Business
‘Sampath Bank, backed by a one trillion rupee balance sheet, works hand in hand with all stakeholders’
The global economy took a steep downward trend with the COVID-19 pandemic epicentre shifting from China and East Asia to the United States and Europe. Most countries declared prolonged lockdowns and movement restrictions with a view to controlling the disease, which severely hampered worldwide economic activity and global trade from March 2020.
Domestically, the COVID – 19 outbreak weakened the country outlook substantially as it brought further stress to an already challenged macroeconomic situation. Responding to these economic challenges, the Central Bank of Sri Lanka took steps to cut policy rates twice during the second quarter, resulting in the Standard Deposit Facility Rates and the Standard Lending Facility Rates dropping to 5.5% and 6.5%, respectively by June 30, 2020. At the same time, the Statutory Reserve Requirement (SRR) was reduced in two stages from 5% to 2% during 1H 2020, in a bid to improve liquidity levels in the market.
While the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, Sampath Bank is pleased to announce that its total assets crossed the Rs one trillion (1 Tn) mark for the first time in its history. Reaching this milestone in the span of just 33 years, probably makes Sampath Bank the youngest business organisation in Sri Lanka to achieve this significant milestone.
During this difficult period the bank redoubled efforts to serve its valued customers, who were severely impacted by the prolonged lockdown, to overcome the challenges and hardships faced by them. By leveraging its IT supremacy, substantial investments made in technology platforms and its widespread branch network, Sampath Bank was able to operate seamlessly during this time of disruption. The bank was quick to implement all the relief measures introduced by the government, with approximately 50% of the bank’s loan portfolio being granted relief under the government announced moratorium scheme.
Further, the bank actively engaged in providing working capital loans under the ‘Saubhagya’ scheme introduced by the government and took proactive steps to provide necessary assistance to customers across all segments who required special attention, including re-scheduling of loan repayments of those customers who were severely impacted.
(Sampath Bank)
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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