Category: Banking and Finance

Feb 06, 2014 (LBO) – Sri Lanka’s MCSL Financial Services Ltd has been given a ‘BBB’ rating by RAM Ratings Lanka, and a subordinated debenture ‘BBB-‘. The ratings were supported by its ultimate parent, state-run Bank of Ceylon. MCSL’s gross NPL ratio worsened from 8.76 percent as at end-FY Dec 2011 to 10.41 percent by […]

Feb 03, 2014 (LBO) – Sri Lanka’s private credit is expected to pick up from this quarter, based on historical trends, but there could be a delay, Standard Chartered Bank said, as credit slowed following a balance of payments crisis.The report said further monetary easing should be viewed cautiously as it could generate currency instability […]

Jan 31, 2014 (LBO) – Sri Lanka’s banks and non-bank firm consolidation was progressing with meeting with individual firms with the regulator with preliminary plans expected to be submitted by March 31. In addition, the Central Bank requested all banks, NBFIs and others who are involved in the process to continue a close dialogue with […]

Jan 31, 2014 (LBO) – Sri Lanka’s Commercial Credit and Finance Plc said it planned to raise 1.6 billion rupees from a US registered company.Creation Investments Sri Lanka LLC, a Delware, USA, registered firm will initially buy 40 million shares at 21 rupees each for 1,008 million rupees, the firm said in a stock exchange […]

Jan 23, 2014 (LBO) – Sri Lanka’s Cargills (Ceylon) Plc said it start up banking arm had been given the nod to start operations by the regulator.Cargills Bank was given a license to start operations from January 21, the firm said in a stock exchange filing. .

Jan 22, 2014 (LBO) – Sri Lanka’s policy rates will probably be kept at current levels for the next three to six months, a media report said as inflation remained subdued compared to earlier levels.“There may be some other adjustments that we may need to make in the economy as we move on, but from […]

Jan 18, 2014 (LBO) – Sri Lanka’s banks and well managed larger non-bank lenders will be encouraged to swallow up to three second tier firms with tax breaks and cheaper financing, a plan released by the banking regulator said.A presentation by Sri Lanka’s Central Bank Governor Nivard Cabraal made to the financial industry has asked […]

Jan 14, 2013 (LBO) – Sri Lanka’s financial regulator, the Central Bank, said it will outline a master plan to consolidate banks and finance companies with one-to-one meetings to be held among lenders thereafter. The 2009 one involved property and oil derivatives going bad, and the 2011/2012 bubble involved state enterprise credit, margin and gold […]

Jan 13, 2014 (LBO) – Credit to business and personal customers rose 22.3 billion rupees in November 2013 to 2,519 billion rupees, up 7.3 percent from a year earlier, while loans to the state fell, official data showed.Loan to deposit ratios can deteriorate as the Central Bank expands its balance sheet by purchasing securities from […]

Jan 12, 2014 (LBO)- Sri Lanka’s monetary and information technology authorities are in discussions over freeing Paypal inward payments for citizens in the country, Central Bank Governor Nivard Cabraal said.Sri Lanka had full capital mobility for several centuries until the establishment of a money printing central bank in 1951, which led to currency depreciation due […]

Jan 12, 2014 (LBO) – Private equity can help fast growing small and medium enterprises looking for finance Jupiter Capital Partners which is organizing a seminar targeting the sector said.“There are a lot of small medium and enterprise with very interesting business models who cannot grow without traditional banking and finance cannot accommodate them,” Indika […]

Jan 10, 2014 (LBO) – Sri Lanka’s finance companies which are being encouraged to merge with one another should not retrench staff, Central Bank Governor Nivard Cabraal said. The monetary board, the decision-making body of the Central Bank has decided on the move at a meeting Thursday. “In the event of a consolidation or merger […]