Category: Banking and Finance

Jan 08, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the country’s largest commercial bank by assets is aiming for a trillion rupees in deposits, newly appointed general manager D M Gunasekara said.Gunasekara had been with the Bank of Ceylon for 29 years and had worked in corporate, retail, international and off-shore operations of […]

Jan 07, 2013 (LBO) – Sri Lanka’s LOLC Micro Credit Ltd, said it had syndicated a 55.5 million US dollar from a number of foreign development agencies. FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), of the Netherlands had lead arranged the deal. FMO is a 20 percent shareholder of LOLC Micro Credit. FMO (Nederlandse Financierings-Maatschappij voor […]

Jan 02, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon has loaned nearly 140 billion rupees to customers in former war zones in the North and East and default rates are very low, a top official said.“We are happy to say NPAs (non-performing assets) since the war, in the North and the East taken […]

Jan 01, 2013 (LBO) – Gamini Wickramasinghe, who is stepping down as chairman of Sri Lanka’s Bank of Ceylon said dealing with loan applicants who expected patronage was among the biggest challenges in managing a state entity. “A lot of people expect to get loans from a state bank and think it is easy if […]

Dec 13, 2012 (LBO) – A rights activist who was a chief executive of a top financial firm has questioned what action Sri Lanka’s banks will take following an apparent breaching of banking secrecy involving accounts of the island’s chief justice. The full letter is produced below: 10th December 2012 Open Letter to; Anil Amarasuriya […]

Dec 12, 2012 (LBO) – Sri Lanka’s financial regulators will monitor banks connected to conglomerates closely in the future as firms and the financial sector becomes bigger in the future, Central Bank Governor Nivard Cabraal said. “I know many of you are not only looking at the banking sector but you have other businesses as […]

Dec 11, 2012 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of HSBC Sri Lanka with a stable outlook, on the strength of its parent. The full statement is reproduced below: Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable Fitch Ratings-Colombo/Seoul/Singapore-10 December 2012: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s […]

Dec 10, 2012 (LBO) – Sri Lanka’s banking secrecy laws may not be worth the paper it is written on and confidential information of customers could be easily obtained, a senior government minister said over the weekend. Fisheries Minister Raajitha Senaratne said the 117 ruling party legislators who signed the impeachment motion against Chief Justice […]

Dec 10, 2012 (LBO) – Sri Lanka’s ICICI Bank, a branch of an Indian bank with the same name, has seen its [SL] AAA credit rating confirmed by ICRA, a rating agency on support from the parent, comfortable capitalization and high sovereign asset holdings. “The credit strengths are partially offset by small scale of the […]

Dec 06, 2012 (LBO) – Sri Lanka’s non-bank lenders should borrow abroad using newly relaxed rules to help boost resources available for investment, Central Bank Governor Nivard Cabral said. “We would encourage you to access foreign funds, as well,” Cabraal told a forum of top finance company executives in Colombo this week. “Some of you […]

Dec 05, 2012 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non bank lender is planning a 100 million US dollar syndicated loan to fund future expansion, officials said. Chief executive D P Kumarage said the lender was in talks with a Middle East based party to syndicate the loan, which […]

Dec 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has been ranked among top 1,000 global banks by UK-based Banker magazine, the island’s largest lender said. Bank of Ceylon serves over ten million customers island wide and has a rating of ‘AA+(lka)’ from Fitch with a stable outlook. Chairman Gamini Wickramasinghe said in […]