Category: Banking and Finance

Aug 08, 2013 (LBO) – HSBC said it had been named the best internet bank by Gobal Finance, a magazine for the eight year running. HSBC’s Internet banking platform has created a simpler, quicker and more convenient method for banking. James Rebert, head of cards, products and service, HSBC said in a statement. We are […]

Aug 07, 2013 (LBO) – Sri Lanka’ state-run Bank of Ceylon said it had been recognized as one of 35 best brands in Asia by Mumbai-based Chief Marketing Officer Council (CMO Council). BOC has 10 million account holders equal to half the population of Sri Lanka and over a trillion rupees in assets. Other winners […]

Aug 01, 2013 (LBO) – Sri Lanka’s central bank has bought Treasury Bills to meet government cash flow needs but is draining the liquidity though open market operations to counter any inflationary impact, Governor Nivard Cabraal said. Governor Cabraal has said earlier that Sri Lanka has enough foreign reserves to pay investors if they wanted […]

July 30, 2013 (LBO) – Profits at Sri Lanka’s Seylan Bank fell 13 percent to 484 million rupees in the March 2013 quarter amid rising interest costs, interim accounts showed. The gross non-performing loan ratio (net of interest in suspense) fell to 11.15 percent from 12.99 percent at bank level during the period. The interest […]

July 29, 2013 (LBO) – Sri Lanka’s industry and commerce ministry said it had appointed a four person body to approve credit agencies under powers of Sri Lanka’s mortgage and trust receipt laws. Commercial minister Rishad Bathiudeen had appointed, Sujeewa Rajapaksa (President of ICASL), Anura Meddagoda (Attorney at Law) and VM Weerasinghe (Chief Accountant, Ministry […]

July 29, 2013 (LBO) – Sri Lanka’s loans to private business picked up in May as credit to both state enterprises and the central government from banks dropped in May, official data showed.Total credit to the state dropped 6.2 billion rupees to 1555.6 billion rupees in May from a month earlier, which included an increase […]

July 27, 2013 (LBO) – Sri Lanka’s Nations Trust Bank has signed up a 15 million dollar credit to lend to small and medium enterprises, especially those in former war zones and tsunami hit areas, the Asian Development Bank said. About 20 percent of the facility will target women borrowers. The loans will be given […]

July 26, 2013 (LBO) – Standard Chartered Bank views Sri Lanka positively and is looking to grow its business with a strategic decision to expand in the island, a top official said.This week Standard Chartered Sri Lanka took part in a 200 million US dollar syndicated loan to state-run Bank of Ceylon. “For a long […]

July 26, 2013 (LBO) – Sri Lanka’s central bank has capped the penalty interests on defaulted loans of banks to two percent a year and those from leasing and finance companies to three percent a year.The regulator said at the moment penalty rates on overdue advances range from 2 to 20 percent above the original […]

July 25, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will use a 200 million dollar syndicated loan to expand corporate lending, acting chairman Raju Sivaram said.Others included Axis Bank DIFC Branch, Band of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank and Habib Bank. The loan was arranged by Dubai-based […]

July 25, 2013 (LBO) – Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka’s state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.“We are looking to do similar transactions with other financial institutions,” chief executive Mohammad Wajid Kamran said. “We […]

July 24, 2013 (LBO) Sri Lanka’s state owned enterprises are a threat to the country’s banks and authorities should device system to monitor credit and prevent a collapse of the banking system, a parliamentary report has said.If money is printed (central bank credit) for subsidies it triggers inflation and currency depreciation (like in 2011 and […]