogether, are a celebration of youth, creativity, and the spirit of Pepsi.”

Also commenting on the launch, Sandeep Kumar, Country Head at Varun Beverages Limited (VBL) – Sri Lanka also added, “We are excited to bring the ‘Pepsi® Street Kala’ campaign to life in Sri Lanka, showcasing the refreshed brand identity of Pepsi. This campaign and today’s event celebrates creativity, culture, and the unbreakable bond Pepsi shares with the people of Sri Lanka. We’re proud to be part of this milestone that reflects the vibrant energy of the Pepsi consumers, while integrating public art experiences in their routine commute.”

Continue Reading

Trending