Category: Daily Financial Times

The Commercial Bank of Ceylon has once again affirmed its standing among the world’s leading financial institutions, emerging as the No. 1 ranked Sri Lankan bank in the 2026 edition of the prestigious Top 1000 World Banks ranking published by The Banker magazine, UK.

The Bank’s No. 1 position among local peers reflects a robust 12.1% growth in Tier I capital, the primary benchmark used by The Banker to evaluate the financial health. Significantly, this marks the 14th occasion that Commercial Bank has been included in this definitive global listing, the highest number of appearances by any Sri Lankan financial institution. The Bank was also the first in Sri Lanka to break into the Top 1000, setting a benchmark for the industry.

Commenting on this latest achievement, Commercial Bank Managing Director/CEO Sanath Manatunge said: ‘Securing No. 1 spot among Sri Lankan banks in a global ranking of this calibre is an authoritative testament to the Bank’s disciplined approach to capital management, its resilience in navigating evolving market dynamics, and its ability to adapt to emerging risks while continuing to create long-term value. This recognition reinforces our commitment to maintaining strong fundamentals while building capabilities that will define the future of banking.’

‘The Banker’s annual Top 1000 World Banks ranking remains the industry’s benchmark for assessing the world’s largest banks,’ he added. ‘To be on this list for the 14th year is an invaluable independent ratification of our strength and stability. For every Commercial Bank customer, this is an excellent validation of their relationship with the Commercial Bank of Ceylon.’

Compiled from a database of more than 5,000 of the world’s largest banks, The Banker’s Top 1000 ranking is widely regarded as the industry’s most authoritative benchmark of banking strength and stability. The ranking is primarily based on Tier I capital, while also drawing on a broad range of performance indicators.

In its commentary on this year’s results, The Banker observed that the global banking industry remains in relatively sound health, supported by strong capital buffers, with the ratio of Tier I capital to assets close to a decade high. However, it noted that the sector must increasingly balance capital strength with agility and new skill sets to navigate emerging challenges such as geopolitical uncertainty and technological disruption, including the rapid evolution of artificial intelligence.

The Banker evaluates banks using more than 120 performance metrics and scores them across eight key areas: Growth, Operational efficiency, Return on risk, Soundness, Profitability, Asset quality, Liquidity and Leverage. These scores determine the final rankings and identify the best-performing banks in each region and globally.

The first Sri Lankan bank with a market capitalisation exceeding $ 1 billion., Commercial Bank has the highest capital base among all Sri Lankan banks, and is the largest private sector lender in Sri Lanka. Ranked No. 1 in the Business Today Top 40, the Bank is recognised as the most respected and most-awarded bank in Sri Lanka, is a leader in digital innovation and is the country’s first 100% carbon-neutral bank.

Commercial Bank operates more than 270 strategically-located branches and an extensive network of automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 21 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully-owned subsidiaries, CBC Finance PLC and Commercial Insurance Brokers Ltd., also deliver a range of financial services via their own branch networks.

The Cabinet of Ministers on Monday approved the drafting of legislation to amend the Employees’ Provident Fund (EPF) Act, paving the way for reforms aimed at modernising the administration of Sri Lanka’s largest retirement savings scheme and strengthening safeguards for its members.

Addressing the media, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said yesterday that the Legal Draftsman has been instructed to prepare a Bill based on recommendations submitted by the Central Bank.

Cabinet clears…

He said that while the Employees’ Provident Fund Act No. 15 of 1958 has been amended on several occasions since its enactment, further reforms are necessary to improve service delivery and address challenges arising from changing social, economic and technological conditions.

‘The Act should be amended further to provide a quality and efficient service, while minimising the difficulties faced by members in line with current social, economic and technological changes,’ Dr. Jayatissa told the weekly post-Cabinet media briefing.

The EPF was established in 1958 as a compulsory savings scheme to provide social security for private and semi-public sector employees who are not entitled to pension benefits. At present, it serves over 2.5 million members and manages assets exceeding Rs. 4.9 trillion.

Under the existing framework, the Department of Labour is responsible for the general administration of the Act, while the Monetary Board of the Central Bank acts as trustee of the Fund.

Dr. Jayatissa said the Department of Labour has already prepared a preliminary draft of the proposed amendments.

He explained that one of the key objectives is to reduce the financial hardship faced by employees when employers delay EPF contributions and disputes become tied up in lengthy court proceedings.

‘Such delays can deprive members of the interest they would otherwise have earned on their savings. The proposed amendments are also expected to revise the surcharge imposed on employers that default on EPF contributions, with the aim of strengthening compliance and protecting employees’ retirement savings,’ he added.

The planned reforms come amid broader efforts to improve the governance and efficiency of the EPF, which remains the country’s largest retirement savings fund.

Meanwhile, experts have previously highlighted concerns over the EPF’s institutional framework, noting that the Central Bank’s dual role as trustee of the Fund, while also exercising regulatory and operational responsibilities could create potential conflicts of interest.

However, when asked the Cabinet Spokesman did not indicate whether the proposed amendments would address this issue.

Just days before its inaugural Colombo-Ho Chi Minh City flight, Vietjet’s much-awaited Double Day Sale is back.

The 8.8 promotion is offering Eco tickets from $ 90 one way (inclusive of taxes and fees) on the route, discounts of up to 30% on premium fares, and 50% off pre-ordered meal combos, giving Sri Lankan travellers an ideal opportunity to plan their trips to Vietnam. The promotion also coincides with Vietjet being named Best Hybrid Airline for the first time in South Korea, one of the airline’s key international markets.

From now to 21:30 on 8 August 2026 (Sri Lanka time), passengers from Sri Lanka can enjoy promotional Eco fares across Vietjet’s flight network, including the upcoming Colombo-Ho Chi Minh City service. Bookings can be made via www.vietjetair.com, the ‘Vietjet Air’ mobile app, and other sales channels. The offer is available for travel between 5 September 2026 and 31 March 2027 (excluding public holidays and peak travel periods, subject to market conditions).

Passengers can also save up to 30% on Business and SkyBoss fares on all Vietjet’s direct international flights using the promo code BUSB88. A separate 20% discount on Deluxe fares, using the promo code DLX88, applies to flights between Hanoi, Almaty, and Prague only.

To make every journey even more enjoyable, passengers who pre-order meal combos will receive an instant 50% discount. This offer is available on all Vietjet routes (excluding connecting itineraries) for travel between 18 August 2026 and 31 March 2027. Travellers from Sri Lanka will be able to enjoy the promotion from the launch of Vietjet’s Colombo-Ho Chi Minh City service on 18 August 2026.

The campaign follows another milestone for the airline, which has been named Best Hybrid Airline for the first time at the Korea Consumer Awards 2026, alongside the Best Inflight Food Experience and Service Excellence awards. The recognition reflects Vietjet’s successful transformation into a hybrid airline, combining affordable fares with enhanced products and services across its Eco, Deluxe, SkyBoss and Business fare options.

Vietjet continues to invest in network expansion to offer travellers greater choice and connectivity. In addition to its debut service in Sri Lanka, the airline will launch new routes from Hanoi to Prague (Czech Republic) and Almaty (Kazakhstan) later this year, further strengthening its international network. Via Ho Chi Minh City, travellers from Colombo will enjoy convenient onward connections to destinations across Vietnam, Asia-Pacific, and beyond.

Passengers flying with Vietjet enjoy a modern, fuel-efficient fleet, flexible fare choices, professional and attentive service, and a diverse selection of freshly prepared hot meals featuring Vietnamese and international favourites, including pho and banh mi, alongside iconic Vietnamese iced milk coffee. Selected special flights also feature unique onboard cultural performances, creating memorable travel experiences beyond transportation.

Popular Indian artist and television host, Aditya Narayan, recently took flight with SriLankan Airlines, travelling from Mumbai to Colombo and back for his concert. Following his performance in Colombo, the star graciously posed for photos with the crew onboard his return flight.

The Association of Professional Bankers Sri Lanka (APB) entered into a Memorandum of Understanding (MoU) on 22 July 2026 with CPA Australia, one of the world’s leading professional accounting bodies, marking the beginning of a strategic partnership aimed at fostering professional development and knowledge sharing.

The collaboration seeks to create greater opportunities for APB members to enhance their professional competencies through educational and informational initiatives. Under the framework of the MoU, APB and CPA Australia will work together to organise knowledge-sharing sessions and other mutually agreed activities that contribute to the development of banking, accounting, and finance professionals.

The ceremony was attended by APB President Dilshan Perera and General Secretary Ramonez Goonawardena, while CPA Australia was represented by President and Chair of the Board Professor Dale Pinto and CPA Australia Sri Lanka Representative Dinuk Hettiarachchi. The initiative was spearheaded by APB’s Continuing Professional Development Committee (CPDC) as part of its ongoing efforts to expand learning opportunities and establish strategic partnerships with globally recognised professional bodies.

The signing of this MoU represents another milestone in APB’s efforts to build strong relationships with leading professional institutions, both locally and internationally, for the benefit of its membership and the broader financial services sector.

NaadhaGama UK brought together over 2,500 music lovers from across the United Kingdom and Europe for an unforgettable evening of live entertainment, marking one of the biggest Sri Lankan music concerts ever held in the UK.

The event attracted audiences travelling from all corners of the UK, as well as from several European countries, highlighting the growing international appeal of NaadhaGama and the strong demand for large-scale South Asian live entertainment outside Sri Lanka.

Featuring an exceptional lineup of artists from Sri Lanka, including Ridma Weerawardane, Kanchana Anuradhi, Supun Perera, Dhanith Sri, Dinesh Gamage, and Mithun SK, NaadhaGama UK delivered a spectacular performance with the orchestra led by Eshan Denipitiya. With their outstanding live performances, immersive staging, and an electric atmosphere that kept audiences entertained throughout the evening. Behind the event was Sentil Events, the UK-based events company responsible for bringing NaadhaGama to British audiences. With months of planning and coordination, the team worked alongside artists, partners, sponsors, suppliers, and volunteers to deliver a seamless, world-class production.

The success of NaadhaGama UK demonstrates the increasing global reach of Sri Lankan music and its ability to connect audiences across borders. More than a concert, the event became a celebration of music, culture, and community, creating lasting memories for thousands in attendance.

Following the overwhelming success of the UK show, NaadhaGama will continue its international journey with an orchestral edition at the iconic sidney myer music bowl in Melbourne, Australia on 31 October 2026.

The 2025 Sri Lanka Cricket Awards, powered by Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider and prolific promoter of sports, will be held on 6 August at Cinnamon Life, with Dialog extending its title sponsorship for the annual awards for the next three years. The agreement continues a partnership of more than 13 years between Dialog and Sri Lanka Cricket, during which the company has supported the game at every level, from junior development to the national teams.

The annual awards ceremony will recognise the achievements of Sri Lanka’s leading men’s and women’s cricketers for their performances in international and domestic cricket. It has become one of the country’s most anticipated cricket events, paying tribute to established stars and emerging players alike.

The top honours of the night will be the Men’s Cricketer of the Year and Women’s Cricketer of the Year awards. The Emerging Cricketer of the Year award will recognise the country’s rising young talent. Awards will be presented across several international categories for both men’s and women’s cricket. Domestic performers will also be recognised, with honours for the best players in the Under-23 and Women’s competitions, together with the Premier League Tournament, Premier League Limited Over Tournament and the Club T20 competition. Dialog’s continued backing of the Sri Lanka Cricket Awards reflects its long-standing commitment to Sri Lankan cricket, from nurturing emerging talent to celebrating excellence at the highest level.

In line with Dialog’s commitment to Powering the Champions of Tomorrow, the company is proud to present the Emerging Cricketer of the Year Award. Through initiatives such as the Dialog Big Match Season, Dialog has consistently invested in school cricket, providing young talent with opportunities to develop and showcase their potential. The Emerging Cricketer of the Year Award reflects the next step in that journey, recognising outstanding young players as they progress to the national stage. By celebrating tomorrow’s stars today, Dialog continues to ‘Connect the Future, Power the Present’, while reinforcing its commitment to the sustainable growth of Sri Lankan cricket.

Dialog Axiata PLC Group Chief Executive Supun Weerasinghe said: ‘Cricket has an extraordinary ability to unite Sri Lankans, transcending generations and communities through a shared passion for the game. We thank Sri Lanka Cricket for its continued partnership and we are honoured to celebrate the achievements of our cricketers.’

Dialog is the proud sponsor of the National Cricket, Volleyball and Esports teams. The company is also the primary sponsor of the Sri Lanka Golf Open and Paralympic sports by powering the National Para Games and the Sri Lankan contingent to the Paralympic Games. Further, in line with its commitment to powering the champions of tomorrow, Dialog continues to power the President’s Gold Cup Volleyball Championship, National Junior and Senior Netball Tournaments, Schools Rugby, and as the Official Telecommunications Partner of the National Olympic Committee of Sri Lanka, is powering Sri Lanka’s journey to the Los Angeles 2028 Olympic Games.

City of Dreams Sri Lanka marks its first anniversary on 2 August 2026, celebrating a milestone that has reshaped Sri Lanka’s tourism, hospitality and lifestyle landscape.

The opening of South Asia’s first fully integrated resort represented one of the country’s most significant tourism developments, introducing an entirely new destination concept that seamlessly brings together luxury accommodation, world-class dining, entertainment, retail and lifestyle experiences within a single integrated resort.

Following widespread anticipation ahead of its launch, City of Dreams Sri Lanka has established itself as a vibrant destination that continues to enhance Colombo’s appeal for leisure, business and entertainment.

Throughout its first year, City of Dreams Sri Lanka has established itself as one of the country’s leading lifestyle destinations, welcoming local and international guests through an integrated resort experience unlike any other in Sri Lanka. Large-scale MICE events, international conferences, destination weddings, global entertainment performances and landmark celebrations have transformed the destination into a vibrant hub for business, leisure and social occasions. International chef collaborations, signature restaurant experiences and destination dining concepts have further enriched Colombo’s culinary landscape, while international partnerships have strengthened Sri Lanka’s appeal among regional and international travellers, particularly from India.

Cinnamon Life at City of Dreams Sri Lanka General Manager and Cinnamon Hotels and Resorts Senior Vice President, Kamal Munasinghe said: ‘Our first anniversary represents far more than the passing of a year. It marks the beginning of a destination that has introduced an entirely new lifestyle experience to Sri Lanka while welcoming guests, global partnerships and world-class experiences under one roof. Every event, celebration, culinary collaboration and visitor who has walked through our doors has contributed to building something truly distinctive for the country. We are particularly encouraged by the growing interest from international visitors and regional travellers, alongside the increasing number of destination weddings and major events choosing City of Dreams Sri Lanka. As we celebrate this milestone, we remain committed to building on this momentum and creating even more exceptional experiences in the years ahead.’

The anniversary celebrations will commence with 30% off food and beverages across participating specialty restaurants from 1 to 9 August, before continuing with anniversary-inspired set menus from 10 to 16 August at Staten Bar and Grill, Bistro des Marées, Yoroko and Sapphire Dragon. Curated by each restaurant’s culinary teams, the menus will showcase signature dishes that celebrate the destination’s diverse culinary offering.

Indiya will bring together two of India’s most celebrated culinary destinations, Indian Accent Mumbai and Ekaa, for an exclusive two-day dining experience on 7-8 August 2026. The guest chef experience will see Indian Accent Mumbai Executive Chef Rijul Gulati and Ekaa Head Chef and Partner Chef Niyati Rao, present specially curated vegetarian and non-vegetarian Chef’s Tasting Menus that celebrate India’s rich culinary heritage through bold innovation, exceptional ingredients and refined technique.

The first anniversary celebrations will continue throughout August with a series of specially curated dining experiences and exclusive offerings across City of Dreams Sri Lanka, bringing together distinctive flavours, memorable moments and experiences created to mark this significant milestone.

Ceyconnect Ltd., a subsidiary of the Ceyline Group, has introduced Sri Lanka’s first long-haul Electric Vehicle (EV) prime mover, deploying it within the outbound supply chain of Lion Brewery (Ceylon) PLC. The vehicle is the latest step in an ongoing partnership between Lion and Ceyline Group.

Ceyline Group previously built energy-efficient warehousing for Lion Brewery’s operations, and the EV prime mover extends that work from storage into transport.

Ceyline Group CEO Radesh Daluwatte said, ‘This initiative is a strategic step to evaluate the true potential of long-haul EV transport. Our goal is twofold: to accelerate sustainability across the logistics and maritime industries, and to prove the commercial and economic viability of this project to our partners.’

‘By deploying this vehicle, we are successfully proving that heavy-duty commercial transport within Sri Lanka can be both exceptionally high-performing and entirely zero-emission,’ said Ceyconnect General Manager Prabath Karunaratne.

Lion Brewery (Ceylon) PLC Senior Vice President – Outbound Logistics Kaveen Gayathma said, ‘Integrating this EV prime mover marks another investment in our sustainability journey and an important aspect of our overarching cleaner energy transition ambition.’

Ceyconnect has said it plans to expand the electric fleet serving Lion Brewery’s outbound network over time.

People’s Bank successfully hosted its 22nd Annual Inter-Branch/Department Quiz at Monarch Imperial, Sri Jayawardenepura Kotte, reaffirming its commitment to staff development and knowledge sharing. This year’s event attracted enthusiastic participation over 150 teams representing branches and departments across the Bank’s network, reflecting the institution’s dedication to fostering a culture of continuous learning among its employees.

Following a keenly contested competition, Risk Management and Credit Control Department – Team A emerged as the champions, winning the coveted CEO/GM Trophy. The Commercial Credit Department secured the position of 1st Runners-up, while the Strategic Planning, Performance Management and Research Department was named 2nd Runners-up. Treasury Front Office – Team A claimed the 3rd Runners-up position, and the Process Management and Quality Assurance Department was adjudged 4th Runners-up.

The event was graced by Chairman Prof. Narada Fernando and General Manager/CEO Clive Fonseka together with members of the Corporate and Executive Management.