Business
People’s Bank wins Most Responsive Bank against Covid-19 Award
The Asian Development Bank (ADB) has recognized People’s Bank by awarding it the “Most Responsive Bank against Covid-19” at the prestigious ADB Trade and Supply Finance Program Awards 2021 (TSCFP Awards 2021).
The TSCFP Awards recognizes leading partner banks of ADB and the fact that the aforementioned award was one of the key awards of this ceremony chosen from hundreds of entries submitted by of leading banks in Asia, highlights the significance of this accolade. The award was received subsequent to a rigorous independent evaluation which takes in to account multiple factors such as the positive impact the particular transaction had on the country, how it enabled the client to improve their business and the manner in which TSCFP contributed to the success of the transaction.
TSCFP provides guarantees and loans to banks to support international trade. Backed by ADB’s AAA credit rating, the program works with over 200 partner banks in Asia to provide companies with the financial support they need to engage in import and export activities. Since 2009, ADB’s TFP has supported more than 12,000 small and medium sized businesses across developing Asia in sectors ranging from commodities and capital goods to medical supplies and consumer goods.
People’s Bank, which has the largest physical and digital banking footprint across the country, kept trade routes to Sri Lanka open by supporting its customers to transact with counterparties across the globe despite many a challenge posed by Covid 19 crisis. The pivotal service it renders to the nation was highlighted yet again through this recognition as this particular award was for a transaction for the importation of critical medicines and medical equipment during the height of the pandemic.
People’s Bank, using its trade finance facilities, had made it possible for their customers to trade with companies that would otherwise be reluctant to trade with them due to risk perceptions. The bank enhanced its ability to provide trade finance facilities to customers by joining the Asian Development Bank’s Trade Finance Program in 2011. Some foreign companies or their banks may have risk limits to Sri Lanka or region, which may discourage them from conducting trade activities on credit. As a result, the counterparty bank may want a letter of credit opened by a customer in Sri Lanka to be confirmed by another party, which would result in an additional cost. Since People’s Bank is participating in the TFP, bank is able to use an ADB guarantee and give comfort to the foreign parties to transact business with Sri Lankan entities.
Foreign companies value the ADB guarantee due to the high standards maintained by the Asian Development Bank in evaluating and accepting a bank into its program which involves comprehensive due diligence. The TFP has also helped Sri Lanka during the recent credit downgrade, allowing business to continue.
Commenting on this achievement People’s Bank Chairman Sujeewa Rajapakse said “This achievement is yet another testament to People’s Bank’s unwavering commitment to look beyond mere profit motives and assist the country whenever called to do so. It gives us a great sense of fulfillment to see that our efforts have brought about the desired results in terms of curbing the pandemic situation and bringing back the country to normalcy”
Acknowledging the bank’s most recent international accolade, People’s Bank CEO/GM, Ranjith Kodituwakku stated “We are cognizant of the national role a bank of our stature has to play when the country is facing a critical situation. This is why our entire team worked tirelessly and relentlessly to offer all banking services uninterrupted despite unprecedented challenges we were facing. It is indeed an encouragement to see that efforts of our team has not gone unnoticed”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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