Category: Banking and Finance

Sep 04, (LBO) – Sri Lanka’s central bank, which froze the bank accounts of a charity operating in the country’s North and East areas said Monday, following raids on the organization’s overseas offices and arrests of persons connected to it raised doubts about the use funds. TRO said it was willing to ˜assist and fully […]

Sep 04, (LBO) – Finance ministers of commonwealth countries will try to find ways to improve aid delivery to developing countries and made aid more effective, when they meet in Colombo next week, host country Sri Lanka said. Delegates from 53 Commonwealth countries, led by prime ministers and finance ministers will meet in Colombo from […]

Sept 04 (LBO) – NDB Bank said Monday that it had picked up a balance 70 percent stake in NDB Housing Bank, following Central Bank approval. NDB Bank held a 30 percent stake in the housing loan subsidiary, with the balance held by International Finance Corporation (IFC) and Housing Development Finance Corporation of India (HDFC […]

September 04, 2006 (LBO) – The Distilleries Group is in talks to increase their equity stake in its fund management unit National Asset Management Ltd or NAMAL. Stassens, recently gave a billion rupees of its funds for NAMAL to manage. Healthy competition is good for both fund management companies, Fernando said referring to Aegis and […]

August 25, 2006 (LBO) – Cheque usage in Sri Lanka has rocketed up, after an image clearing system is speeding up clearing, an official said. Sri Lanka’s central clearing house, LankaClear (Pvt) Ltd says usage has almost doubled within months of introducing an image clearing and truncation system, which has eliminated the physical transportation of […]

Aug 24, 2006 (LBO) – Sri Lanka’s accounting watchdog has formed a committee to of experts to facilitate the flow emerging trends in accounting and auditing standards The panel will assist the Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAASMB) staff to interact with industry experts on technical aspects, the watchdog said in a […]

August 24, 2006 (LBO) – Sri Lanka’s financial intelligence unit is looking to raise the threshold on money transactions that have to be reported to authorities, following complaints from market players, a top official said Thursday. Anti-money laundering activities, comes under the supervision of the country’s finance ministry. South Asian securities regulators from Bangladesh, Bhutan, […]

August 23, 2006 (LBO) – Vanik Inc., Wednesday offered creditors a chance of swapping their debt in return for equity, and also disclosed plans to reduce the par value of its stock. Meegoda later informed the stock exchange that the shareholder who sought an EGM had sold out. The ailing firm has sought a meeting […]

August 23, 2006 (LBO) – Overseas Realty Ceylon said Wednesday they would raise 1.25 billion rupees through a rights issue to buy up of a 60 percent stake in property developer Mireka Capital Land Private Ltd. The group owners and managers of Sri Lanka’s twin tower world trade center, will issue 69,057,200 ordinary shares valued […]

August 22, 2006 (LBO) – Commercial Bank of Ceylon Tuesday posted a 69 percent rise in group profits for the six months to June boosted by growth in net interest income and foreign exchange gains. Sri Lanka’s most profitable commercial bank said group post tax profits advanced 68.8 percent to 1,475.1 million rupees over the […]

August 22, 2006 (LBO) – Sri Lanka’s long-suffering fund management industry is working with market regulators to promote closed-end funds and give an exit route to investors by listing units on the Colombo Stock Exchange, a senior official said Tuesday. In 2004, the Securities & Exchange Commission unveiled a new code for mutual funds which […]

August 21, 2006 (LBO) — Depositors who have money and other assets in Sri Lanka’s bank have till the end of the month to reactivate their accounts, and prevent accounts being reported to the central bank has abandoned property, officials said.Parliamentarians representing the community in particular have raised objections to the takeover process. Bankers say […]