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Ex-finance Minister urges HSBC to reconsider closure
Ravi Karunanayake, former finance minister, has written to HSBC's leadership requesting a reconsideration of closing its Global Service Centre in Sri Lanka. The move could impact thousands of jobs and youth employment opportunities.
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Daily MirrorRavi K urges HSBC to reconsider closure of Sri Lanka operations
Hiru News - EnglishFormer finance minister and member of parliament Ravi Karunanayake has appealed to HSBC’s global leadership to reconsider its decision to relocate its Global Service Centre from Sri Lanka, warning that the move could affect thousands of livelihoods and reduce employment opportunities for young people. In a letter to the Group Chairman and Group Chief Executive of HSBC Holdings plc, Karunanayake called for urgent discussions to explore alternatives before the planned relocation becomes irreversible. He recalled initiating discussions to attract the investment to Sri Lanka while serving as Minister of Trade and Commerce from 2001 to 2004. HSBC began its Colombo operations at the World Trade Centre in 2004 before expanding to Union Place and Mireka Tower. Karunanayake said the centre had employed around 4,500 Sri Lankans at its peak, providing opportunities to develop internationally recognised skills and build professional careers. However, according to HSBC’s notification dated October 7, 2026, the centre had 1,659 employees as of September 30, 2026. He noted that HSBC had attributed the proposed relocation to a global review of its operating model, rather than the performance of its Sri Lankan operations. He argued that this provided an opportunity to examine possible alternatives to closure. Karunanayake also highlighted the potential impact on employees and their families, including their ability to meet housing commitments, support their children's education and care for elderly relatives. While acknowledging the bank’s responsibilities to shareholders, customers and employees, he called for discussions on operating costs, workforce availability and competitiveness to identify possible solutions. He offered to work with the Government, relevant authorities and industry partners to address the challenges and help retain HSBC’s operations in Sri Lanka. He described safeguarding the investment as a national responsibility that should transcend political differences. Emphasising the centre’s contribution to youth employment and professional development, Karunanayake urged HSBC’s global leadership to reopen its decision and hold urgent, time-bound discussions on possible changes to costs, recruitment, training, infrastructure and policy.
Summary
Former Finance Minister and MP Ravi Karunanayake has appealed to HSBC's global leadership to reconsider its decision to close its Global Service Centre in Sri Lanka warning that the move could affect thousands of livelihoods and limit employment opportunities for young people.
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