Sri Lanka

Jeevan Gnanam, scion of a grand Sri Lankan business family, is driving financial sector modernization and helping to revitalise a once-thriving part of the capital.

The last year put the spotlight on corporate social responsibility. Sri Lanka's banks demonstrated their dedication to the country not only through their assistance to clients, but also by supporting the government in making sure the population had access to protective equipment and the other aid necessary to get through a pandemic. Commercial Bank of Ceylon was one of the banks that extended help to the community in new ways. That, coupled with the bank's longstanding CSR projects, made the bank Sri Lanka's best for CSR last year.

More than three quarters of Sri Lanka's enterprises are in the small and medium-sized category. They form the backbone of the economy but tend to be the hardest hit by unexpected shocks. Those that relied on tourism were knocked hard by the Easter Sunday bomb attacks in 2019; in many cases, their debt moratoriums extended into 2020 when the pandemic broke out.

Digital initiatives for retail customers usually attract the most attention when outsiders try to spot important innovations, and they may serve only a small proportion of a bank's client base. This year's award for best digital bank in Sri Lanka recognizes how important digital was for all clients during the pandemic and goes to NDB for its focus on technology for SMEs.

HSBC has been in Sri Lanka for more than a century, making it a tough name to beat in the best international bank category.

NDB Investment Bank, led by chief executive Darshan Perera, stood out yet again as Sri Lanka's best corporate and investment bank.

Sri Lanka’s banks had seemed poised for a recovery in early 2020: almost a year had passed since the bomb attacks which killed more than 250 people, hitting tourism and other businesses. But then the pandemic struck.

The country’s banks have worked hard to develop their digital capabilities, but customers are slow to join the revolution.