Category: Banking and Finance

Apr 08, 2013 (LBO) – NDB chief executive Russell de Mel will retire on Augus 23, 2013 to be replaced by Rajendra Theagarajah, a stock exchange filing said.De Mel has been with NDB for 33 years. Theagarajah will take over as CEO designated from August 01, 2013. .

Apr 07, 2013 (LBO) – A high powered task force will be appointed following a court order to identify assets of directors of Golden Key Credit Card Company, an unregulated financial firm that collapsed five years ago, a media report said.The Sunday Island newspaper said the team will also identify assets the directors have alienated, […]

Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]

Apr 03, 2013 (LBO) – Rajendra Theagarajah, managing director and chief executive officer of Hatton National Bank will retire from June 20, to be replaced by deputy chief executive Jonathan Alles.HNB said in stock exchange filing that he will also resign from the board of director of the bank. Subject to central bank approval, Alles […]

April 01, 2013 (LBO) – Sri Lanka’s DFCC Bank has raised 45 million US dollars in a loan syndicated among Middle Eastern and Asian banks, lead arranger HSBC said. “DFCC’s success in this debut international loan syndication…demonstrates the strong level of confidence placed in the Bank and on the positive growth outlook for the country […]

Apr 01, 2013 (LBO) – Heavy state borrowings from banks crowded out credit to private business to a 44-month low in January 2013, despite the monetary authority cutting policy rates, official data show.Commercial banks loaned 9.7 billion rupees to private borrowers in the month, the lowest since May 2010, when 7.2 billion rupees was loaned […]

Mar 27, 2013 (LBO) – Sri Lanka’s Central Finance Plc, a registered finance company will sell 2.0 billion rupees in fixed rate debentures, Fitch Ratings said. Key Rating Drivers CF’s ratings factor in its strong franchise and capitalisation, supported by robust profitability and its 55-year operating history. CF is one of the largest licensed finance […]

Mar 25, 2013 (LBO) – Sri Lanka’s Lion Brewery will sell 3.0 billion rupees in unsecured debt with the firm expected to spend 5.0 billion rupees to upgrade plant over the coming year, Fitch Ratings said.In the current financial year it had spent 2.8 billion rupees. Fitch had given a ‘AA-(lka)’ expected rating to the […]

Mar 22, 2013 (LBO) – The European Investment Bank will loan 90 million Euros to Sri Lanka which will be used to finance for renewable energy projects and small and medium enterprises, minister Keheliya Rambukwelle said.The balance will be given at averaged weighted deposit rate (6-months) for15 years with 3 year grace. DFCC Bank, Commercial […]

Mar 21, 2013 (LBO) – Sri Lanka will borrow 150 billion rupees (about 1.2 billion US dollars) from domestic banks to build 716.5 kilometers of roads through domestic contractors, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved the plan to borrow money through Treasury guarantees. Sri Lanka’s Road Development Authority had earlier […]

Mar 20, 2013 (LBO) – Sri Lanka’s Sampath Bank has signed up medium term credit facilities from Chinese and French development finance institutions, managing director Aravinda Perera said. The bank grew loans 23.7 percent with the help of foreign finance topping an 18 percent ceiling imposed by the regulator for loans with domestic resources. Officials […]

TOKYO, March 18, 2013 (AFP) – The euro dived in Asia Monday as news that Cyprus would have to tax bank customers’ deposits as part of an EU bailout stoked eurozone fears, sending investors flocking to the safe-haven yen.In afternoon Tokyo trade, the euro sank to 121.77 yen from 124.61 yen in late New York […]