In response to the positive economic outlook for Sri Lanka in the coming year, two prominent local private banks—Commercial Bank and Hatton National Bank (HNB)—are planning to expand their operations both domestically and internationally.
Commercial Bank Eyes Regional and Global Growth
Commercial Bank, one of Sri Lanka’s leading private banks, is set to implement a series of expansion plans in the year ahead. Managing Director/CEO Sanath Manatunga shared the bank’s confidence in the country’s economic recovery and growth, noting that this would serve as a foundation for its ambitious future plans.
Manatunga revealed that the bank is focusing not only on strengthening its domestic presence but also on extending its reach beyond Sri Lanka. “We are optimistic about the economic revival next year. We have large-scale plans to expand and introduce new products,” he said.
The bank already operates a branch in Bangladesh, and Manatunga highlighted that it is exploring opportunities in Bangladesh and the Maldives for further expansion. One of the key strategies under consideration is the “Banking as a Service” model, which involves setting up smaller banking operations in foreign markets. The CEO also noted that the African market presents exciting prospects, and the bank is exploring options for entering that region as well.
HNB’s International Expansion Through Acquisition
Meanwhile, HNB, another major player in Sri Lanka’s banking sector, is looking to strengthen its regional presence through acquisitions. Acting CEO Damith Pallewatte confirmed that the bank is in the process of acquiring the Bangladesh operations of Pakistan’s Bank Alfalah. The deal, which is expected to be completed in the first half of next year, will mark a significant step in HNB’s expansion plans.
Pallewatte also disclosed that HNB is eyeing two additional markets for future operations, further solidifying the bank’s regional strategy. With this acquisition and market expansion, HNB aims to broaden its footprint in South Asia and beyond.
Growing Confidence in the Economic Revival
Both banks’ international ambitions reflect a strong belief in Sri Lanka’s economic recovery in 2025. The country’s improved macroeconomic indicators and projections for growth next year have prompted local businesses to capitalize on new opportunities, both locally and globally.
These moves come as part of a broader trend of Sri Lankan businesses looking to diversify their operations and build stronger international networks. The banking sector, in particular, sees great potential in expanding into neighboring regions like Bangladesh and the Maldives, where growing economies and expanding middle classes present significant opportunities for financial services.
prepare to enter new markets, their strategies will likely shape the future of Sri Lanka’s banking sector, with an emphasis on regional expansion and innovative business models like Banking as a Service. The successful execution of these expansion plans will not only boost the banks’ growth but also enhance Sri Lanka’s reputation in the global financial landscape.
The coming year promises to be a defining period for these institutions, with both Commercial Bank and HNB positioning themselves to capitalize on new markets while contributing to Sri Lanka’s economic revival.
