Port City Colombo’s financial landscape to be led by HNB as an authorised bank

HNB Chairman Nihal Jayawardene (third from right), Colombo Port City Economic Commission Chairman Dinesh Weerakkody (fourth from left) exchanging AP Agreement in the presence of (L to R), CHEC Port City Colombo Ltd Assistant Managing Director Eric Ou, Colombo Port City Economic Commission Director Legal and Corporate Affairs Vindhya Weerasekera, Colombo Port City Economic Commission Director Finance Ruwan Karunaratne, HNB Deputy General Manager Wholesale Banking Group Damith Pallewatte and HNB Head of Institutional Banking Natasha Hay

• Becomes one of the first banks granted an Authorised Person License to operate in the Colombo Port City Special Economic Zone  
• Geared to provide integrated, state of the art, customised banking solutions  
• Commits to providing end-to-end facilitation of financial needs for business operating in Port City Colombo

Breaking new ground on the nation’s economic revival, Sri Lanka’s leading private sector bank, HNB PLC became one of the first banks to be granted an Authorised Person (AP) License to operate within the Colombo Port City Special Economic Zone (SEZ)  

Port City Colombo is a master planned city designed with smart city concepts. The city has been positioned as the region’s modern service hub and financial centre of the future, providing the highest quality in commercial, lifestyle and living opportunities. It has been designed with five unique precincts which are Island living, Central Park living, The Marina, International Island, and the Financial District. Port City Colombo spans a total land area of 269HA which is an extension of Colombo’s Central Business District and has a total built up area of 6.4 million SQM. The expected population in the city is 273,000 people, creating 143,000 new jobs and total expected investment is $ 15 billion. Approved by Sri Lanka’s Parliament, the Port City Commission Bill sets the stage for a transformative Colombo Port City Special Economic Zone, offering tax exemptions for up to 25 years, a compelling reason for international businesses to migrate their operations paving the way to attract milestone investment and global talent to complete the nation’s economic resurgence.  

Asia Pacific region remains a key driver of global growth in 2023 and is expected to contribute two thirds of global growth. Sri Lanka sits at the center of all major sea routes connecting the rest of the world with Asia. “By blending the best that Sri Lanka has to offer with the world’s leading brands in finance, healthcare, education, leisure, hospitality, Port City Colombo will establish a South Asian focal point for services exports in a truly global scale.” 

“Banks such as HNB have a critical role to play in ensuring that this development reaches its maximum potential, by providing truly world-class integrated banking solutions that supports all businesses who invest and operate in Port City Colombo” HNB Managing Director/CEO Jonathan Alles stated.  

The AP License was granted to HNB by the Colombo Port City Economic Commission following a series of strict evaluations, legal and preliminary regulatory approvals. 

“As a heritage brand within the Sri Lankan economy, we have been present at the inception of every major pillar of the nation’s economic development. 

We are proud to continue that legacy today, as one of the first banks to receive preliminary approvals to operate within the Port City Colombo. 

As a systemically important bank that is deeply integrated with all facets of the domestic economy, we see Port City Colombo opening-up unprecedented opportunities for the nation and its corporates.    

“With the extensive organisational and digital transformation that HNB has undergone over the past decade, we now stand ready to harness our advanced capabilities to help enable investment and growth across Port City Colombo by providing globally competitive banking and financial services to all businesses who hope to operate within this Special Economic Zone. In this manner we aim to help raise Port City Colombo to compete on par with financial hubs in the likes of Dubai, Singapore and Hong Kong, while harnessing the unique strengths of South Asia, to create a new global benchmark in services export,” HNB Deputy General Manager Wholesale Banking Group Damith Pallewatte said.