Sampath Bank pioneers sustainable banking with green deposit launch

Sanjaya Gunawardana - Managing Director and Chief Executive Officer, Sampath Bank PLC and  Ajantha De Vas Gunawardana - Chief Financial Officer, Sampath Bank PLC are joined by valued customers Rekha Weerasooriya, Vice President – HR Transformation (second from left), Dialog Axiata PLC, and Sumith Cumaranatunga, Chairman (Independent / Non-Executive Director), Siyapatha Finance PLC (second from right), who opened the first Green Deposit accounts

Sampath Bank PLC marked a transformative milestone in its sustainability journey with the official launch of the Sampath Bank Green Deposit, a fixed deposit product dedicated to financing environmentally sustainable projects. 

The Sampath Bank Green Deposit represents a significant step forward in aligning the bank’s financial expertise with its Environmental, Social and Governance (ESG) goals, while empowering customers to participate in building a low-carbon economy. 

Offered as a 12-month fixed deposit in Sri Lankan Rupees with interest payable at maturity at prevailing rates, this initiative reinforces the Bank’s dedication to integrating sustainability into its core operations and supporting the national transition to renewable energy by 2030.

Commenting on the launch Sampath Bank Managing Director and Chief Executive Officer Sanjaya Gunawardana said, through the initiative the bank is transforming deposits into tangible environmental action by financing projects that support clean energy and preservation.

“The Green Deposit Framework ensures that proceeds are channelled transparently towards eligible green projects, managed responsibly, and reported to our stakeholders. It is our way of assuring customers that their funds are making a measurable difference while upholding the integrity of sustainable finance,” he said.

The Green Deposit Framework, developed in accordance with the International Capital Market Association’s (ICMA) Green Bond Principles and the Sri Lanka Green Finance Taxonomy, governs the process through four pillars: use of proceeds, project evaluation and selection, management of proceeds, and reporting. The Bank has also obtained an Independent Practitioner’s Limited Assurance Report on Pre-Issuance of the Green Deposit, strengthening its credibility and mitigating any risk of green washing.

Funds raised through the Sampath Bank Green Deposit will initially finance solar installations across Sri Lanka, with future proceeds directed towards other qualifying green projects that contribute to environmental sustainability. 

Open to individuals aged 18 years and above as well as corporate entities committed to responsible investment, the Green Deposit allows customers to align their financial goals while contributing towards a positive environmental impact. Each depositor will also receive an e-receipt via their registered email, reflecting the Bank’s commitment to both paperless operations and digital convenience.