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Strategic Investor
March 27, 2009 (LBO) – Sri Lanka’s central bank has called for proposals from investors to invest 5.7 billion rupees (about 50 million US dollars) to take a 33 percent stake in Seylan Bank, part of the troubled Ceylinco group. Expressions of interest (EOI) have been invited from local or foreign parties interested in becoming […]
Banking Abroad
March 27, 2009 (LBO) – Sri Lanka’s Commercial Bank has said it plans to expand its business in Bangladesh and is still considering setting up branches in other Asian countries despite obstacles.“Although it was the bank’s intention to establish a presence in the Far East, we have put these plans on hold in view of […]
Sri Lankan Airlines to wet-lease aircraft to Mihin Air
March 27, 2009 (LBO) – Sri Lanka’s national carrier SriLankan Airlines will lease a short-haul aircraft to Mihin Air, a state-run budget carrier, at a below market rate, after extending the dry lease of one of its own aircraft, an official said. Mihin Air is now operating with a single aircraft after it was resurrected […]
Sri Lanka Insurance Corp gets to renew petroleum cover
March 27, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group controlled by businessman Harry Jayawardena, has renewed its contract for insurance cover of a government fuel terminal for 120 million rupees.The facility consists of tank farms and pipelines to store and distribute petroleum product.The government said in a statement that […]
Sri Lanka bailout talks progressing: IMF
Mar 27, 2009 (LBO) – An International Monetary Fund (IMF) mission in Sri Lanka is talking with the government on a stand-by arrangement and but the volume of financing the island requires is yet to be decided, an official said. “We don’t have any date as to the conclusion of those discussions or their likely […]
Sri Lanka share trading boosted by Carson oil palm deals
March 26, 2009 (LBO) – Sri Lankan shares ended almost flat Thursday but turnover was pushed up to 915 million rupees by large transactions in three oil palm companies of the Carson Cumberbatch group, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Big Bank
Mar 26, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon profits have increased 19.2 percent to 3.87 billion rupees in 2008, helped by strong fee income despite interest expenses rising. The bank said its foreign branches in London, Maldives and Indian had performed well in 2008. “Our London branch has come into profits after […]
Breathing Space
Mar 26, 2009 (LBO) – Sri Lanka’s The Finance Company, a member of the island’s troubled Ceylinco group, is suspending withdrawals of deposits for three months, while the firm is restructured under new management, officials said. State-run Lankaputhra Development Bank which has been appointed as the firm’s ‘managing agent’ by the Central Bank said interest […]
Quick Access
Mar 26, 2009 (LBO) – The International Monetary Fund has announced changes to itslending framework lowering emphasis on structural adjustments for countries in trouble, offering precautionary lending for country’s who want to be prepared for a crisis. Major structural changes are usually part of Poverty Reduction and Growth Facilities (PRGF) that are designed to push […]
Golden Key
Mar 26, 2009 (LBO) – Sri Lanka’s Ceylinco group chief Lalith Kotelawala has offered to provide assets into a trust to repay 14.5 billion rupees to customers of the collapsed Golden Key Credit Card Company, state lawyers told court.Deputy solicitor general Sarath Jayamanne said Thursday depositors were offered a rate lower than the high rates […]