Ravi Karunanayake Appeals to HSBC Global Leadership to Reconsider Closure of Sri Lankan Operations Affecting 1,659 Jobs

Former Finance, Foreign Affairs and Trade Minister and current Member of Parliament Ravi Karunanayake has made a special appeal to the Chairman and Chief Executive Officer of HSBC Group, urging the global banking giant to reconsider its decision to close its Sri Lankan global services operations and relocate the functions overseas.

In a letter dated November 9, 2026, Karunanayake described his appeal as both a personal and national plea, calling on the bank's leadership to reconsider a decision that could affect the livelihoods of 1,659 employees in Sri Lanka.

Recalling the establishment of HSBC Electronic Data Processing Lanka, Karunanayake said he had personally played a leading role in bringing the investment to Sri Lanka during his tenure as Minister of Trade and Commerce between 2001 and 2004, driven by his confidence in the capabilities of the country's young workforce.

The operations initially commenced in 2004 at the World Trade Centre in Colombo 01 before expanding to a dedicated facility in Sri Jayawardenepura Kotte, his electoral constituency. In 2022, the operations further expanded to Union Place in Colombo 02 and Mireka Tower in Colombo 05.

Karunanayake said the partnership, which has continued for more than two decades, provided thousands of Sri Lankans with internationally recognised skills and opportunities to build successful careers. At its peak, the operation provided employment to approximately 4,500 young Sri Lankans.

He emphasised that the project demonstrated the ability of Sri Lankan professionals to perform effectively in a global business environment and meet international standards.

Closure Not Linked to Performance, Says Karunanayake

Referring to a notification issued by HSBC on October 7, 2026, Karunanayake pointed out that the proposed relocation was the result of a review of the bank's global operating model and was not a reflection of poor performance by its Sri Lankan operations.

He argued that this acknowledgement provided a strong basis for exploring alternatives, given the capabilities, experience and commitment built within the Sri Lankan operation over more than two decades.

According to the MP, 1,659 employees were working at the facility as of September 30, 2026.

He highlighted the wider social and economic consequences of the proposed closure, noting that every job represented a family, financial responsibilities and a future built through years of dedication.

He warned that the decision could create considerable uncertainty for employees and their families, particularly regarding children's education, housing commitments and the responsibility of caring for elderly parents.

He also expressed concern that the closure would eliminate an important pathway for young Sri Lankans to pursue international careers while remaining in their home country.

Calls for Urgent Discussions and a Revised Proposal

Karunanayake urged HSBC's global leadership to reconsider the proposed relocation before the decision becomes irreversible and to initiate urgent discussions within a clearly defined timeframe.

He proposed examining possible changes to operating costs, recruitment, training, infrastructure and policy arrangements to develop a credible proposal that would enable HSBC to retain and reinvest in its Sri Lankan operations.

Although he is no longer part of the government, Karunanayake said his commitment to protecting the investment remained unchanged.

He pledged to work with the current government, relevant authorities and industry stakeholders to identify practical measures to remove obstacles and ensure that HSBC's Sri Lankan operations could remain competitive.

Concluding his appeal, Karunanayake urged HSBC's leadership to consider the broader national implications of the decision rather than viewing it solely from the perspective of an individual operating unit's balance sheet.

He called on the global banking group to renew its long-standing partnership with Sri Lanka and continue its presence in the country at a time when the nation is working to overcome economic difficulties and rebuild its economy.