George Steuart & Co. turns 190 this year

• From colonial beginnings to global aspirations, a story of resilience, growth and community impact 

George Steuart & Co. Chairman Sarva Ameresekere

Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa

George Steuart & Co. Ltd., Sri Lanka’s oldest mercantile establishment celebrates its 190th anniversary in 2025 – an extraordinary milestone for Sri Lanka. 

To mark this historic moment, the George Steuart Group has planned a series of community focussed activities in line with its values encompassing its seven sectors, culminating on its Founder’s Day on 14 August 2025. 

The legacy of the company goes back to Captain James Steuart who initiated business as Merchant Bankers in 1835. By 1860, with the advent of his brothers George and Joseph, the business evolved to an Agency House that managed coffee plantations. Their commercial endeavours were intertwined with serving the needs of the community. This spirit is best captured in the Will of the founder James Steuart who bequeathed his vast fortune of land and money to the Bishop of Colombo by way of a Trust. 

Over almost two centuries, George Steuart has witnessed local and global challenges including world wars, civil wars, terrorism, insurgencies, tsunamis, pandemics, socio-political uprisings and economic turbulence. Some challenges, however, have been unique to the legacy of the company. In 1870, Ceylon’s coffee plantations were destroyed by blight. This major setback prompted George Steuart to be at the forefront of the country’s transformation from coffee to tea, earning a reputation as “the original Ceylon tea people.” A century later, the company faced a bigger impediment, when plantations were nationalised in 1975 with no compensation for loss of business to the Agency Houses. At this time, the company had the largest acreage under its Agency, which was its principal line of business. Thus, George Steuart earnestly began diversification into new lines of business. 

Another major setback occurred in January 1996, when the company’s iconic head office building on Janadipathi Mawatha was ravaged by a terrorist bomb targeting the Central Bank. The damage was extensive, including the heart-breaking loss of lives. The company’s strength of character was demonstrated by its Travel Arm that operated out of decentralised offices and successfully organised an infamous turnaround charter flight on SriLankan Airlines for the ICC Cricket World Cup Final within two months of the tragedy. 

Today George Steuart & Co. stands as the genesis of Sri Lanka’s private sector. It was one of the founding members of the Ceylon Chamber of Commerce, 185 years ago. 

Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa commenting on this milestone, said: “The story of George Steuart is a historical monument of how colonial commerce in Ceylon evolved to become the corporate Sri Lanka of today. Its journey of 190 years stands as a testament to the incredible resilience and adaptability of the Sri Lankan private sector.”

George Steuart Group 38th Chairman Sarva Ameresekere said: “George Steuart is bigger than any individual, place or a moment in time. It is about people with a shared belief in our founding values, which have been nurtured and passed on from one generation to the next. We will make every effort to chart its course into the continued corporate success story of Sri Lanka and beyond. Currently, our local and export revenues stand at almost 50:50, with less than 5% of revenue from the state sector. As we enter a decade that takes us to an incredible 200 years of business, our focus is on increasing our export revenues and expanding our global footprint.”