People's Bank (Sri Lanka)

From Wikipedia, the free encyclopedia
People's Bank
TypeGovernment-owned corporation
IndustryFinance
Founded1961; 60 years ago (1961)
HeadquartersNo. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo, Sri Lanka
Number of locations
Increase 741 branches (2020)[1]
Area served
Sri Lanka
Key people
  • Sujeewa Rajapakse
    (Chairman)
  • Ranjith Kodituwakku
    (CEO)[2][3]
ProductsBanking, financial and related services
RevenueDecrease Rs 235.529 billion [1]
(US$ 1.016 billion) (2020)
Decrease Rs 25.078 billion [1]
(US$ 381.634 million) (2020)
Increase Rs 13.565 billion [1]
(US$ 75.432 million) (2020)
Total assetsIncrease Rs 2,400.567 billion [1]
(US$ 11.867 billion) (2020)
Total equityIncrease Rs 139.111 billion [1]
(US$ 542.706 million) (2020)
Number of employees
Decrease 7,692 (2020)[1]
ParentMinistry of Finance
Subsidiaries
Websitewww.peoplesbank.lk//

People's Bank is a state-owned commercial bank in Sri Lanka. Second largest commercial bank in Sri Lanka. Established on 1 July 1961, it has its head-offices at Sir Chittampalam A. Gardiner Street in Colombo. The bank offer both retail and corporate banking services, with a network of 739 local branches, service centers and has an asset base of LKR 1.873 trillion (2019) with over 14 million customers. (70% local customers) People's Bank received a high national long-Term Rating of AA+ by Fitch Rating.[4] People's bank most awarded state-owned company such as "Green Plus" "Carbon Conscious Award".[5] People's Bank became Sri Lanka's best performing bank. Bank mainly target small and medium enterprise.[6]

History[]

People's Bank was inaugurated on 1 July 1961, by T. B. Ilangaratne, Minister of Commerce, Trade, Food and Shipping. The first branch was open at Duke Street, Colombo. During the year, eight more branches were opened in Polonnaruwa, Hingurakgoda, Hambantota, Anuradhapura, Puttalam, Matale and Kandy in addition on the Foreign Branch in Colombo. The total number of employees stood at 169. 1962 The Head Office change to Union Place and 17 more branches were opened. After year start pawning services. Sometime later the head office relocated to its current location on Sir Chittampalam A. Gardiner Mawatha, Colombo 2. In 1967 The Bank agreed with Government of Dominion of Ceylon a new Agriculture Credit project for small farm sector.[7]

Company loss of more than Rs. 2 billion on 2019 due to mismanagement and Government corruption, former chairman said.[8]

Asian Development Bank has give a "Trade Deal of the Year" award in 2020. In November 2020 company reported company total assets rise to Rs. 2.1 trillion. Company serving 200 island wide Self Banking Units. Most urban areas branches converted to digital banking protocol.[9]

A+(lka) Fitch Rated People's Leasing & Finance PLC is a wholly owned subsidiary of the People's Bank.(which holds >75%) It is a leading finance and leasing company in Sri Lanka.[10] People's Leasing company started in 1996. It is the highest rated non-bank financial company in Sri Lanka.[11]

Bank launches loan program to local industries. It is called "Made in Sri Lanka". Its aims are to support small and medium business enterprise.[12]

The People's Bank was blacklisted by the Chinese government on 29 October 2021 due to dispute over fertilizer imports from China.[13]

See also[]

References[]

  1. ^ a b c d e f g "People's Bank Annual Reports 2020" (PDF). People's Bank. People's Bank. 25 February 2021. Retrieved 12 May 2021.
  2. ^ https://www.peoplesbank.lk/about-us
  3. ^ "Ranjith Kodituwakku new CEO/GM at People's Bank | Daily FT".
  4. ^ "Archived copy". Archived from the original on 30 October 2010. Retrieved 2010-11-13.CS1 maint: archived copy as title (link)
  5. ^ "People's Bank highlights carbon management as key building block in 'People's Green Pulse' | Daily FT". www.ft.lk. Retrieved 2020-11-13.
  6. ^ "People's Bank Ranked Sri Lanka's Best Bank". EconomyNext. 2020-09-08. Retrieved 2020-11-13.
  7. ^ "People's Bank Annual Report 2010" (PDF). People's Bank Sri Lanka. March 21, 2011. p. 223.
  8. ^ "Expose': Loss of Rs. 2 billion to the Peoples Bank due to mismanagement". Sri Lanka News - Newsfirst. 2019-09-07. Retrieved 2020-11-13.
  9. ^ "People's Bank wins prestigious Trade Deal of the Year Award | Daily FT". www.ft.lk. Retrieved 2020-11-13.
  10. ^ www.fitchratings.com https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-affirms-people-leasing-finance-at-a-lka-outlook-stable-11-09-2020. Retrieved 2020-11-13. Missing or empty |title= (help)
  11. ^ "People's Leasing upgrades and relocates its Kelaniya branch". Adaderana Biz English | Sri Lanka Business News. 2020-09-02. Retrieved 2020-11-13.
  12. ^ "People's Bank launches 'Made in Sri Lanka' loans for local industries". The Morning - Sri Lanka News. 2020-09-05. Retrieved 2020-11-13.
  13. ^ "People's Bank of Sri Lanka blacklisted by China - Latest News | Daily Mirror". www.dailymirror.lk. Retrieved 3 November 2021.


Stub icon

This Sri Lankan corporation or company article is a stub. You can help Wikipedia by .

  • v
  • t
Retrieved from ""