Category: Banking and Finance

July 4, 2009 (LBO) – W A Wijewardena, widely regarded as one of the top economists the country has ever produced, retired from his post as deputy governor of Sri Lanka’s central bank Friday, after a 36 year career in public service. He has also chaired other task forces including one on the adoption of […]

July 03, 2009 (LBO) – HSBC’s Sri Lanka unit is looking to finance a private container port to be built as part of an expansion of Colombo port, and post-war reconstruction projects in the island, a top official said. “We are looking to support investors bidding for the Colombo port expansion,” Nick Nicolaou, head of […]

July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings said it has confirmed the ‘AA-(lka)’ national long-term rating of Sampath Bank, as well as its individual and support ratings at ‘D/E’ and ‘5’, with a stable outlook. Furthermore, the bank’s credit decisions became more centralised since early-2009, and its recoveries were strengthened by reallocating experienced […]

July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings Lanka said it upgraded Seylan Merchant Leasing (SML) national long-term rating to ‘BBB-(lka)’ from ‘BB +(lka)’ on the acquisition of a 84.5 percent stake by People’s Leasing Company (PLC). PLC’s purchase consideration amounted to 441.4 million rupees for the 84.5 percent stake in SML and was […]

July 01, 2009 (LBO) – Sri Lanka’s registered finance companies would be required to list on the Colombo Stock Exchange as part of an enhanced regulatory framework of the financial sector, Central Bank Governor Nivard Cabraal said. Cabraal said the Securities and Exchange Commission, Sri Lanka Accounting and Auditing Standards Monitoring Board, the Institute of […]

June 29, 2009 (LBO) – Sri Lanka’s Sampath Bank said it was merging a fully owned subsidiary dealing in government securities. Samapth Surakum Limited is a primary dealer in government securities licensed by the Central Bank. A series of separate primary dealers were set up a few years ago under a Central Bank to intensify […]

June 29, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) may take up the bulk of risk capital in bailing out Seylan Bank, while state-run Bank of Ceylon and National Savings Bank (NSB) may take smaller stakes, a media report said.SLIC was recently returned to state ownership and management following a court order, and a […]

June 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the national long-term rating of National Development Bank (NDB) at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’, Fitch said in a statement. NDB’s ratings are reflective of its continued strong financial profile relative to its […]

June 27, 2009 (LBO) – Fitch Sri Lanka has upgraded state-run People’s Bank’s (PB) long term rating by one notch to ‘A(lka)’ from ‘A-(lka)’ and changed its outlook to ‘stable’ from ‘positive’ at the new level, after reaching minimum capital requirements. The achievement of capital adequacy ratios came form a 1.5 billion rupees capita injection […]

June 26, 2009 (LBO) – Sri Lanka’s Seylan Bank will be bailed out with the help of money from state institutions while a bid from a private investor was rejected because it did not meet ownership limits, the Central Bank said. There will be no change in the board. Seylan will also continue its link […]

June 25, 2009 (LBO) – Sri Lanka’s state run Bank of Ceylon has expanded its services inside camps housing nearly 280,000 refugees in the north of the island, adding mobile computerized branches housed in shipping containers. Last week the bank added four retail units to its existing branch in the Manik Farm refugee camp complex […]

June 25, 2009 (LBO) – Sri Lanka’s Nations Trust Bank which had uncovered a forex loss in its books said the losses would be offset “to a great extent” by other operations of its Treasury. NTB said its June quarter financials will be published as early as possible in July. “The Bank has discovered a […]