Category: Banking and Finance

Aug 12, 2013 (LBO) – Sri Lanka’s banks had reasonable capital buffers, higher than Vietnam and India but when adjusted for gold loans and some state exposures, core capital was lower than reported, Fitch Ratings officials said. Sri Lanka has zero risk weight for gold-backed or ‘pawning’ loans, a highly accessible tool that provide over-the-counter […]

SAN FRANCISCO, August 11, 2013 (AFP) – Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future.“We are all about working with developers to let them take advantage of the heavy lifting we’ve done when it comes to moving money around the world,” Hill Ferguson, […]

Aug 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata, the country’s largest mobile operator said it had raised 200 million US dollars from a syndicated loan.The 5-year loan had been arranged by OCBC Bank Malaysia Berhard and Standard Chartered Bank, Dialog said in a statement. The fund will be used for capital expenditure, working capital […]

Aug 09, 2013(LBO) – RAM Rating has confirmed Commercial bank’s rating at AA+ with a stable outlook. Media contact Nilusha Fonseka (9411) 2553089 The ratings are based on the Bank’s strong market position in the island as the largest privately-owned licensed commercial bank and third-largest overall,” the rating agency said in a statement. The ratings […]

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 […]