Ravi Karunanayake Urges HSBC to Reverse Sri Lanka Exit

Opposition MP and former Finance Minister Ravi Karunanayake has appealed to the Chairman and Group Chief Executive of HSBC Holdings Group to reverse the decision to close HSBC Electronic Data Processing Lanka (HDPL). The request follows an October 7 notice from the bank stating that the migration of operations resulted from a global operating-model review rather than the local company's performance.

Karunanayake, who lobbied for the center's initial entry into Sri Lanka in 2004, highlighted the potential loss of 1,659 jobs and the risk of damaging the broader economic landscape. He warned that the departure of a globally recognized institution could send a negative signal to overseas investors as the country continues to rebuild confidence following its 2022 debt default.

To prevent the closure, Karunanayake offered to negotiate changes in policy, infrastructure, recruitment, and costs to ensure the operation remains competitive and sustainable. He also offered to marshal government support to facilitate the bank's continued presence. HSBC has not yet issued a formal public response to the appeal.