Category: Banking and Finance
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Fitch Ratings-Colombo-16 February 2016: Fitch Ratings has today assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed subordinated debentures of up to LKR7bn a final National Long-Term Rating of ‘A+(lka)’. The assignment of the final rating follows the receipt of documents conforming to information already received, and the final rating is the same as the expected […]
Sri Lanka’s LOLC December net up 60-pct
Feb 15, 2016 (LBO) – Profits at Sri Lanka’s LOLC group which has interests in financial services, insurance, plantations, trading and leisure rose 60 percent to 2.2 billion rupees in the December quarter. The group reported earnings of 4.66 rupees per share for the quarter up from 2.91 rupees from a year earlier on last […]
‘s NDB profits up 46-pct in Dec
Feb 15, 2016 (LBO) – Sri Lanka’s National Development Bank’s profits were up 46 percent to 1,254 million rupees in the December 2015 quarter from a year earlier, interim accounts filled with the Colombo Stock Exchange said. The group reported earnings of 7.62 rupees per share. In the December quarter interest income rose 8.7 percent […]
USD100mn capital infusion into ETI Finance approved
Jan 29, 2016 (LBO) – The Central Bank has approved a proposal to infuse 100 million US dollars into the share capital of ETI Finance, Swarnamahal Financial Services said in a stock exchange filing. This capital injection reportedly from institutional investors from Australia is mandated to be completed by 28 February 2016. ETI Finance is […]
Chances of March Fed rate hike drop after FOMC statement
Jan 28, 2016 (LBO) – The chances of a U.S. Fed rate hike in March dimmed after a FOMC policy statement on Wednesday acknowledged global economic risks, as analysts interpreted the carefully worded statement. The FOMC decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent after a two-day […]
Sri Lanka to obtain membership of Asian Infrastructure Bank with USD 268mn
Jan 21, 2016 (LBO) – The Cabinet has approved the draft bill to enable Sri Lanka to obtain the formal membership of the Asian Infrastructure Investment Bank through ratification of the required agreement. Sri Lanka has signed the agreement as an initial member to establish this bank on 29 June 2015 in Beijing, China. 57 […]
Bank of Tokyo Mitsubishi UFJ opens representative office
Jan 21, 2015 (LBO) – Bank of Tokyo-Mitsubishi UFJ (BTMU), Japan’s largest bank by market value, opened a representative office in Sri Lanka on Thursday to support business with Japanese companies. The bank is the commercial banking entity of Mitsubishi UFJ financial group (MUFJ), the eighth largest bank in the world with assets of 2.4 […]
‘s subordinated debentures AA-
Jan 13, 2016 (LBO) – Fitch Ratings Lanka has assigned Commercial Bank’s proposed Basel II-compliant subordinated debentures of up to 7 billion rupees a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 22 December 2015, and follows the receipt of documents conforming to information already received, […]
Sri Lanka’s Orient Finance to raise Rs1bn through IPO
Jan 06, 2016 (LBO) – Sri Lanka’s finance sector player Orient Finance is to raise one billion rupees by way of an Initial Public Offering. The company will offer 71.5 million ordinary shares at 15 rupees each, the company said in a stock exchange filing. The finance company formerly known as Bartleet Finance has obtained […]
HNB Grameen shares to be listed in CSE
Jan 06, 2016 (LBO) – Hatton National Bank’s micro finance arm, HNB Grameen, is to list its shares in the Colombo Stock Exchange shortly, Managing Director of HNB, Jonathan Alles said. Alles was speaking at the trade opening ceremony conducted at the CSE yesterday. “In the HNB group, Lanka Ventures, HNB Assurance are listed and […]
Sri Lanka’s NSB takes over management of Entrust Securities
Jan 05, 2016 (LBO) – Sri Lanka’s state-owned National Savings Bank has taken over the management of troubled Entrust Securities from yesterday evening, Central Bank official said. The state-owned bank has taken over the operations following the discussions with the Central Bank and officials of the Entrust Securities Plc. Meanwhile the CSE has halted the […]
PM calls on all to join country’s growth drive
Jan 04, 2015 (LBO) – Prime Minister, Ranil Wickremesinghe in his new-year message called on all Sri Lankan’s to join the government in its march towards rapid development. “We want to see a rapid development drive in the country, our aim is to develop the country from the Western Province to Trincomalee on one side […]