People’s Bank yet again came forward to serve the national interests by extending support to the Sri Lankan government’s efforts to procure and import the first 500,000 doses of the Oxford/AstraZeneca vaccine to Sri Lanka. This transaction was supported by a Trade Loan extended by HSBC to People’s Bank.
Owing to the timely decision by the Sri Lankan government to expedite the COVID 19 vaccination initiatives, Sri Lankan currently ranks among some of the highest per capita vaccinated Asian nations. A rapid and an effective vaccination program will be a vital factor for the revival of the economy especially in the Western province where most critical economic activities take place.
Commenting on the role of People’s Bank in this important transaction, CEO/GM Ranjith Kodituwakku stated “As a state bank, People’s Bank will always come forward to play a national role when the country and its people require our support most. This is just another such an instance where we aptly demonstrated our deep sense of national duty and commitment towards mother Sri Lanka. We also must thank State Pharmaceutical Corporation for actively coordinating importation of this important stock of vaccination at a critical juncture. We are proud to have been enjoying a mutually beneficial banking relationship with SPC which spans 50 years and we look forward to work closely with them on many more important transactions like this in the future”
Last year also, People’s Bank played a pivotal role to combat the effects of COVID 19 pandemic by facilitating importation of medicine and medical equipment during the height of the Covid crisis in April 2020. In fact, the bank was recognized with the prestigious Trade Deal of the Year Award from Asian Development Bank’s Trade Finance Program Awards 2020 for the aforementioned trade transaction.
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 serving more than 14.0 million customers and close to 19.0 million account relationships – which is by far the largest for any Financial Services provider in country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA-(lka/ Stable)”; by Fitch Ratings Lanka Ltd.