Category: Banking and Finance

July 27, 2011 (LBO) – A Sri Lankan apparel maker had made the country’s first ever payment in Renminbi to a supplier in China after the Chinese currency was allowed for cross border trade, HSBC Bank which settled the deal said. “We firmly believe that this initiative will increase our cost competitiveness in the future.” […]

July 26, 2011 (LBO) – Fitch Ratings Lanka said it has given Sri Lanka’s Regional Development Bank, an investment grade rating of ‘BBB+(lka)’ with a stable outlook on its state ownership, though the bank was still small to be systemically important. “The rating could be upgraded if the systemic importance of RDB to the government […]

July 21, 2011 (LBO ) – Sri Lanka will introduce ‘fit and proper’ tests for senior executives of non-bank lenders, following on from similar rules for commercial banks, deputy central bank governor Dharma Dheerasinghe said. Fit and proper rules are also expected to be imposed on leasing companies in the future. The measures are aimed […]

July 21, 2011 (LBO) – Sri Lanka’s LB Finance’s net profits for the June 2011 quarter grew 94 percent to 351 million rupees from a year ago with a rise in lending, other income more than doubling and lower provisioning. Earnings per share rose to 5.07 rupees from 2.62 rupees, according to interim accounts filed […]

July 18, 2011 (LBO) – RAM Ratings Lanka has confirmed Merchant Bank of Sri Lanka’s (MBSL) long- and short-term financial institution ratings at AA- and P1, a statement said. At the same time, the long-term rating of AA- for the company’s 186.80 million rupee Unsecured Unlisted Public Debentures has also been confirmed. All the long-term […]

July 18, 2011 (LBO) – Loans worth 4. 6 billion rupees have been disbursed in Sri Lanka’s war-torn north to revive livelihoods and businesses under Central Bank sponsored credit programmes since the conflict ended in mid-2009. The programmes helped promote livelihood and income generating activities among conflict-affected households and refugees in the Northern Province, a […]

July 16, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II will buy Sri Lanka’s The Finance and Guarantee Company (TF&G), investing 1.1 billion rupees to revive the finance firm. Union Bank chairman Aijta de Zoysa said in a statement the acquisition is part of Union Bank’s diversification and expansion […]

July 11, 2011 (LBO) – Directors of an unregulated finance company in Sri Lanka’s Ceylinco group including its chairman Lalith Kothelawala have been charged following a two and a half year probe, media reports said. Separately, Sri Lanka’s Supreme Court has earlier issued orders on the Golden Key after depositors sought repayment. The Sunday Island […]

July 11, 2011 (LBO) – Credit to business from Sri Lanka’s commercial banks rose 33. 9 billion rupees in May 2011 to 1,664. 4 billion rupees, with rupee denominated loans rising 30.5 billion rupees and forex loans rising 3. 4 billion rupees, official data showed. In the year to May commercial bank loans to business […]

July 08, 2011 (LBO) – Fitch Ratings Lanka has confirmed the national long-term ratings of Bank of Ceylon (BOC), People’s Bank (PB), Commercial Bank of Ceylon (CB) and Sampath Bank (SB). The rating agency also confirmed and simultaneously withdrawn the individual and support ratings of the four banks as the ratings are no longer relevant […]

July 07, 2011 (LBO) – Amana Global, a fully-owned subsidiary of Sri Lanka’s Amana Takaful has signed a deal with Islamic Banking and Finance Institute of Malaysia (IBFIM) to offer training in Islamic finance. At present there is a dearth of professional services available to satisfy the demand, a company statement said. “The move to […]

SINGAPORE, July 6, 2011 (AFP) – The Asian Development Bank (ADB) and reinsurer Swiss Re announced an agreement Wednesday to boost regional trade by guaranteeing financing risks for exporters and importer in poor countries. The guarantee means banks can be more comfortable lending to these companies, which need short-term funds to pay for their import-export […]