People's Bank (Sri Lanka)

People's Bank is a state-owned commercial bank in Sri Lanka. Second largest commercial bank in Sri Lanka. Established on 1 July 1961, it has its head-offices at Sir Chittampalam A. Gardiner Street in Colombo. The bank offer both retail and corporate banking services, with a network of 739 local branches, service centers and has an asset base of LKR 1.873 trillion (2019) with over 14 million customers. (70% local customers) People's Bank received a high national long-Term Rating of AA+ by Fitch Rating.[4] People's bank most awarded state-owned company such as "Green Plus" "Carbon Conscious Award".[5] People's Bank became Sri Lanka's best performing bank. Bank mainly target small and medium enterprise.[6]

People's Bank
TypeGovernment-owned corporation
IndustryFinance
Founded1961 (1961)
HeadquartersNo. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo, Sri Lanka
Number of locations
 739 branches (2019)[1]
Area served
Sri Lanka
Key people
ProductsBanking, financial and related services
Revenue Rs 235.529 billion (2019)[1]
Rs 28.575 billion (2019)[1]
Rs 12.465 billion (2019)[1]
Total assets Rs 2,049.774 billion (2019)[1]
Total equity Rs 130.015 billion (2019)[1]
Number of employees
7,836 (2019)[1]
ParentMinistry of Finance
Subsidiaries
  • People's Leasing Group
  • People's Travels (Pvt) Ltd.
  • People's Merchant Bank PLC
Websitewww.peoplesbank.lk//

History

People's Bank was inaugurated on 1 July 1961, by T. B. Ilangaratne, Minister of Commerce, Trade, Food and Shipping. The first branch was open at Duke Street, Colombo. During the year, eight more branches were opened in Polonnaruwa, Hingurakgoda, Hambantota, Anuradhapura, Puttalam, Matale and Kandy in addition on the Foreign Branch in Colombo. The total number of employees stood at 169. 1962 The Head Office change to Union Place and 17 more branches were opened. After year start pawning services. Sometime later the head office relocated to its current location on Sir Chittampalam A. Gardiner Mawatha, Colombo 2. In 1967 The Bank agreed with Government of Dominion of Ceylon a new Agriculture Credit project for small farm sector. [7]

Company loss of more than Rs. 2 billion on 2019 due to mismanagement and Government corruption, former chairman said.[8]

Asian Development Bank has give a "Trade Deal of the Year" award in 2020. On November 2020 company reported company total assets rise to Rs. 2.1 trillion. Company serving 200 island wide Self Banking Units. Most urban areas branches converted to digital banking protocol.[9]

A+(lka) Fitch Rated People’s Leasing & Finance PLC is a wholly owned subsidiary of the People's Bank.(which holds >75%) It's leading finance and leasing company in Sri Lanka.[10] People's Leasing company started in 1996. It's highest rated non-bank financial company in Sri Lanka.[11]

Bank launches loan program to local industries. It's called "Made in Sri Lanka". It's aims to supported small and medium business enterprise.[12]

See also

References
  1. "People's Bank Annual Reports 2019" (PDF). People's Bank. People's Bank. 30 January 2020. Retrieved 30 January 2020.
  2. https://www.peoplesbank.lk/about-us
  3. http://www.ft.lk/front-page/Ranjith-Kodituwakku-new-CEO-GM-at-People-s-Bank/44-702018
  4. "Archived copy". Archived from the original on 30 October 2010. Retrieved 2010-11-13.CS1 maint: archived copy as title (link)
  5. "People's Bank highlights carbon management as key building block in 'People's Green Pulse' | Daily FT". www.ft.lk. Retrieved 2020-11-13.
  6. "People's Bank Ranked Sri Lanka's Best Bank". EconomyNext. 2020-09-08. Retrieved 2020-11-13.
  7. "People's Bank Annual Report 2010" (PDF). People's Bank Sri Lanka. March 21, 2011. p. 223.
  8. "Expose`: Loss of Rs. 2 billion to the Peoples Bank due to mismanagement". Sri Lanka News - Newsfirst. 2019-09-07. Retrieved 2020-11-13.
  9. "People's Bank wins prestigious Trade Deal of the Year Award | Daily FT". www.ft.lk. Retrieved 2020-11-13.
  10. www.fitchratings.com https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-affirms-people-leasing-finance-at-a-lka-outlook-stable-11-09-2020. Retrieved 2020-11-13. Missing or empty |title= (help)
  11. "People's Leasing upgrades and relocates its Kelaniya branch". Adaderana Biz English | Sri Lanka Business News. 2020-09-02. Retrieved 2020-11-13.
  12. "People's Bank launches 'Made in Sri Lanka' loans for local industries". The Morning - Sri Lanka News. 2020-09-05. Retrieved 2020-11-13.


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