Sri Lanka’s one of the largest private sector banks, HNB PLC announced the official appointment of Damith Pallewatte as Managing Director/Chief Executive Officer, effective from 22nd November 2024, following on his previous appointment as Acting CEO in April this year.
A veteran Banking and Risk Management Professional with over 28 years of experience, including over 14 years in Senior and Corporate Management positions, Pallewatte brings a wealth of diverse experience to his new role. His career has spanned the full spectrum of banking operations, including Strategy and Risk Management, Credit, Branch Banking and Operations, and most recently as Deputy General Manager of HNB’s Wholesale Banking Group, prior to being appointed as Acting CEO.
“For generations HNB has served as a crucial lynchpin of the national economy, and a partner in progress to all Sri Lankans. We have steadily established a reputation for trust, integrity, and innovation, by providing best-in-class banking and financial services, and continuously enhancing the capabilities of our people, and our technological infrastructure. These investments have uniquely positioned HNB to serve as a catalyst for a robust, grassroots-led economic recovery, and I am honoured to have been entrusted with the job of leading this remarkable institution through this critical moment in our nation’s history. Moving forward, we remain focused on rebuilding Sri Lankan enterprise – from SMEs to large corporates, while supporting the aspirations of our valued retail customers,” Pallewatte said.
Prior to his appointment as MD/CEO Pallewatte served as Acting CEO effective from April 2024, following a remarkable track record of success at the helm of HNB’s fast growing Wholesale Banking Group (WBG).
Under his custodian leadership, HNB Group has successfully consolidated its strong growth momentum, recording Rs 38.7 Bn in PBT for the 9 months of FY24, showcasing substantial capital and liquidity levels.
Elaborating on the bank’s top priorities over the coming year, Pallewatte explained how HNB would continue to focus on inclusive growth, MSME revival, trade and export facilitation, digital banking innovation, disciplined risk management, and strategic partnerships that foster maximum value for customers and the nation.
“Exemplified by endeavours such as obtaining an Authorized Person License for the Colombo Port City SEZ to take by offering world-class integrated banking solutions to the world, we’re positioning HNB and Sri Lanka as a key South Asian hub for global services exports, shaping the future of finance. As we navigate this transformative period, we remain committed to driving sustainable growth and innovation, reinforcing our role as a critical player in the nation’s economic resurgence,” Pallewatte asserted.
Commenting on the ongoing effort to expanding HNB’s value proposition beyond the borders of Sri Lanka, he noted that current discussions with regard to the potential acquisition of Bank Alfalah’s Bangladesh operation would also play a critical role in HNB’s next chapter of growth.
In addition to his leadership roles at HNB, Pallewatte also serves as Chairman at Acuity Partners (Pvt) Ltd, Acuity Securities Limited and Director of Lanka Financial Services Bureau Limited.
Further enriching his profile, Pallewatte also serves as Chairman of Lanka Ventures PLC and LVL Energy Fund PLC showcasing his expertise in venture capital and renewable energy investments across Sri Lanka, Bangladesh, and Nepal. He was recently appointed as Vice President/Director of the International Chamber of Commerce in Sri Lanka.
Pallewatte holds an MBA from PIM-SJP, a BSc. Management (Hons.) from the London School of Economics (LSE) and is a Fellow of the Chartered Institute of Management Accountants (UK), a Chartered Global Management Accountant, and a Certified Financial Risk Manager from the Global Association of Risk Professionals (GARP).
He is also an ACI Operations Certificate holder of the Financial Markets Association—France and holds a Sustainability and Climate Risk Certificate (SCR) from GARP, underscoring his dedication to advancing financial, social, and environmental sustainability practices.
HNB is rated A (lka) by Fitch Ratings and was adjudged the “Sri Lanka’s Best Bank” and “Sri Lanka’s Best Bank for SMEs” by Euromoney Magazine in 2024. In addition, HNB was also recognized as the “Best Retail Bank in Sri Lanka” for the 14th occasion and “Best Automobile Financing for Asia Pacific” by the Asian Banker. HNB was ranked the Number 1 Company in Sri Lanka by Business Today in its Top 40 Businesses ranking for 2023-24. HNB was recognized as one of the Top 25 Corporates at the LMD Awards which was held honouring 25 most awarded Sri Lankan Corporates.