Category: Banking and Finance

Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said. Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers […]

Feb 10, 2014 (LBO) – Sri Lanka’s banks could benefit from a regulatory move for consolidation, despite heightened short term risks, Standard & Poor’s, a rating agency said. Sri Lanka’s central bank is pushing banks and finance companies to merge, to reduce the total number in operation and make remaining ones bigger. “We believe Sri […]

Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said.Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers who […]

Feb 09, 2014 (LBO) – Sri Lanka’s Nation Lanka Finance Plc, a registered finance company is getting a 700 million rupee equity investment which will boost its capital over a few weeks, officials said.Financing by GEM was arranged by Yenom (Pvt) Ltd, a company operated by Kosala Heengama and Gregory Scott Newsome, who were connected […]

Feb 06, 2014 (LBO) – Nations Lanka Finance Plc said it would raise 1.4 billion rupees by selling shares to a foreign investor.The firm said in a stock exchange filing that it wanted to sell shares and warrants totaling 29.9 percent of company to Global Emerging Markets Yield Fund LLC. Sri Lanka’s finance companies are […]

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 […]