Category: Banking and Finance

January 27, 2010 (LBO) – Sri Lankan finance company Vallibel Finance had its long term rating of ‘B+(lka) and stable outlook confirmed by Fitch Ratings Lanka. The rating considers Vallibel’s relatively small asset base, weak asset quality and modest financial profile, Fitch said in a statement. Although the company has successfully expanded its operations while […]

January 26, 2010 (LBO) – Sri Lanka’s former governor of the central bank Dr. H Karunatilake died on January 24, the bank said in a statement. He also served on the boards of research institutions, universities, financial institutions, cabinet sub-committees, government sub-commissions and state organizations. Karunatilake served as governor from 1988 to 1992, but has […]

Jan 25, 2010 (LBO) – Sri Lankan banks have opened 25 branches in former war torn areas in the north and the east of the island since the end of an internal conflict, while the Central Bank has given the nod for another 53 branches, an official said. A 30-year war with Tamil Tiger separatists […]

Jan 23, 2010 (LBO) – Sri Lanka’s central banks says depositors of several failed financial firms are being settled according to court directions and others could be settled with Treasury bills when assets are identified. (ii) Finance and Guarantee Property Development Company (Pvt.) Ltd. and F&G Real Estate Company Ltd: The Court has directed the […]

WASHINGTON, January 22, 2010 (AFP) – President Barack Obama unveiled plans Thursday to limit the size and scope of US banks and financial firms in a new offensive against Wall Street excesses laid bare by the financial crisis. “Never again will the American taxpayer be held hostage by a bank that is too big to […]

Jan 22, 2010 (LBO) – Sri Lanka’s central bank said loans given to war torn northern and eastern areas for economic revival under a special scheme would be cut to 9.0 percent from the current 12.0 percent. The central bank said the loans were available from Bank of Ceylon, People’s Bank, Hatton National Bank, Commercial […]

Jan 21, 2010, JAFFNA (LBO) – A bank specializing in lending to Sri Lanka’s war torn north of the island will be set up Central Bank governor Nivard Cabraal told a forum in the island’s Jaffna peninsular. This week Cabraal also opened a branch of DFCC Bank in Jaffna, also a ‘development bank’ at one […]

Jan 19, 2010 (LBO) – Sri Lanka is looking to reduce taxes on banks over the next few years allowing banks to generate more funds to recapitalize, as the economy is poised for a growth phase after the end of a 30-year war, an official said. “Over the next five years banks have to devise […]

Jan 18, 2010 (LBO) – The first part of a series of forex control relaxations announced in January will be implemented from February 01, Central Bank Governor Nivard Cabraal said. Cabraal announced a sweeping easing of existing exchange controls on January 04, as part of a monetary policy direction for 2010. Relaxation “We announced measures […]

Jan 17, 2010 (LBO) – Sri Lanka’s Supreme Court has granted bail to the chief executive and a director of the failed Golden Key Credit Card Company and ordered more asset seizers to repay depositors, a media report said. The Sunday Island newspaper said Kavan Perera, chief executive of Golden Key and Saradha Sumanasekera, director […]

WASHINGTON (AFP) – Federal Reserve chairman Ben Bernanke said Thursday the US central bank should keep its role as a regulator of the banking system as a way to promote financial market stability. Bernanke added that the Fed “cannot and should not” be responsible for regulating the entire financial system, which including nonbanking firms such […]

Jan 11, 2009 (LBO) – Sri Lanka’s finance company profits would pick up in 2010 as deposit rates falls, helping offset some credit losses, but asset quality may remain until the economy strengthens, Fitch Ratings has said. A recent sharp fall in bank deposit and lending rates had now started to spread to the finance […]