Category: Daily Financial Times

The Ceylon Chamber of Commerce recently convened “Energy Transition in Sri Lanka: Strategic Insights from Global Markets,” bringing together stakeholders from Government, industry, academia, and the energy sector to discuss the policies, investments, and reforms needed to accelerate Sri Lanka’s transition towards a more secure, affordable, and sustainable energy system.

The discussion focused on the growing role of renewable energy in meeting Sri Lanka’s rising electricity demand while reducing dependence on imported fossil fuels. Solar energy was identified as a priority area for expansion, with participants highlighting the importance of purchase tariffs, procurement mechanisms, and distributed renewable energy development to encourage private investment, strengthen grid stability, and reduce transmission losses.

Participants also examined the barriers that continue to slow renewable energy deployment, including policy inconsistency, lengthy approval processes, land acquisition challenges, grid constraints, and delays in project implementation. The need for a stable and predictable policy environment, streamlined regulatory processes, and stronger institutional coordination was identified as essential to improve investor confidence and accelerate project delivery.

The dialogue explored the role of procurement frameworks, financing mechanisms, and electricity sector reforms in supporting future investment. Net metering and feed-in arrangements were recognised as important tools to encourage commercial and industrial users to adopt solar power by enabling them to sell surplus electricity back to the grid. Participants also stressed the importance of improving access to financing, developing more bankable project structures, and addressing financial sustainability issues, including timely payments to renewable energy developers.

Energy storage systems emerged as a key area of discussion, with participants highlighting their importance in supporting greater renewable energy integration, improving grid stability, and enhancing system flexibility. Global experiences in deploying solar-plus-storage solutions were examined, alongside the need for clear technical standards, safety frameworks, financing mechanisms, and market structures to support the adoption of energy storage technologies in Sri Lanka.

The discussion also considered the wider economic implications of the energy transition. With electricity demand expected to increase alongside digitalisation, artificial intelligence, electric vehicles, and data centres, participants emphasised the need to modernise the country’s energy infrastructure through intelligent grids and emerging technologies to support long-term economic competitiveness.

Human capital development was another important theme, with participants calling for closer collaboration between industry and academia, expanded technical training opportunities, and stronger local expertise in renewable energy and energy storage technologies to support the sector’s continued growth.

The dialogue concluded by emphasising that achieving Sri Lanka’s renewable energy ambitions will require coordinated action across policy, regulation, financing, and infrastructure development.

The Central Bank of Sri Lanka (CBSL) yesterday said its Financial Intelligence Unit (FIU) imposed administrative penalties totalling Rs. 14.6 million on 12 reporting institutions between October 2025 and March 2026, with the enforcement action highlighting failures to report high-value transactions within stipulated timelines, weaknesses in customer screening against UN sanctions lists, and broader gaps in anti-money laundering and countering the financing of

terrorism (AML/CFT) controls.

The FIU, which functions as Sri Lanka’s regulator for AML/CFT, said the penalties were imposed under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) after considering the nature and gravity of the relevant non-compliances. The funds collected as penalties were credited to the Consolidated Fund.

The penalties covered 12 institutions, comprising eight financial institutions and four designated non-financial businesses and professions, following risk-based on-site examinations, spot examinations, and offsite follow-up examinations.

The highest penalty of Rs. 3 million was imposed on Citizens Development Business Finance PLC after the FIU identified failures in customer screening and sanctions compliance.

The FIU said the company had failed to effectively verify whether prospective customers appeared on designated lists issued under UN Security Council resolutions before entering into new business relationships. It had also failed to effectively screen its existing customer database when sanctions lists were updated.

The examination found that, due to these gaps in systems and procedures, the company had established and maintained business relationships with three individuals designated under UN Regulation No. 1 of 2012, issued pursuant to UN Security Council Resolution (UNSCR) 1373.

The FIU said the company had also failed to freeze funds, other financial assets, and economic resources held by designated persons and failed to inform the FIU of such assets within the required 24-hour period.

Cargills Bank PLC and Sanasa Life Insurance Company PLC were each fined Rs. 2 million for separate AML/CFT compliance failures.

Cargills Bank was penalised after failing to report 18 electronic fund transfer transactions from an examination sample where the value exceeded Rs. 1 million or its equivalent in foreign currency within the prescribed period.

The bank was also found to have failed to maintain a complete list of designated persons, groups, and entities under UN Regulation No. 1 of 2012. The FIU said the lapse was due to delays in updating designated lists within the bank’s screening tool, but no business relationships with designated individuals or entities were identified during the examination.

Sanasa Life Insurance was fined after failing to report nine cash transactions exceeding Rs. 1 million within the required period and for shortcomings in maintaining updated sanctions lists, screening customers and beneficiaries, and obtaining senior management approval before establishing a business relationship with a politically exposed person. The FIU said the examination did not reveal any business relationships maintained with designated individuals or entities despite the identified system and procedural gaps.

Penalties of Rs. 1 million each were imposed on LB Finance PLC, LOLC Securities Ltd., Janashakthi Finance PLC, and Indian Overseas Bank.

LB Finance was fined after failing to report nine transactions exceeding Rs. 1 million or its equivalent in foreign currency within the specified period.

LOLC Securities was penalised for failing to report 12 electronic fund transfer transactions exceeding the reporting threshold, while Janashakthi Finance was cited for delays in verifying prospective customers against designated lists before establishing business relationships.

Indian Overseas Bank was penalised for several deficiencies, including failing to report 13 transactions exceeding the reporting threshold, inadequate sanctions screening during wire transfers, maintaining incomplete designated lists and delays in updating its screening system after receiving notifications from the FIU.

The FIU noted that no business relationships with designated persons or entities were identified in the cases involving LOLC Securities, Janashakthi Finance and Indian Overseas Bank.

Among designated non-financial businesses and professions, Swarnamahal Jewellers Ltd. received a penalty of Rs. 2 million for failures relating to customer due diligence, identification and verification of customers and beneficial owners, record retention, AML/CFT risk assessments and sanctions screening.

Harbour Village Ltd. was fined Rs. 1 million for failing to verify customers against designated lists and for not having mechanisms to screen existing customers when sanctions lists were updated.

Colombo Jewellery Stores Ltd. was fined Rs. 500,000 after failing to conduct a money laundering and terrorist financing risk assessment, while Zay’s Ltd. was fined Rs. 100,000 for failing to verify customers or beneficiaries against designated lists relating to targeted financial sanctions.

The FIU said the administrative penalties form part of measures to strengthen compliance with Sri Lanka’s AML/CFT framework by ensuring reporting institutions maintain effective transaction monitoring, customer due diligence and sanctions screening mechanisms.

LANKATILES PLC Managing Director Priyantha Talwatte (right) with The Geoffrey Bawa and Lunuganga Trusts Chairperson Channa Daswatte

Reinforcing its long-standing commitment to architecture, design excellence and the advancement of Sri Lankan living spaces, LANKATILES has announced a strategic partnership with the Geoffrey Bawa Trust.

The collaboration will support the Trust’s DesignTalk platform, the Annual Geoffrey Bawa Memorial Lecture and other knowledge-sharing initiatives that continue to inspire and cultivate Sri Lanka’s architectural community.

The partnership reflects a shared commitment to meaningful dialogue, creative exchange and the continued evolution of architecture in Sri Lanka. Aligning with Geoffrey Bawa’s enduring legacy, LANKATILES seeks to support platforms that nurture future talent and strengthen its engagement with the country’s architectural and design fraternity.

LANKATILES PLC Managing Director Priyantha Talwatte said: “Our association with the Geoffrey Bawa Trust reflects our shared belief that architecture shapes spaces, cultural identity and lasting legacies. LANKATILES is proud to support a community that inspires future generations of architects and contributes to an enduring culture of design.”

The Geoffrey Bawa and Lunuganga Trusts Chairperson Channa Daswatte said:

“The Trust supports a dynamic calendar of year-round public programmes, including exhibitions, lectures and tours that engage with the natural and built environment. In working with the Trust, LANKATILES is not only supporting this important work, but is also helping the Trust grow these programmes and supporting Sri Lanka’s architectural and design community.”

Over five decades, LANKATILES has combined world-class tile and surface solutions with a commitment to thoughtful design, craftsmanship, innovation, education and industry partnerships that have enhanced how Sri Lankans design, build and experience spaces. This collaboration reinforces the company’s belief that design extends beyond buildings to shape communities, culture and lasting legacies, while further strengthening its commitment to advancing Sri Lanka’s architectural and design landscape.

Established by the architect in 1982, the Geoffrey Bawa Trust works to promote architecture, the arts and environmental studies in Sri Lanka and abroad. Since Geoffrey Bawa’s passing in 2003, the Trust has maintained the architect’s archives and sustained year-round public programmes, that engage broad discourse on natural and built environments and the arts. These initiatives continue to inspire architects, designers, academics and students while creating meaningful opportunities for the exchange of ideas across generations.

The Colombo stock market continued its bearish-run, opening the week in the red with main index falling to a more than three-month low.

With 193 counters ending in red against just 32 that gained during the session, the ASPI was down a sharp 0.92% or 197.31 points at 21,208.10 and the active S and P SL20 was down 0.94% or 56.46 points at 5,943.22.

Market turnover was over Rs. 2.6 billion on nearly 66.5 million shares traded and foreign investors emerged as net buyers on a net inflow of Rs. 23.5 million.

DIAL, COMB, RICH, JKH and CARS were the major contributors to the ASPI decline.

First Capital Research said investor sentiment remained subdued amid ongoing geopolitical tensions in the Middle East, weighing on market confidence. HNW investor participation remained active, supported by several negotiated crossings, while retail participation was at average levels.

The food and staples retailing sector led the daily turnover with a share of 43%, followed by the food beverage and tobacco, and capital goods sectors collectively contributing 27%.

Following its sovereign default, Sri Lanka has taken a significant step towards restoring macroeconomic stability through the achievement of a primary budget surplus. Fiscal consolidation should be viewed not as an end in itself but as a means of strengthening the economy’s long-term capacity to generate investment, productivity, and growth. The next phase of Sri Lanka’s recovery will depend not on fiscal arithmetic alone but on rebuilding domestic savings, strengthening capital formation, improving competitiveness, and enhancing institutional capability.

Sri Lanka’s achievement of a positive primary budget surplus marks a significant milestone in its recovery from the unprecedented 2022 economic crisis. For the first time in many years, Government revenue has exceeded non-interest expenditure, signaling that the state can finance day-to-day operations without additional borrowing. Together with declining inflation and progress in debt restructuring, these developments have restored macroeconomic credibility.

In the aftermath of the economic collapse, fiscal consolidation became an economic necessity to restore confidence among creditors and international financial institutions. Yet every major economic achievement involves trade-offs. The more important question is whether the policies that restored fiscal stability have also weakened some of the foundations of long-term economic growth.”

This distinction is fundamental: a primary surplus measures the Government’s fiscal position, not the nation’s capacity to generate future wealth. Macroeconomic stability is a prerequisite; however, it cannot independently yield enduring enhancements in productivity, investment, or living standards. Restoring fiscal discipline was merely the first stage; converting that stability into sustainable growth requires rebuilding the productive foundations of the economy.

Looking beyond fiscal arithmetic

Public discussion has understandably focused on improving fiscal indicators. However, successful development requires looking beyond the Government’s balance sheet.

Sri Lanka’s recovery should be viewed through two complementary balance sheets. The first is the Government’s, reflected in revenue, expenditure, deficits, and public debt. The second is the nation’s, comprising its financial, physical, human, technological, and institutional capital. While the first measures fiscal health, the second ultimately determines long-term prosperity.

Lasting prosperity will depend on rebuilding the nation’s productive capacity through higher domestic savings, stronger capital formation, enhanced competitiveness and more capable institutions

A Government may improve its fiscal position while the country’s productive capacity remains weak. If domestic savings decline, productive investment stagnates, and skilled people leave, fiscal improvement alone cannot sustain growth. The national conversation must move toward rebuilding the productive economy.

The flip side of fiscal consolidation

Sri Lanka’s fiscal adjustment program has concentrated on revenue mobilisation and expenditure restraint. At the same time, the process has coincided with a significant increase in the cost of living, higher utility tariffs, and reduced disposable incomes. While stronger revenue mobilisation has driven the primary surplus, a substantial proportion has come from indirect taxation, placing a heavy burden on consumption.

Fiscal policy should not merely restore budgetary balance. Its broader purpose should be to strengthen the economy’s capacity to generate future growth. Compared with successful Asian economies, Sri Lanka continues to depend heavily on indirect taxation while facing challenges in attracting investment and expanding exports. Revenue adequacy is essential, but the structure of revenue mobilisation must support entrepreneurship and the future expansion of the tax base itself.

The question, therefore, becomes:” Where will the capital required for Sri Lanka’s next phase of development come from?”

Domestic savings: The missing strategic variable

One consequence of fiscal adjustment has received remarkably little attention: the condition of domestic savings. For years, Sri Lanka relied on a combination of Government investment, domestic savings, and foreign capital. Today, each faces constraints: fiscal consolidation limits public capital expenditure, access to international capital markets remains constrained, and foreign direct investment falls short of regional peers. Savings finance investment; investment raises productivity; productivity strengthens competitiveness.

When external capital is limited and public investment is constrained, domestic savings assume strategic importance. They become the principal source for financing future investment and capital formation. As nations like Singapore, South Korea, and Vietnam have demonstrated, sustained transformation depends upon high levels of investment driven by a country’s capacity to generate its savings.

The broken savings-investment cycle

The relationship between household savings and national development is profound. Higher household savings strengthen the financial system, expanding long-term investment finance for businesses to upgrade technology and skills. This improves productivity, expands exports, and raises incomes, creating a virtuous cycle.

Conversely, when real disposable incomes decline over an extended period, households reduce savings. Lower savings weaken the domestic pool of investment capital, slowing capital formation and productivity growth.

This is the flip side of fiscal stabilisation. In Sri Lanka, the middle class has historically been a principal source of savings and entrepreneurship. Prolonged financial pressure on this segment impacts future innovation and labour productivity. For vulnerable households, persistent reductions in income affect nutrition, education, and healthcare, with long-term implications for human capital.

Capital formation and competitiveness

Capital formation is the bridge between stability and prosperity. Fiscal stability creates confidence; capital formation creates growth. Without adequate investment, productivity cannot rise, leaving enterprises struggling to compete internationally.

Sri Lanka’s structural challenges-insufficient domestic savings, modest foreign direct investment, and slow export diversification-long predate the 2022 crisis. Because fiscal space remains limited, the Government cannot finance the scale of investment required alone. The private sector must assume a larger role, supported by policies that encourage long-term productive investment over short-term commercial activity.

Human capital and stronger institutions

Physical capital alone cannot transform an economy; investment in people is equally vital. Sri Lanka, known for its strong human development indicators, faces challenges due to skilled professionals migrating abroad and ongoing skills mismatches. These issues jeopardise the country’s historical advantages in human development. To bolster future competitiveness, it is essential to treat expenditures on education, research, and digital capabilities as strategic investments.

Ultimately, sustainable development depends upon institutions capable of converting sound policies into measurable outcomes. Sri Lanka has rarely suffered from a shortage of policy ideas but rather a gap between formulation and implementation. Institutional capability-the practical ability of the state to design sound policies and maintain continuity across political cycles-is a critical competitive advantage that remains to be fully developed.

The Government should aim to transition towards growth by reducing tax reliance and fostering investment through structural reforms. Thus, the country’s Primary Budget Surplus should be viewed not as the culmination of economic recovery but as the starting point of a more demanding journey towards sustainable, inclusive and investment-led growth

The Budget as a strategic instrument

Forthcoming national budgets assume significance extending well beyond annual fiscal arithmetic. Their success should be judged by whether they begin to strengthen the productive foundations of the economy. Their success should be judged by whether they strengthen the productive foundations of the economy through protecting productive public investment, encouraging domestic savings, stimulating private investment through policy certainty, and investing in education, technology, and human capital.

Fiscal discipline and economic development are complementary. Fiscal credibility creates confidence, which encourages investment, raises productivity, expands exports, and generates rising incomes-thereby reinforcing the fiscal position itself.

Conclusion

Sri Lanka has made significant progress since the 2022 crisis, with fiscal stabilisation laying an essential foundation for future growth. However, Sri Lanka’s goal for a primary surplus-mandated by the IMF Extended Fund Facility-largely relies on arduous indirect taxation, which stabilises debt but negatively impacts domestic consumption and savings, thereby jeopardising economic growth. The article highlights the limitations of financial engineering, the need for long-term fiscal policies, and the dangers of complacency within fragile economies. Concerns arise regarding the sustainability of tax-based revenue, with calls for reforms to modernise tax administration and enhance compliance without hindering growth. Lasting prosperity will depend on rebuilding the nation’s productive capacity through higher domestic savings, stronger capital formation, enhanced competitiveness and more capable institutions.

The Government should aim to transition towards growth by reducing tax reliance and fostering investment through structural reforms. Thus, the country’s primary budget surplus should be viewed not as the culmination of economic recovery but as the starting point of a more demanding journey towards sustainable, inclusive and investment-led growth.

(The author is the former Chairman of the Finance Commission of Sri Lanka with expertise in financial management across various sectors. Having served as an investment banker and a Financial Management Specialist at the Commonwealth Secretariat, his career spans over five decades of dual-sector experience, focusing on institutional governance, fiscal policy, and structural reform in a comparative context)

Hafele, a global leader in intelligent interior solutions with a legacy of over 100 years, proudly announces its new partnership with Damro, one of Sri Lanka’s most trusted and prominent modern retailers. This collaboration marks a significant expansion of Hafele’s retail presence across the country, enabling customers to experience a curated selection of Hafele home appliances at Damro’s largest and most visited Mega Showrooms.

Through this partnership, Hafele’s Appliances are now available across 15 Damro Mega Showrooms located in key cities including Colombo, Kandy, Galle, Matara, Kurunegala and Jaffna, further extending the brand’s reach through Damro’s extensive retail network across Sri Lanka. The products featured in these showrooms include hobs and hoods, ovens, microwaves, dishwashers, and induction hobs, all designed to combine cutting-edge technology with functionality. Each appliance reflects Hafele’s commitment to quality, modern design, and enhanced usability, allowing Sri Lankan customers to transform their kitchens and homes with smart, stylish solutions.

Hafele has long been recognised in Sri Lanka for its extensive portfolio of architectural hardware, furniture fittings, lighting, and appliances, supported by a strong service network. Initially focused on project sales, the brand has steadily expanded its presence through showrooms and retail partnerships, making world-class interior solutions more accessible to a broader audience.

Hafele South Asia Managing Director Frank Schloeder said: “We are delighted to collaborate with Damro, a brand synonymous with trust and quality across Sri Lanka. This partnership allows us to reach more customers and offer them direct access to our premium appliance range. Together, Hafele and Damro will provide unmatched convenience, choice, and design excellence for modern homes across the country.”

Damro Director Calvin Croner added: “At Damro, we are committed to offering our customers products that represent the highest standards of excellence and value. Hafele’s strong German heritage and reputation for intelligent interior solutions make it an ideal partner for us. We are pleased to bring Hafele’s premium appliance range to our customers through our Mega Showrooms across Sri Lanka, providing them with greater choice and access to world-class kitchen solutions.”

The collaboration with Damro reinforces Hafele’s commitment to making premium interior solutions available nationwide. By leveraging Damro’s established retail network, Hafele aims to offer customers an immersive product experience, allowing them to explore, interact with, and choose appliances that best suit their lifestyles.

The Corporate Governance Institute recently posed a question that cuts to the heart of modern directorship: What is the single greatest governance risk facing Boards today? My answer, after over 25 years of serving on Boards across banking, listed companies, public institutions, and multinational organisations, aligns with Guy Mallabone’s perspective: strategic irrelevance and also know-it-all attitude. Not fraud, not regulatory penalties, not even a cyber attack-though all can be devastating. The most serious governance failure occurs when a Board becomes so focused on managing yesterday’s risks that it fails to recognise tomorrow’s realities, often because it has stopped learning. A Board can be fully compliant, receive clean audit reports, and conduct regular reviews, yet still fail if it loses the ability to anticipate change. The greatest danger is a Board that performs its duties diligently while becoming intellectually disconnected from the world around it, harbouring the quiet, corrosive belief that it already knows everything. Recent research by The Corporate Governance Institute highlights this very challenge, revealing a widening gap between Boardroom confidence and Board readiness. While many directors express confidence in their overall effectiveness, significant gaps remain in their preparedness to navigate emerging risks such as artificial intelligence, cyber security, ESG expectations, and regulatory complexity.

Governance has moved beyond compliance

When many of us first entered Boardrooms, governance was largely viewed through a compliance lens: approving budgets, reviewing financial statements, monitoring controls, and ensuring regulatory obligations were met. Those responsibilities remain essential, but they are no longer enough. Today’s directors operate under unprecedented scrutiny from shareholders, regulators, employees, customers, the media, Gen Z and society at large. Boards are expected not only to provide oversight but also to demonstrate foresight and leadership.

The modern Board agenda

The modern Board agenda must address cyber security threats and the disruptive impact of artificial intelligence; geopolitical uncertainty and shifting economic realities; climate risks and sustainability expectations; talent shortages and workforce transformation; and the challenge of balancing stakeholder expectations with long-term value creation-all in an environment where information is often incomplete and decisions must be made at speed.

The Social Media accelerant

One of the biggest changes in governance has been the rise of social media. Previous generations of directors never faced an environment where a single incident-whether accurate, exaggerated, misunderstood, or entirely false-could spread globally within minutes. A reputation built over decades can be damaged in hours. The challenge is not simply responding quickly; it is responding responsibly. Boards must separate facts from speculation, communicate with clarity, and protect stakeholder confidence while ensuring every word is legally sound. Misinformation often travels faster than the truth, and directors are expected to act immediately, even as every response must withstand intense scrutiny. Traditional governance frameworks were not designed for this speed and complexity. The defining capability of future Boards will therefore be not just knowledge, but judgement under uncertainty.

What future-ready Boards do differently

Future-ready Boards do not merely review history. Research shows that they interrogate the future. This means rethinking priorities. Financial performance and compliance remain critical, but they should not dominate the agenda. More time must be devoted to deeper questions: What assumptions are we making today that may no longer hold true tomorrow? Are we creating tomorrow’s businesses or simply protecting yesterday’s? Do we have the Talent capable of navigating an uncertain future? What risks are we prepared to take, and are they aligned with our strategy and stakeholder expectations ?Most importantly, strong Boards normally encourage constructive challenge and create an environment where directors can ask difficult questions without fear. The first sign of an irrelevant Board is often not disagreement, but silence-and the moment it stops learning.

The most serious governance failure occurs when a Board becomes so focused on managing yesterday’s risks that it fails to recognise tomorrow’s realities, often because it has stopped learning

Stewardship in a changing world

The greatest evolution I have witnessed in governance is the shift from narrow shareholder oversight to broader stewardship. Boards are no longer judged only by the decisions they make, but by how quickly they identify emerging threats, how transparently they respond during crises, and how effectively they protect the organisation’s most valuable intangible asset: trust. Financial losses can be recovered, strategies can be changed, and brands can be rebuilt. But trust, once damaged, is exceptionally difficult to restore.

Keep learning

The Boards that succeed in the next decade will not be those with the longest governance manuals or the most detailed compliance checklists. They will be the Boards that remain curious, humble, and strategically and intellectually restless. Perhaps the greatest governance risk of all is not the failure to anticipate change, but the dangerous belief among directors that they already know everything. The moment a Board stops learning, questioning, and challenging its own assumptions is the moment it begins to lose relevance. In an era of relentless disruption, the greatest governance risk is not making the wrong decision. It is realising, too late, that the Board stopped asking the right questions while the answers still mattered for the future.

Commercial Bank of Ceylon Managing Director/CEO Sanath Manatunge has been appointed Chairman of the Employers’ Federation of Ceylon (EFC), one of the country’s most influential apex business bodies representing the interests of employers across a wide spectrum of industries.

The bank said Manatunge’s appointment is a significant recognition of his leadership and contribution to Sri Lanka’s business sector, and reflects his engagement with national economic and business development initiatives.

Manatunge’s appointment was made at the 97th Annual General Meeting of the EFC, at which the organisation constituted its Board of Trustees and Council Members for the financial year 2026/27. He succeeds Dinesh Weerakkody, and will serve alongside Vice Chairman Dinal Peiris, Chairman and Managing Director of the Lanka Aluminium Industries PLC Group.

A respected leader in Sri Lanka’s financial services sector, Manatunge brings to this prestigious role more than 36 years of experience in banking and finance. In his inaugural address as Chairman, he underscored the continued relevance of the EFC as the National Employers’ Organisation, affirming its commitment to contributing to labour law reforms that support future-ready businesses while continuing to promote responsible business practices. He also emphasised the importance of constructive engagement with tripartite stakeholders to advance shared national objectives and strengthen the country’s employment landscape.

Manatunge’s appointment reflects his standing in the broader business community, supported by an extensive portfolio of leadership and advisory roles. He serves as the Chairperson of the Sri Lanka Banks’ Association (SLBA), and also represents key industry interests as a Member of the UNICEF Business Council, the Ceylon Chamber of Commerce and the World Bank Group’s Private Sector Advisory Council. His regulatory and advisory contributions include serving as an Ex-Officio Member of the Stakeholder Engagement Committee of the Central Bank of Sri Lanka.

Manatunge is also the Deputy Chairman of Commercial Development Company PLC and Commercial Bank of Maldives Ltd.

He has been with Commercial Bank for over three decades and was appointed Managing Director/CEO in May 2022 after serving as Chief Operating Officer and Executive Director. Over the course of his career at the bank, he has held several senior leadership positions, including Deputy General Manager – Corporate Banking, where he led significant growth in the bank’s corporate loan book and trade finance business while maintaining asset quality. As Chief Operating Officer, he oversaw strategically critical business verticals such as Personal Banking, Corporate Banking, Information Technology, Cards and Digital Banking, guiding them to leadership positions in their respective segments.

A Fellow of the Chartered Institute of Management Accountants (UK), Manatunge holds a Master of Business Administration degree from the University of Sri Jayewardenepura and is also a Fellow of the Institute of Bankers of Sri Lanka, the Institute of Certified Management Accountants of Sri Lanka and the Chartered Management Institute (UK). He is a member of the Sri Lanka Institute of Directors and has contributed to the development of the banking profession through roles including President of the Association of Banking Sector Risk Professionals and as a Council Member of the Association of Professional Bankers. He has also served as a visiting lecturer and as a resource person for leading academic and professional institutions.

Former Miss Sri Lanka for Miss World and brand ambassador Anudi Gunasekera (left), Lassana Group Chairman Dr. Lasantha Malawige, and Commercial Bank of Sri Lanka CEO Sanath Manatunge at the grand opening of the Lassana.com Experience Store at Cinnamon Grand Colombo

Lassana.com, recently unveiled its newest flower shop at Cinnamon Grand Colombo recently. The move strengthens the brand’s presence in Colombo’s hospitality and lifestyle sector, offering customers convenient access to premium floral gifting and floral wedding experiences.

The new shop was ceremonially declared open by the Chief Guest Commercial Bank of Ceylon CEO Sanath Manatunge, together with the Guest of Honour, Lassana.com Brand Ambassador and former Miss Sri Lanka World Anudi Gunasekera. Lassana Group Chairman/Managing Director Dr. Lasantha Malavige, Head of Flower Division Piet De Jong, Cinnamon Grand Colombo General Manager Nazoomi Azhar, Lassana Flora Weddings Manager-Luxury Weddings Yoosuf Sirajudeen, together with a large gathering of distinguished guests and well-wishers were also present at the occasion.

The new Lassana.com outlet has been designed to offer a carefully-curated selection of fresh flowers, floral arrangements and gifting solutions, providing hotel guests, corporate clients, residents, and visitors with convenient access to high-quality floral gifting in the heart of the city. Located in the lobby of one of Colombo’s most iconic hospitality destinations, the new flower shop combines elegance, convenience, and the trusted quality that customers have come to associate with the Lassana.com brand. The outlet will also serve as a showcase for the company’s floral artistry and wedding expertise.

Dr. Lasantha Malavige said: “The opening of our Cinnamon Grand boutique marks an important milestone in Lassana.com’s journey to build Sri Lanka’s most comprehensive floral and gifting ecosystem. This partnership brings together the country’s leading floral brand and one of Sri Lanka’s most respected hospitality brands to deliver a seamless and elevated customer experience. Beyond serving walk-in customers, the outlet operates as a multichannel gifting hub, allowing customers to place orders through Lassana.com for convenient collection at Cinnamon Grand. The boutique’s floral collection, together with Cinnamon Grand’s renowned confectionery range, is also available for free delivery across Colombo 1 to 4 using electric vehicles. By combining premium flowers, exceptional confectionery, convenience, and sustainability, we are making it easier than ever for customers to celebrate life’s special moments.”

Expressing her views on gifting, Lassana.com Brand Ambassador Anudi Gunasekera added, “I believe flowers are not just meant to be admired for their beauty or fragrance. They teach us a lesson too. Flowers bloom, fade, and bloom again. Joy is much the same. It may leave for a while, but it has a habit of returning. I think flowers remind us of that.”

Cinnamon Grand Colombo General Manager Nazoomi Azhar said: “At Cinnamon Grand Colombo, we are constantly seeking ways to enhance the experiences we offer our guests. Our partnership with Lassana.com brings together two trusted Sri Lankan brands that share a commitment to excellence, creativity, and customer satisfaction. The addition of this boutique not only adds convenience for our guests but also enriches the lifestyle and celebration experiences that are synonymous with Cinnamon Grand Colombo. We are delighted to welcome Lassana.com to our hotel and look forward to a successful partnership that creates many memorable moments for our guests.”

Looking ahead, Lassana.com is making plans to further expand its network of retail touchpoints in the future. It is also planning to enhance gifting solutions, enter into new strategic hospitality partnerships, and continue to innovate with the introduction of creative floral and gifting collections.

Union Assurance has introduced Union Assurance Platinum Circle, an offering for eligible policyholders that redefines how they protect what matters most while, enjoying life’s finest through curated experiences and added privileges. Built on this commitment, Union Assurance Platinum Circle brings together a purposefully designed standard of care, enhanced convenience, and a heightened sense of appreciation, extending beyond the traditional Life Insurance experience.

Union Assurance policyholders who meet the eligibility criteria are automatically enabled to access the exclusive benefits of Union Assurance Platinum Circle. These include select lifestyle experiences, milestone recognitions, digital health services, and various partner-led benefits; designed to celebrate important moments throughout a policyholder’s life journey. For added convenience, these privileges are also enabled via Clicklife App; the industry’s most comprehensive Life Insurance app, to ensure seamless customer management anytime, anywhere.

Union Assurance Director and Chief Executive Officer Senath Jayatilake said: “Union Assurance Platinum Circle reflects how we continue to deepen our relationship with policyholders over time. As one’s life progresses through different stages, these bespoke experiences enable us to remain present in more meaningful ways while evolving the Life Insurance experience to stay relevant in our policyholders’ everyday lives. This rewarding platform represents the Company’s dedication to delivering exceptional services that goes beyond policies, reinforcing that the trust in Union Assurance is recognised and valued.”

Union Assurance Chief Operating Officer Rumesh Modarage emphasised: “Operational excellence and customer experience are central to Union Assurance’s growth strategy. Union Assurance Platinum Circle demonstrates our commitment to combining thoughtful design with seamless execution, enhancing the Life Insurance experience. Through personalised privileges spanning health, lifestyle, digital services and rewards, policyholders gain access to carefully selected experiences that deliver meaningful value aligned with what matters most to them.”