Cementing its position as a key player in Sri Lanka’s financial sector, People’s Bank ranks third among the country’s leading banks with a brand value of LKR 34 billion, a Brand Strength Index score of 80.9, and an AAA-rating. Strong scoring on the word-of-mouth metric reflects the Bank’s commitment to meeting evolving customer needs through innovative digital solutions and a customer-centric approach. Clive Fonseka, Chief Executive and General Manager of People’s Bank, discusses how the strategic alignment of the Bank’s commercial objectives with national development goals has contributed to the bank’s continued strong performance, and how the Bank’s future-readiness strategy remains crucial to consolidating its leadership in digitally-driven banking in Sri Lanka.
People’s Bank was founded in 1961, well over 6 decades ago. How has the founding mission of the Bank shaped its purpose and operations today?
The Bank’s founding mission was transformative: to democratise finance and empower rural communities. It is that same ethos that still drives us today. From lending that supports rural development to extending digital services across remote areas, we remain committed to enabling financial inclusion. We continue to prioritise underserved sectors such as agriculture and SMEs, and rural populations, while modernising our offerings.
As a state-owned institution, how does People’s Bank balance commercial objectives with national development priorities?
Our commercial objectives always remain complementary to national development goals. While People’s Bank is a competitive, full-service commercial bank delivering sustainable profitability, we are also an agent of national development, enabling domestic priorities such as financial inclusion, public sector service delivery, and SME development. Our strength lies in aligning profitability with purpose.
How important is it to integrate offline and online banking experiences, with the rise of fintech shifting banking towards a more digital model?
While digital is undeniably the future, our 750+ branch network remains a vital lifeline where digital access is still limited. People’s Bank operates through a hybrid banking model, integrating physical infrastructure with digital platforms, smoothly transitioning from in-person to online banking through assisted services, kiosks, and mobile advisors.
We were also one of the first Sri Lankan banks to adopt ATMs and digital banking, and the first to launch a fully digitised branch and a comprehensive digital banking ecosystem comprising People’s Wave and People’s Pay. Given the rapidly growing fintech space in Sri Lanka, we plan to stay ahead by investing in AI-driven customer service and the integration of value-added lifestyle services to our digital platforms, while also increasing automation in backend processing.
How does People’s Bank create value for its stakeholders beyond financial returns?
We constantly engage with our stakeholders to understand their concerns and focus on creating value holistically by integrating ESG initiatives across our operations. For customers, it’s access to affordable and inclusive financial solutions. For employees, it’s career development and meaningful work. For the country, it’s investing in digital education, green finance, and local enterprise development.
What is the role of strong corporate governance in a state-owned bank like People’s Bank, and how do you ensure transparency and accountability?
As a state-owned institution, we hold ourselves to a higher standard because public trust is both our mandate and our license to operate. Corporate governance is foundational to our integrity and credibility, and greatly enhances our brand value. We follow a rigorous framework aligned with CBSL regulations and global best practices, board independence, risk oversight, and compliance, all hallmarks of sound governance. Transparency is reinforced through timely disclosures, internal audit controls, and public accountability.
How is People’s Bank preparing to serve the next generation of Sri Lankans, especially in a world shaped by AI, digital finance, and sustainability goals?
Our future-readiness strategy rests on three pillars: youth engagement, sustainability, and digital fluency. We are investing in AI-powered platforms that offer hyper-personalised banking. Our Green Banking program supports renewable energy and sustainable agriculture. Finally, by facilitating financial literacy programs in schools and universities, we’re shaping a financially and digitally savvy generation.
What long-term vision does People’s Bank have for contributing to Sri Lanka’s economic revival and positioning itself as a regional financial leader?
We see ourselves as a catalyst for national revival by mobilising capital for infrastructure, entrepreneurship, and exports. Our long-term vision is to consolidate leadership in inclusive, sustainable, and digitally driven banking. By leveraging our legacy of trust and our momentum in digital transformation, we also aim to explore a comprehensive virtual banking operation targeted especially at the next generation of customers.
Further information about the 100 Most Valuable Brands in Sri Lanka:
Sri Lanka’s Top 100 Most Valuable Brands
Introducing Brand Finance and Sri Lanka’s Most Valuable Brands
Brand Valuation Methodology: Identifying Sri Lanka’s Top 100 Brands