Category: Banking and Finance

Oct 08, 2011 (LBO) – Sri Lanka’s central bank has directed bank fully disclose rates, fees and penalties on banking services in three languages, set up a complaints procedure and take special care when dealing with disabled and elderly customers. “Elderly, disabled or customers with low financial literacy have the right to receive special attention […]

Oct 07, 2011 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s (HNB) proposed subordinated debentures of up to two billion rupees a National Long-Term rating of ‘A+(lka)’. “The issue is rated one notch below HNB’s National Long-Term rating reflecting its debt-like features,” a statement said. The full Fitch rating report follows: Fitch Ratings […]

Oct 07, 2011 (LBO) – Sri Lanka’s DFCC Bank has got a 30 million US dollar loan from a German development finance institution for lending to small businesses especially in the former north-east war zone. The loan from DEG (Deutsche Investitions – und Entwicklungsgesellschaft mbH) is repayable over eight years, a statement said. It will […]

Oct 07, 2011 (LBO) – Sri Lanka’s NDB Bank has got a 21 million US dollar loan from German development finance institution DEG mainly for lending to small and medium enterprises. The five-year long term loan from Deutsche Investitions – und Entwicklungsgesellschaft of Germany to will enable NDB Bank to enhance its lending especially to […]

Oct 06, 2011 (LBO) – Sri Lanka’s Commercial Bank has enabled customers to transact in Chinese Yuan for import and export dealings with counterparts in the People’s Republic of China. “The move, which recognises the growing importance of China as a trade partner for Sri Lanka, will reduce conversion losses and time lapses involved in […]

Oct 03, 2011 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm which plans to raise 70 million US dollars in an initial public offer, is seeing strong growth in lease volumes on the back of a post-war economic revival. People’s Leasing Company group posted profits of 2. 6 billion rupees in the year […]

Oct 03, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of B- and NP to Prime Grameen Micro Finance Ltd. with the long-term rating having a stable outlook. The Company’s capitalisation levels are deemed moderate. Its shareholders’ funds had recovered to LKR 242.14 million by end-July 2011 (end-FY Mar […]

Sept 30, 2011 (LBO) – Sri Lanka’s Sampath Bank said deputy managing director M Y A Perera will take-over as managing director from January 01, 2012, as current managing director Harris Premaratne is leaving. Sri Lanka’s Daily FT newspaper said Premaratne will take over as the head of a new bank started by Sri Lanka’s […]

Sept 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed DFCC Vardhana Bank Limited’s (DVB) National Long-Term Rating at ‘AA-(lka)’ with a stable outlook. The rating agency has also confirmed the bank’s subordinated debentures at ‘A+(lka)’. “The ratings reflect Fitch’s expectation that support would be forthcoming from its parent, DFCC Bank, should it be required,” […]

Sept 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed DFCC Bank’s (DFCC) National Long-Term Rating at ‘AA(lka)’ with a stable outlook. The rating agency has also confirmed DFCC’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’, a statement said. “The ratings are driven by DFCC’s strong capitalisation, supported by its sustained solid profitability […]

Sept 28, 2011 (LBO) – An initial public offer by Sri Lanka’s Trade Finance and Investments Limited (TIFL) was over-subscribed on the opening day Wednesday. Corporate Services (Pvt.) Ltd, registrars to the offer, told the Colombo Stock Exchange that the IPO would be closed at 4. 30 p.m. Wednesday. Trade Finance and Investments offered six […]

Sept 26, 2011 (LBO) – Sri Lanka’s The Finance Company, which was put under new management by the financial regulator, is planning to sell commercial property as the firm recovers. “..[M]easures are being taken to convert non-yielding land stock to yielding stocks and certain pivotal steps are being ascertained to dispose commercial properties…” chairman Preethi […]