Company type | Government-owned corporation |
---|---|
Industry | Finance |
Founded | 1961 |
Headquarters | No. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo, Sri Lanka |
Number of locations | 741 branches (2020) [1] |
Area served | Sri Lanka |
Key people | |
Products | Banking, financial and related services |
Revenue | Rs 235.529 billion [1] (US$ 1.016 billion) (2020) |
Rs 25.078 billion [1] (US$ 381.634 million) (2020) | |
Rs 13.565 billion [1] (US$ 75.432 million) (2020) | |
Total assets | Rs 2,400.567 billion [1] (US$ 11.867 billion) (2020) |
Total equity | Rs 139.111 billion [1] (US$ 542.706 million) (2020) |
Number of employees | 7,692 (2020) [1] |
Parent | Ministry of Finance |
Subsidiaries |
|
Website | www |
People's Bank is a state-owned commercial bank in Sri Lanka. The 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 targets small and medium enterprise. [6] India has extended multiple credit lines and currency support to Sri Lanka, aligning with its policy of prioritizing neighboring nations and fostering strong relationships as a friendly neighboring country. [7]
People's Bank was inaugurated on 1 July 1961, by T. B. Ilangaratne, Minister of Commerce, Trade, Food, and Shipping. The first branch was opened on Duke Street, Colombo.
T.B. Ilangaratne presented new banking soon after 1961 regulations in Colombo took into consideration branch banking in the district, opening the bank's first branch outside Colombo in 1962 in Kandy. By 1977 the bank had 50 financial workplaces in the Western Province.
After the 1971 JVP insurrection the bank launched rural credit scheme to make a small loans to groups of farmers and small scale businesses. [8]
In 1982 People's Bank was operating more than 300 branch with 10,000 employees. [9]
In 1984, People's Bank acquired The People's Merchant Bank, with branches in International Division and the Fort Foreign Branch [4]
Following the passage of the Banking Act 1988 by the Sri Lankan Government, the People's Bank Commercial Bank was set up to claim and work People's Bank and its auxiliaries. People's bank expanded outside Colombo in 1989, with support by the Ministry of Labour to arrange EPF outside Colombo. [10]
New innovations likewise permitted the direct connecting of Visacards with individual financial balances. In 1990, the bank presented the People's card, which changed its name to PET in 1991. In the same year, the company installed the first successful ATM in Colombo.
Company loss of more than Rs. 2 billion on 2019 due to mismanagement and Government corruption, former chairman said. [11]
Asian Development Bank gave the bank a "Trade Deal of the Year" award in 2020. In November 2020 the company reported total assets of Rs. 2.1 trillion. The company served 200 island-wide Self Banking Units. Most urban area branches converted to digital banking protocol. [12]
A+(lka) Fitch Rated People's Leasing & Finance PLC is a wholly owned subsidiary of the People's Bank.(which holds >75%) It is a leading finance and leasing company in Sri Lanka. [13] People's Leasing company started in 1996. It is the highest rated non-bank financial company in Sri Lanka. [14]
Bank launches loan program to local industries. It is called "Made in Sri Lanka". Its aims are to support small and medium business enterprises. [15]
The People's Bank was blacklisted by the Chinese government on 29 October 2021 due to dispute over fertilizer imports from China. [16]
People's Bank offers a wide range of bank accounts in Sri Lanka, including transaction and saving accounts, term deposits, and oversea accounts. [17]
People's Leasing and Finance PLC is an auxiliary of People's Bank and trailblazer in offering some incentive added monetary administrations of Sri Lanka. [18]
Commercial Bank of Ceylon PLC (CBC) also known as ComBank is a licensed commercial bank in Sri Lanka and its ownership is private. It was incorporated as a public limited company and it is listed on the Colombo Stock Exchange. It is regarded as the largest private bank in Sri Lanka in terms of net worth and capital. The bank is currently the third largest bank in Sri Lanka in terms of total net assets and it lies behind only Bank of Ceylon and People's Bank. It is also the only private sector licensed bank in Sri Lanka to be designated as the higher-tier domestic systemically important bank according to the Central Bank of Sri Lanka. The bank currently operates a network of 268 branches and around 932 ATM machines across Sri Lanka.
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Pan Asia Banking Corporation PLC is a public limited company incorporated in Sri Lanka. The bank currently has 85 branches across Sri Lanka. A public limited liability company incorporated in Sri Lanka on 6 March 1995 under the Companies Act No. 17 of 1982 and re-registered under the Companies Act No.07 of 2007. A licensed commercial bank under the banking Act No.30 of 1988 and listed in the Colombo Stock Exchange. PABC's major shareholder is Dhammika Perera. Fitch Rating BBB− (lka) - Outlook 'Stable'.
Amãna Bank is the first and only licensed commercial bank in Sri Lanka to conduct all its operations under the principles of Islamic banking and be fully disengaged from interest based transactions, offering the full spectrum of retail banking, SME banking, corporate banking, treasury and trade finance services.
Union Bank of Colombo PLC, commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.
Citizens Development Business Finance PLC also abbreviated as CDB PLC or CDBF PLC is a Sri Lankan listed public limited company which works as a licensed finance company accepting deposits from general public. It is one of the leading finance companies in Sri Lanka and it is also ranked within the top five largest licensed financial institutions among the 46 non banking institutions in the country. In September 2019, the company received the Best Social Media Initiative of the Year at the 2019 Asian Banking & Finance Awards which was held at the Shangri-La Hotel Singapore. The company was also awarded the Sri Lankan Best Employer Brand of the Year in 2019.
Edirisinghe Trust Investments Finance Limited also popularly known as ETI Finance is a Sri Lankan private limited company as well as a non banking financial institution which worked as a licensed finance company accepting deposits from general public. The company's business was primarily based on lending money on gold securities. On 13 July 2020, Central Bank of Sri Lanka decided to cancel the license of the company due to insufficient capital and financial problems regarding repaying depositors' money on demand as well as before maturity.
Singer PLC is a Sri Lankan holding company engaged in retailing and wholesale marketing home appliances and furniture. The company is also taking part in financial services and manufacturing businesses. The company is listed on the Colombo Stock Exchange since 1981 and in 2017, the Sri Lankan conglomerate, Hayleys acquired the majority of the shares. Singer is ranked 17th in the LMD 100, an annual list of listed companies in Sri Lanka by revenue, in 2020/21 edition. Brand Finance ranked the company 15th most valuable brand in Sri Lanka in its annual list of top 100 brands.
Central Finance Company PLC is one of the oldest non-bank financial institutions (NBFIs) in Sri Lanka having founded in 1957. The company is listed on the Colombo Stock Exchange in 1969. Brand Finance ranked the company the 28th most valuable brand in Sri Lanka for the year 2021. Central Finance Company was ranked 44th in the LMD 100 for the fiscal year 2019/20 by LMD.
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