Category: Banking and Finance
E&Y still a qualified auditor eligible to audit accounts of Licensed Banks: CBSL
Following the disclosure of an internal fraud at National Development Bank PLC (NDB), the Central Bank of Sri Lanka (CBSL) requested M/s Ernst & Young, Sri Lanka (E&Y) not to assign any audit engagements of Licensed Banks to the Engagement Partner and the Quality Assurance Partner involved in the audit of NDB’s financial statements. “For […]
Fitch Assigns NDB Wealth Money Fund First-Time ‘AA+f(lka)’ and ‘S2(lka)’
Fitch Ratings has assigned NDB Wealth Money Fund a National Fund Credit Quality Rating (FCQR) of ‘AA+f(lka)’ and a National Fund Market Risk Sensitivity Rating (MRSR) of ‘S2(lka)’. KEY RATING DRIVERS The FCQR reflects the high credit quality of the fund’s underlying assets. Fitch bases the rating on the fund’s actual and prospective credit quality. […]
Sampath Bank & Mastercard collaborate to introduce two exclusive credit card variants for Chartered Professional Managers
From Left: Chirath Samarasekara, Head of Card Centre, Sampath Bank; Buddhika Amunugama, Director of Account Management, Mastercard; Mahesha Amarasuriya, Country Manager, Sri Lanka, Mastercard; Darshin Pathinayake, Chief Business Intelligence Officer, Sampath Bank; Prof. Lakshman R Watawala, Founder and President of CPM Sri Lanka; Dr. J A Ranga Jayakody, Governing Council Member, CPM Sri Lanka and […]
Fitch Upgrades Three Sri Lanka Bank-Owned NBFIs Following Parent Rating Upgrades; Outlooks Stable
Fitch Ratings has upgraded the National Long-Term Ratings of three Sri Lankan bank-supported non-bank financial institutions (NBFIs) following the upgrade of their parent banks’ ratings. — People’s Leasing and Finance PLC (PLC) has been upgraded to ‘AA-(lka)’ from ‘A(lka)’; Outlook Stable — Merchant Bank of Sri Lanka & Finance PLC (MBSL) has been upgraded to […]
Fitch Takes Action on 8 Sri Lankan Banks’ National Ratings on Updated Scale After Sovereign Upgrade
Fitch Ratings has taken the following actions on the National Long-Term Ratings of eight Sri Lankan banks following recalibration of the agency’s Sri Lankan national rating scale in the wake of the recent sovereign rating upgrade: — Bank of Ceylon (BOC): National Long-Term Rating upgraded to ‘AA+(lka) from ‘AA-(lka)’; Outlook Stable — People’s Bank (Sri […]
Fitch Assigns Asia Asset Finance’s Proposed Senior Debt ‘A+(EXP)(lka)’ Rating
Fitch Ratings has assigned Asia Asset Finance PLC’s (AAF, A+(lka)/Stable) proposed Sri Lankan rupee-denominated senior unsecured debentures of up to LKR2 billion an expected National Long-Term Rating of ‘A+(EXP)(lka)’. The proposed debentures are likely to have a maturity of five years and are to be listed on the Colombo Stock Exchange. The company plans to […]
Fitch Assigns CBC Finance’s Proposed Subordinated Debt ‘BBB+(EXP)(lka)’ Rating
Fitch Ratings has assigned CBC Finance PLC’s (CBCF, A(lka)/Stable) proposed Sri Lankan rupee-denominated subordinated listed debentures of up to LKR1 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures are likely to have a maturity of five years and are to be listed on the Colombo Stock Exchange. The company plans to use […]
ComBank partners Payable to introduce ‘Soundbox’ for small business digital payments
Driven by its commitment to introduce the latest global technologies and continuously elevate the customer experience, Commercial Bank of Ceylon has announced the introduction of ‘Soundbox,’ an innovative audio-enabled digital payment acceptance device tailored for micro, small and medium enterprises. Powered by Mastercard and implemented in partnership with Payable (Pvt) Ltd, the Soundbox solution is […]
Fitch Rates Sampath Bank’s Proposed Basel III Subordinated Debentures Final ‘A(lka)’
Fitch Ratings has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion a final National Long-Term Rating of ‘A(lka)’. The proposed debentures, which will mature in five and seven years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to […]
Seylan Bank Surpasses LKR 1 Trillion in Total Assets
Seylan Bank PLC, has surpassed LKR 1 trillion in total assets, marking a significant milestone in the Bank’s growth journey and strengthening its position among Sri Lanka’s leading private sector banks. The Bank reached the milestone in September 2026, becoming the fourth private sector bank in Sri Lanka to achieve this landmark. Surpassing LKR 1 […]
ComBank unveils ‘Prestige’ Banking to empower clients to craft their legacy for growth
New three-tier proposition combines bespoke banking, strategic wealth management, expert advisory, refined lifestyle privileges and enriching rewards The Commercial Bank of Ceylon has reaffirmed its commitment to providing a bespoke banking experience with the launch of ‘Prestige’ for Sri Lanka’s High Net worth (HNW) clientele. Bringing together the full weight and capabilities of Sri Lanka’s […]