Table of Contents
Introduction
This paper is going to discuss the current state of the banking system in Sri Lanka and highlight the best banks in the country. The aim of this article is to discuss 10 banks in Sri Lanka, describing their main characteristics, the services they offer, and their impact on the financial services industry in the country. No matter if you are a local resident or a foreigner planning on investing in Sri Lanka, this guide will help you select which bank best fits your requirements.
1. Bank of Ceylon
The Bank of Ceylon is the biggest and the oldest bank of Sri Lanka and was established in 1939. They provide a wide range of banking products and services such as personal and corporate banking, trade finance, and treasury operations. The bank has more than 600 branches and a large number of ATMs to cover the whole country.
One more advantage of the Bank of Ceylon is that it is an international bank; it has correspondent links with about 1,200 banks in other countries, which helps customers with their international transactions. Furthermore, the Bank of Ceylon is not only after making profits; it also promotes and supports many community development projects and initiatives, thus showing its social corporate responsibility.
2. Commercial Bank of Ceylon
Another major bank in Sri Lanka is the Commercial Bank of Ceylon, which is popular for its new products. This bank offers a wide range of banking products and services across the consumer, corporate and digital banking segments with a particular focus on the use of technology to enhance the customer experience.
Sustainability is also an important area of focus for the Commercial Bank, which has launched strategies to encourage environmental sustainability and social responsibility, for instance through green banking products that support renewable energy and sustainable housing.
3. People's Bank
The People’s Bank of Sri Lanka was established in 1961 as a state-owned bank and has since made a significant impact on the development of the banking industry in Sri Lanka. They offer a complete set of financial services for individuals, corporations, and the agricultural sector, with a particular emphasis on the inclusion of all segments of the community.
One of the major advantages of the People’s Bank is that it has a large number of branches throughout the country, with more than 700 branches across the country, especially in rural areas. They have also introduced several digital banking products to enhance the convenience of our customers.
4. Hatton National Bank
Hatton National Bank is also one of the biggest private banks in Sri Lanka which has a customer oriented approach and new products and services. They offer a complete range of banking services for personal, corporate, and SME customers with a focus on the implementation of digital strategy.
In particular, they are strong in agricultural banking and offer important services such as farmer’s loans, agri-insurance, and advisory services, together with projects that aim to enhance food production and rural economic development.
5. Sampath Bank
Sampath Bank is one of the biggest private banks in Sri Lanka and has always put the customer first and provide new and unique products. Their service portfolio includes retail banking and corporate banking, trade finance, and have a focus on the development of digital banking.
The satisfaction of the customer has always been a key goal at Sampath Bank and they have received many awards for this and they also offer customers’ rewards and special banking services.
