In a ceremony that marked not just the opening of a building but the celebration of a national financial institution, the People’s Bank inaugurated its new iconic head office, the ‘People’s Tower,’ on Oct. 7, signaling a bold new chapter in its 64-year journey of service and resilience.
The grand opening, held at the new address in Union Place, Colombo 2, was graced by the Governor of the Central Bank, Dr. P. Nandalal Weerasinghe, and the Secretary to the Treasury, Dr. Harshana Suriyapperuma, underscoring the building’s significance as a national financial landmark.
Beyond the steel and glass of the 22-storey, environmentally sustainable ‘green building,’ the event was a powerful testament to the Bank’s deep-rooted connection with the citizens of Sri Lanka.
The Bank’s Chief Executive Officer/General Manager, Clive Fonseka, used the occasion to paint a vivid picture of the bank’s pervasive role in the national economy. He revealed stunning statistics that bring its mission to life: “Accordingly, 7 out of 10 people in the country carry out transactions with the People’s Bank,” he told the gathered dignitaries, which included Chairman Prof. Narada Fernando and the Bank’s board.
Fonseka elaborated on the Bank’s reach, noting that its digital services have penetrated far beyond the capital. “By now, about 80 percent of the Bank’s digital transactions are carried out outside of the Western Province,” he said, highlighting its national digital footprint.
Furthermore, he revealed that one-fifth of the people and entities in the country have obtained loans from the People’s Bank. “That is a speciality for the Bank,” Fonseka stated with pride.
The CEO’s address also shone a light on the Bank’s critical role as a stabilising force during the nation’s most challenging periods. He recounted how the bank collaborated with the people during the COVID-19 pandemic and the subsequent economic crisis.
“During the economic crisis, the Bank provided the largest contribution in facilitating the importation of the essential fuel, petroleum products, coal, pharmaceuticals, and fertilizer,” Fonseka said, acknowledging the immense challenges the institution faced in 2022-2023 as a result of that.
“It was through unstinting resilience and support of the staff, the Bank has now achieved a top spot in the country’s banking sector, standing strong in profitability, liquidity, and capital strength,” he noted.
The new ‘People’s Tower’, which replaces the head office inaugurated in 1977, is a manifestation of this strength and ambition. The state-of-the-art facility, complete with an auditorium, training college, cafeteria and a new Union Place branch, is designed to be a crucial financial centre for the entire country.
Envisioning the tower as a launchpad for future excellence, he went on to share a key insight from his experience: “No matter how many new services are introduced or new technology is deployed, any bank can gain a period of six months to one year in exceeding competency over other banks. So, I am convinced that only a seamless banking experience is the only way to achieve operational excellence and retain people’s trust in the long term.”
Looking ahead, he outlined a competitive and people-centric vision. “Our objective is to compete fiercely with the public sector and private sector banks and exceed their performance and provide an unparallel service to the people,” Fonseka declared, emphasizing that this forward journey would be powered not just by the bank’s size or its state ownership, but by its human resource and premium service.
With the inauguration of the new ‘People’s Tower’ and assets exceeding Rs. 3.7 trillion, the People’s Bank is positioned like never before. The challenge now, however, is to ensure this scale translates into genuine support for people and small and medium enterprises, finally unlocking the transformative growth they have been waiting for.
By Sanath Nanayakkare
