Business
State banks have not written off any ‘bad loans’, says CBEU
by Sanath Nanayakkare
There is wide discussion among the people after probes by the COPE Committee into large-scale loans taken out by big businesspeople from the Bank of Ceylon and People’s Bank which have become non-performing loans. And we would like to state the real state of affairs regarding the matter, Ceylon Bank Employees Union (CBEU) said last week.
“First we must say that the Bank of Ceylon and People’s Bank have not written off any large-scale non-performing loans. In fact, they have been taking action to recover such problematic loans. Although some of these bad debts have been given or taken with conflicts of political interests, most of them have been given in line with accepted credit laws of banking. However, with increasing public interest and concern over this matter, we are paying full attention to any adverse developments in this regard,” they said.
“Loans need to be given to large–scale businesses to develop the economic activities of the country. However, these funds are given from the deposit base of the ordinary people. So the banks cannot rid themselves of their responsibility to the people. And these loans must be recovered so that the banks can pass on the benefit to ordinary customers by way of higher interest for their deposits and/or other financial products of mutual benefit.”
“We as a union, emphasize the fact that loans governing the recovery of large-scale loans given to big businesses must be strengthened, and we will constantly be watchful whether such loans would be written off by state banks. We will regularly exchange information on this matter with the senior management of state banks and the Central Bank of Sri Lanka with an unwavering determination to keep track of recovery of these loans.”
“At this juncture, authorities must take immediate steps to implement necessary political and economic reforms through which the critical banking sector of the country would also be made secure and free from any possible undue influences.”
‘Amidst the current economic and political crisis, the country’s banking sector is also under distress. We had pointed out this danger a number of times in the past. But we cannot be satisfied with the measures taken by the successive governments in power. So we stand together with the people who demand political and economic reforms which will enable transformation in the way the affairs of the government and the public financial sector are conducted.”
“The two state banks provide a huge contribution to the national economy annually, by paying taxes and committing their profit dividends to the Treasury. However, the state banks are under substantial pressure at present as the government has borrowed large amounts of funds to import fuel, cooking gas, essential food items, medicines etc. in the recent past. We stress the fact that stringent measures must be immediately adopted to alleviate this pressure on state banks. We would like to tell the public that the state banks remain resilient for customer reliance, and as a union, we are dedicated to preserving that security and reliability in the future too,” CBEU said.
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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