Category: Companies
Sarvodaya Development Finance records a profit growth of 147-pct in 2019-20
Jun 30, 2020 (LBO) – Sarvodaya Development Finance (SDF), the financial services arm of the Sarvodaya Movement, sailed through the turbulent 2019-20 financial year to report a record profit growth. The finance company, which funds the charitable and social development activities of the Sarvodaya Movement across rural Sri Lanka, recorded one of its best years […]
Sri Lanka not among 15 countries that lifted non-essential travel to the EU
Jun 29, 2020 (LBO) – The Delegation of the European Union (EU) to Sri Lanka and the EU Member States Embassies in Colombo issuing a clarification on lifting the temporary restriction on non-essential travel to the EU and reports that Sri Lanka was not included in the list of selected countries. With the process of […]
HNB records 15-pct YoY growth in digital remittances during COVID lockdown
Jun 29, 2020 (LBO) – Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown. The bank recorded a 15% Year-on-Year (YoY) increase in digital remittances and a 10% YoY increase in cardless withdrawals across its extensive ATM network […]
SEC continues engaging with capital market stakeholders
As part of its continuing efforts to reach out to market participants Viraj Dayaratne PC, Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) along with other Commission Members met with representatives of the Ceylon Chamber of Commerce, Law Firms and Stockbroker Firms. These interactions were held as part of a series of […]
CBSL implements Credit Guarantee & Interest Subsidy Scheme for businesses
Jun 28, 2020 (LBO) – Sri Lanka’s Central Bank has decided to implement a Credit Guarantee and Interest Subsidy Scheme to accelerate lending by banks to businesses adversely affected by the COVID-19 pandemic. The Monetary Board of the Central Bank, at its meeting held on 26 June 2020 has decided that this scheme, which will […]
Second stage of compensation payments to The Finance Company depositors
Jun 26, 2020 (LBO) – Sri Lanka’s Central Bank has taken measures to commence the second stage of the compensation payments to the depositors of The Finance Company PLC (TFC) with effect from 02.07.2020. In terms of this compensation mechanism Rs.600,000/- is paid per depositor basis. Accordingly, such payments will be taken place at 63 […]
Bank of Ceylon disburses loan facilities over Rs. 4bn thus far
Jun 26, 2020 (LBO) – As the Sri Lankan business community struggles to recover from the devastating effects of the COVID-19 economic impact, the country’s premier state-owned bank, Bank of Ceylon, has reached a milestone in providing the community with a lifeline of recovery. “Businesses affected by the pandemic have been granted a moratorium for […]
SL Treasury, Central Bank should consider credit guarantees for Covid-19 distressed bank loans
By the Advocata Fellows: Liquidity injections will impact forex market and debt repayments Even though Sri Lanka’s economy has opened up, businesses are still recovering from the dual shock of the locally imposed curfew as well as the global fallback from the coronavirus. A vast majority of Sri Lankan businesses are in need of support […]
ComBank further slashes lending rates
Jun 26, 2020 (LBO) – The Commercial Bank of Ceylon has announced a further lending rate cut, slashing rates by up to 2 percent on all categories of loans in a continuing effort to bolster businesses affected by the COVID-19 pandemic by providing affordable access to desperately-needed funds. The Bank took steps to reduce lending […]
Kasturi Wilson to succeed Steven Enderby as CEO of Hemas
Jun 25, 2020 (LBO) – Hemas Holdings announced the appointment of Kasturi Chellaraja Wilson as Group Chief Executive Officer, effective 1st October 2020, succeeding Steven Enderby. As part of a planned succession, Kasturi will take on the role of Deputy CEO and be appointed to the Board of Hemas Holdings PLC, effective 1st July 2020. […]
” offers special low-interest business loans
Jun 25, 2020 (LBO) – Sampath Bank has rolled out a host of special business loans and gold loans under its Revive Sri Lanka initiative at a low-interest rate of 9% p.a. Sampath Bank is now offering special low-interest Sampath Diriya loans of Rs.10 million up to Rs. 100 million at 9% p.a. under the […]
SriLankan Airlines converts passenger aircraft to full freighter supporting exporters
Jun 25, 2020 (LBO) – SriLankan Airlines has converted a wide-body passenger aircraft into a dedicated cargo aircraft to support export industries and to keep the country connected with the global economy during the pandemic. This converted Airbus A330 aircraft will commence operations today to key destinations in the Far East and Europe. The reconfiguration […]