Category: Banking and Finance

Aug 03, 2009 (LBO) – Sri Lanka’s Seylan Bank said it plans to issue 86 million ordinary shares at 35 rupees each in a one-for-two public offering to existing shareholders and a private placement with two state-run financial institutions.The current stated capital of Seylan Bank is 2.5 billion rupees comprising of 43.56 million ordinary shares, […]

Aug 02, 2008 (LBO) – Sri Lanka’s Sampath Bank is expanding to the island’s north and the east helping boost an economic revival in the areas after the end of war three decade war, an official said. Sampath sees more potential in area as already business volumes are moving up. “In the eastern region pawning […]

Aug 01, 2009 (LBO) – The Sri Lanka unit of Standard Chartered Bank has retained its ‘AAA(lka)’ rating from Fitch, but the agency said its capital was hurt by a bad loan originating from oil derivative sales to a state-run oil distributor. The rating had a ‘stable’ outlook and reflected the financial strength of Standard […]

July 30, 2009 (LBO) – Sri Lanka’s Seylan Bank said it had stepped up efforts to recover loans and improved credit evaluation and corporate governance under new management which was appointed by the banking regulator. It said in a statement the bank, which faced a run after the collapse of an unlisted subsidiary of its […]

July 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Hatton National Bank’s (HNB) National Long-term rating at ‘AA-(lka)’ with a stable outlook. The rating reflects the bank’s good profitability, asset quality and capitalisation among local commercial banks, Fitch said in a statement. Fitch also confirmed the bank’s subordinated debentures at ‘A+(lka)’. HNB’s […]

July 28, 2009 (LBO) – Sri Lanka’s Seylan Bank said net profit for the June 2009 quarter fell 39 percent to 188 million rupees from a year ago with both interest income and fee income falling and bad loans rising.The bank, part of the Ceylinco group, said in a stock exchange filing that interest income […]

July 28, 2009 (LBO) – Sri Lanka’s Central Bank said it has signed an Investment Facilitation Agreement with China Development Bank, considered one of China’s three policy banks that also funds the country’s large infrastructure projects.“Under this agreement, China Development Bank will initially place a US dollar deposit with the Central Bank of Sri Lanka, […]

July 18, 2009 (LBO) – Court appointed accountants probing a failed financial firm in Sri Lanka’s Ceylinco group have recommended that its chairman directors “bring in” an additional 13 billion rupees to start repaying depositors. The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 […]

July 17, 2009 (LBO) – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has signed Memoranda of Understanding (MOU) with FIUs of the Philippines and Nepal, a bank statement said. FIUs have been established in more than 130 countries as dedicated institutions to fight against money laundering, terrorist financing and other unlawful activities. […]

July 16, 2009 (LBO) – Depositors of a collapsed Sri Lankan financial firm should seek its liquidation under civil law to realize assets while criminal proceedings may put pressure on directors surrender other assets, a senior lawyer has said. “But in my view there is a limit to what could be realized and in my […]

July 15, 2009 (LBO) – Sri Lanka’s National Development Bank (NDB) said it has launched its Bangladesh joint venture investment bank, NDB Capital Limited, positioning the group to be able to expand in a bigger market. “It’s a virgin market where professional investment banking services are currently not available,” Vajira Kulatilaka, chief executive of NDB […]