Category: Banking and Finance

Dec 31, 2010 (LBO) – A new finance company law that is to be introduced in Sri Lanka will provide for tougher penalties against illegal deposit taking and give regulators wider powers to probe abuses, a statement said. The new law will repeal the existing No 78 finance company act of 1988 which was seen […]

Dec 29, 2010 (LBO) – Fitch Ratings has confirmed the National Long-term rating of Sri Lanka’s Housing Development Finance Corporation Bank (HDFC) at ‘BBB+(lka)’ with a stable outlook, a statement said. The rating agency has also confirmed the ‘BBB+(lka)’ rating on the bank’s outstanding 195 million rupee senior unsecured redeemable debentures. “HDFC’s ratings reflect its […]

Dec 28, 2010 (LBO) – The Merchant Bank of Sri Lanka (MBSL) has suspended its chief executive officer for alleged misconduct, the bank said in a stock exchange filing. MBSL shares were trading at 47.40 rupees each, up 1.10, in mid-morning trade. MBSL’s board of directors had decided to suspend the services of its chief […]

Dec 24, 2010 (LBO) – Small investors who applied for up to 500 shares in a share issue by Sri Lanka’s Singer Finance (Lanka) will get all they asked for, issue manager NDB Investment Bank said in a stock exchange filing. The funds raised via the IPO will be used by the company to expand […]

Dec 24, 2010 (LBO) – Sri Lanka’s Union Bank plans to make a public share offer after a rights issue of 10 million shares at 25 rupees each to existing shareholders was oversubscribed by four times, a statement said. The bank has 20 branches including 05 in the north of Sri Lanka and is expected […]

Dec 22, 2010 (LBO) – Sri Lanka’s NDB Bank has launched its own credit cards as it expands its retail business, a statement said. The credit cards will be available to all NDB Bank customers who will get a 45-day interest free period for repayment and a balance transfer option which enables customers to transfer […]

Dec 21, 2010 (LBO) – Sri Lanka’s credit to business from commercial banks surged 20. 3 percent in October 2010 from a year earlier, as 50 billion rupees in new loans were made in the month, the highest since a balance of payments crisis two years ago, official data show. Loans to private business rose […]

Dec 20, 2010 (LBO) – Sri Lanka’s Sampath Bank is expecting loans to grow 30 percent in 2011 helped by a new push into leisure, renewable power and credit cards as the country recovers from a three-decade war, officials said. Director Ranjith Samaranayake said the award was in part given due to its 3.0 percent […]

Dec 17, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees was oversubscribed 120 times, drawing applications worth 48 billion rupees, a statement said. The IPO is mainly to fund Singer Finance’s hire purchase business growth which is reawakening after the 2008-09 business downturn. Updated The firm had […]

Dec 17, 2010 (LBO) – Fitch Ratings Lanka has upgraded Singer Finance (Lanka) Limited’s (SFL) national long-term rating to ‘BBB+(lka)’ from ‘BBB(lka)’ with a stable outlook, a statement said. SFL is a registered finance company and a fully-owned subsidiary of SSP. It has a network of six branches and six service centres in Sri Lanka. […]

Dec 16, 2010 (LBO) – Sri Lanka’s central bank has issued a 5,000-rupees commemorative coin to mark its 60th anniversary which will be sold to the public from next month, a statement said. The ‘Frosted Proof’ crown sized silver commemorative coin is the first multi-coloured coin issued by the central bank. The limited issue of […]

Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO […]