Category: Banking and Finance
Sri Lanka’s DFCC Vardhana Bank to issue debt
May 20, 2015 (LBO) – Sri Lanka, DFCC Vardhana Bank PLC, is to issue 50,000,000 subordinated and senior unsecured listed redeemable rated debentures at an issue price of 100 rupees per share, with a minimum of 20,000,000 debenture allotted to each type of debenture, the company said in a filing to Colombo Stock Exchange. The […]
Sri Lanka’s ex central banker calls for tec savy banks to suit modern customers
May 20, 2015 (LBO) – Sri Lanka’s banking sector needs to invest more in modern technology as the new generation is much more tech savvy, a former Central Banker said. “Most of the banks need to further introduce technology today.They were in the wave of technology that started in the 1990’s but now its 2015 […]
Sri Lanka’s DFCC and Vardhana bank to merge
May 18, 2015 (LBO) – Sri Lanka’s DFCC Bank and DFCC Vardhana Bank has applied to the Central Bank for provisional approval to merge, the banks said in a joint filing in the Colombo Stock Exchange.The statement said, the decision was made by the board of directors of DFCC and DVB after due consideration that […]
‘s Commercial Bank profits up 10-pct to 2.53bn rupees
May 14, 2015 (LBO) – Sri Lanka’s Commercial Bank reported a profit after tax of 2.5 billion rupees for the three months ended March 31, a rise of 10.1 percent from the same period last year, the bank’s interim results filled with the stock exchange showed. The growth in deposit and lower cost of funds […]
Sri Lanka’s Islamic banking and finance sector assets grow 42- pct in 2014
May 14, 2015 (LBO) – Sri Lanka’s Islamic Banking and finance (IBF) has grew 42 percent to 50 billion assets in 2014, Minister of Industry and Commerce said in a statement. In 2013 the total assets were 35 billion rupees. However the penetration is slow, Minister Rishad Bathiudeen said at a ceremony held in Colombo […]
Sri Lanka’s Central Bank to settle Golden Key depositors: Ravi K assures
May 13, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says that the Central Bank will take the responsibility of paying the defaulted Golden Key depositors after they withdraw their cases that are to be taken up on 18 May 2015.He made this comment following a meeting held with the depositors at the Finance […]
”s Merchant Finance on negative watch; withdraws rating
May 12, 2015 (LBO) – Sri Lanka’s Fitch Ratings has placed People’s Merchant Finance, national long term rating of ‘BB+(lka)’ on rating watch negative and simultaneously withdrawn the rating. Fitch is withdrawing the rating as the People’s Merchant Finance (PMF) has chosen to stop participating in the rating process, issuing a statement Fitch Ratings said. […]
Sri Lanka’s President discuss 20th amendment with all political parties
May 12, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena Monday met leaders of all political parties and discussed the proposed electoral reforms at the Presidential Secretariat, President Office said.The cabinet paper pertaining to revise the electoral system, was also discussed at the meeting. The President informed all the party representative that in written suggestions […]
Sri Lanka DFCC, NDB merger off; revisit option left open: NDB CEO
May 11, 2015 (LBO) – Sri Lanka’s National Development Bank (NDB), Chief Executive told LBO that although the merger with DFCC is off the option to revisit will be left open.“We believe that the termination of the MOU will give both institutions the flexibility to pursue their respective business strategies while leaving open a window […]
Sri Lanka’s Commercial Credit and Finance to issue Rs1bn debt
May 11, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance, to issue debenture to raise one billion rupees which will be listed on the Colombo Stock Exchange, the bank said in a stock exchange announcement. The company plans to offer 10,000,000, rated, subordinated, guaranteed, redeemable debentures at an issue price of 100 rupees each.The […]
Sri Lanka’s state owned Lankaputhra bank in trouble due to unpaid loans
May 11, 2015 (LBO) – Sri Lanka’s state owned Lankaputhra bank is going through a hard time due to non-performing loans given on the instruction of the Rajapakse regime, the Bank’s Chief told reporters at a press briefing held Colombo. Lankaputhra started operations in 2006 with an aim to finance and uplift small and medium […]
‘s government denies political intervention into FCID
May 11, 2015 (LBO) – Sri Lanka’s government on Monday denied any sort of undue political intervention into the Financial Crimes Investigation Division and assures the independence of the investigations carried out by all the law enforcement agencies in the country.Issuing a statement the Prime Minister’s office said the Financial Crimes Investigation Division (FCID) is […]