By Newswire Editorial
Opposition MP and former Finance Minister Ravi Karunanayake has urged HSBC Holdings plc to reconsider its decision to close its Global Service Centre in Sri Lanka and relocate operations overseas, citing concerns over the future of 1,659 employees.
In a letter dated November 9, 2026, addressed to HSBC’s Group Chairman and Group Chief Executive, Karunanayake called for urgent discussions to explore alternatives to the proposed closure of HSBC Electronic Data Processing Lanka.
He requested HSBC’s leadership to reopen the decision and engage in time-bound discussions before the planned migration becomes irreversible.
Karunanayake highlighted that HSBC’s notification dated October 7, 2026, identified a workforce of 1,659 employees as of September 30, 2026.
He noted that the HSBC Global Service Centre had employed approximately 4,500 young Sri Lankans at its peak, providing international career opportunities and professional development.
The MP expressed concern that the closure would affect employees and their families, including their financial commitments, children’s education, housing obligations and future employment prospects.
Karunanayake also pointed out that HSBC’s October 7 notification had stated that the proposed migration followed a global operating-model review and did not reflect the performance of the Sri Lankan company.
He argued that this acknowledgement provided a strong reason to explore alternatives to the closure.
Recalling his involvement in attracting HSBC’s investment to Sri Lanka while serving as Minister of Trade and Commerce between 2001 and 2004, Karunanayake said the partnership had contributed significantly to employment generation and the development of skilled professionals over more than two decades.
He noted that HSBC initially established operations at the World Trade Centre in Colombo in 2004 before expanding to other locations, including Sri Jayewardenepura Kotte, Union Place and Mireka Tower.
Karunanayake acknowledged that concerns relating to operating costs, workforce availability, scale and competitiveness required serious consideration.
However, he urged HSBC to work with the government and relevant stakeholders to identify possible solutions involving costs, recruitment, training, infrastructure and policy changes.
Although he is currently outside the government, Karunanayake expressed his willingness to work with the government, relevant authorities and industry partners to explore measures to retain HSBC’s operations in Sri Lanka.
He emphasised that protecting employment opportunities and retaining international investment should be treated as a national responsibility beyond political differences.
The MP further stated that Sri Lanka was working to overcome economic challenges and rebuild confidence, making the continued support of established international investors particularly important.
Karunanayake appealed to HSBC to consider the wider national significance of its decision, including the skills, experience and livelihoods developed through its Sri Lankan operations.
He called on the banking group to renew its commitment to Sri Lanka and continue the partnership established more than two decades ago. (Newswire)
