Category: Banking and Finance

Apr 18, 2013 (LBO) – Commercial Bank of Ceylon, Sri Lanka’s largest private lender by assets said its 562 automated teller machine network had dispensed 1.79 billion rupees on April 10, the highest ever for a single day. In Sri Lanka cash withdrawals from banks peak in April, during a traditional New Year festival period. […]

Apr 18, 2013 (LBO) – Sri Lanka’s Senkadagala Finance Plc (SFC) will sell one billion rupees of 3 and 4-year debt which have been given an expected ‘BBB+(lka)’ rating, Fitch Ratings said. The rating has a stable outlook. BBB+(lka) is an investment grade rating. “The proposed debentures will be issued in two tranches with a […]

Apr 09, 2013 (LBO) – Sri Lanka’s banks have experienced a moderate weakening in asset quality and capital ratios as the country recovers from a credit bubble, central bank data up to the third quarter of 2012 has shown. Gross non-performing loans rose to 4.0 percent from 3.8 percent in 2011, but the ratio is […]

Apr 09, 2013 (LBO) – Sri Lanka’s interest rates will start to ease from May and June 2013 ongoing reforms as state energy enterprises take effect, Treasury Secretary P B Jayasundera said. The CEB is expected to raise prices this month and the CPC is expected to stop giving it subsidized furnace oil. Though the […]

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Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating.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will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]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