Business News Sri Lanka: Cementing an international reputation for excellence, Sri Lanka’s leading private sector bank, HNB PLC, was ranked among the Top 1,000 World Banks 2020 for the fourth consecutive year by the UK’s prestigious Banker magazine.
The Banker is the world’s premier banking and finance resource, providing global financial intelligence since 1926. The Banker’s Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector. In 2020, HNB climbed up in its global rankings by an impressive 39 positions.
“We are honoured to be ranked once again among the world’s most respected financial institutions and to have made strong improvements in our overall rankings. Particularly at the conclusion of a year fraught with challenges and more expected in the wake of the COVID-19 pandemic, HNB has displayed resilience and an outstanding capacity to adapt in the face of volatility. In this backdrop, the recognition in the Top 1000 ranking is ample testimony to the strength and stability of the bank.” HNB Managing Director/CEO, Jonathan Alles stated.
Notwithstanding the challenging macro conditions, the bank continued to progress on its ambitious transformation journey. The bank’s pivot to digitally enabled products and services continued to gather momentum, as the bank provided customers with convenient, comprehensive and secured options to transact remotely. Innovations such as AppiGo and SOLO – a one-stop-shop for digital payments linked through bank accounts, credit, or debit cards, have proven to be timely especially during the lockdown period due to the COVID 19 outbreak and even in the context of a post-COVID landscape.
Being a true partner in progress, HNB adopted a proactive approach in providing essential support to its network of retail, corporate and Small and Medium Enterprise (SME) clients negatively impacted by the COVID pandemic. Moreover, in an effort to finance a grassroots revival of the Sri Lankan economy, the bank launched a Rs. 5 billion COVID relief fund to provide working capital loans at a concessionary interest rate of 8% per annum directly to the bank’s substantial portfolio of SME customers. At present, HNB has facilitated over 2,500 clients for relief under the CBSL Saubagya working capital loan scheme, in addition to providing over 75,000 individuals and enterprises with debt moratoriums.
HNB is one of the most awarded Banks in Sri Lanka. In addition to improving its position on the Top 1,000 World Banks, the bank was also declared Best Retail Bank in Sri Lanka at the prestigious Asian Banker Excellence in Retail Financial Services Awards 2020, marking the 11th occasion that bank has emerged as winners.
Similarly, HNB was also adjudged Sri Lanka’s Best Bank in 2019 by Euromoney Magazine in addition to being recognised as ‘Best Managed Bank in Sri Lanka by the prestigious Asian Banker Magazine while the Bank’s Managing Director/CEO, Jonathan Alles was conferred with the Asian Banker’ CEO Leadership Achievement’ award.
Locally, HNB was recognized as the Top Corporate in Business Today’s most recent Top 30 rankings and has been placed as one of the Top 10 Most Admired Corporates of Sri Lanka as jointly adjudged by CIMA and the ICCSL. HNB’s remarkable track record of excellence secured it the first place ranking ahead of all Sri Lankan banks included in the LMD Top 100 Club – a position which was evaluated based on its performance over the past 25 years.
HNB is the first local bank to obtain an international rating and is rated on the par with the sovereign by Moody’s Investors Service. Recently, HNB’s long term issuer rating was revised upwards by two notches to AA+(lka) by Fitch Ratings Lanka Ltd.