The hospital will stop using the Apollo brand name and logo and will be renamed Lanka Hospitals, the statement said.
The move comes in the wake of the hospital coming under state control following a court order.
In August a new board was appointed to the hospital including the head of Sri Lanka's defence establishment, Gotabaya Rajapaksa, a brother of President Mahinda Rajapaksa.
This was after Sri Lanka Insurance Corporation, which had taken control of the privately built Apollo Hospital, went back under state control.
Rajapaksa became a director with the appointment of a new board representing its controlling shareholder Sri Lanka Insurance Corporation.
Sri Lanka Insurance Corporation went back under state control in June after the Supreme Court reversed an earlier privatisation to the Distilleries group run by tycoon Harry Jayawardena, saying the deal was flawed.
Distilleries group had bought control of Sri Lanka Insurance Corporation which in September 2006 wrested control of Colombo's Apollo Hospital which was built by the Indian healthcare firm of the same name.
Apollo then sold out its own 30 percent stake, but the hospital group was retained as a technical partner initially and its name continued to be used by the hospital.