HNB custody and trustee services surpass Rs.1tn AUC

Managing Director/CEO Damith Pallewatte

Head of Custody and Trustee Services Tyrone Hannan

Hatton National Bank PLC (HNB) announced that its custody and trustee services unit has crossed a significant milestone of Rs.1 trillion in total assets under custody (AUC). 

This achievement cements HNB’s position as the leading local provider of custody and trustee services, a sector traditionally dominated by foreign banks.

Since its establishment in 2016, HNB’s custody and trustee services has steadily expanded its client base to 317 institutional and corporate clients, including large provident funds, local and international fund managers, high-net-worth individuals and other corporate entities. The unit’s portfolio spans equity, debt instruments, treasury bills and bonds, repos, fixed deposits, commercial papers, money market instruments and trust certificates. It also provides fund accounting and net asset value calculation services for numerous unit trust funds and insurance companies.
HNB Managing Director/CEO Damith Pallewatte said, “Surpassing Rs.1 trillion in assets under custody reflects our steadfast commitment to serving as a trusted partner in our clients’ financial journeys. By continuously enhancing our systems, expertise and client-focused solutions, we are strengthening Sri Lanka’s capital markets and reinforcing our role as an undisputed industry leader.”

Head of Custody and Trustee Services Tyrone Hannan said, “To have built this business from the ground up and be part of its journey in surpassing Rs.1 trillion milestone is a remarkable achievement for HNB and for the domestic banking industry – given that this is a space that has traditionally been dominated by large global players. This milestone serves to validate the bold and ambitious journey that HNB has been on in custody and trustee services and our efforts to build world-class systems, without losing the local culture and dynamics of Sri Lankan consumers. Our continuing success reinforces our vision for catalysing growth and innovation across critical sectors of the national economy, ultimately supporting a more stable and resilient economic recovery,” he said.    

HNB has developed a strong presence in the trustee and custodial banking services industry, currently holding approximately 69 percent of the overall market. The bank provides trustee and custody services to some of the largest unit trust managers in Sri Lanka, including NDB Wealth and Capital Alliance, among others. HNB’s comprehensive suite of custody services also extends to specialised support for capital market transactions such as debentures, structured finance products and fund administration for finance and leasing companies seeking to raise funds.