Category: Banking and Finance

Oct 23, 2012 (LBO) – Sri Lanka’s ‘BBB(lka)’ rated Pan Asia Banking Corporation’s rating outlook has been lifted to positive from stable, on ongoing structural improvements made since 2009, Fitch Ratings said. The loan book is largely exposed to small and medium enterprises, individuals and retail customers which have been the bank’s traditional focus, Fitch […]

Oct 23, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon the country’s largest lender by assets said it is mulling a branch in the Indian Ocean island of Seychelles as efforts are made to boost economic relations. Sri Lanka’s fisheries minister Rajitha Senaratne is expected to lead a delegation to Seychelles shortly for talks […]

Oct 22, 2012 (LBO) – Fitch Ratings has lifted the outlook of Sri Lanka’s ‘BB+(lka)’ rated Sanasa Development Bank, a micro lender, to positive from stable, on improving asset quality ad better margins. “The revision of the Outlook reflects SDB’s improved credit metrics, which are now more in line with those of higher-rated peers,” Fitch […]

Oct 17, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said its e-banking platform had been upgrade to be more user-friendly, give customers more control and better security features had been added. “e-Banking continues to grow in significance to customers of Commercial Bank,¦” Palitha Perera assistant general manager operations of Commercial Bank said in […]

Oct 15, 2012 (LBO) – Sri Lanka’s Sampath Bank which offered 1. 5 billion rupees of debentures in three types coupons has said that applications for 16.5-pct fixed rate securities will only be partially filled. Those who had applied for over 100,000 will get 100,000 debentures and the balance will be prorated. Samapath offered one […]

Oct 03, 2012 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm said it has changed its name to People’s Leasing & Finance Plc. The firm has a ‘AA-(lka)’ domestic rating and B+ international rating from Fitch. It also has a B+ rating from Standard and Poor’s. In July the company has applied to […]

Oct 03, 2012 (LBO) – Sri Lanka’s NDB Bank says there is international investor appetite for bond for large projects in the island, including public private partnerships which are beyond the capacity of domestic financial markets. NDB Bank group, which has an investment banking relationship with Singapore’s DBS has had preliminary investor meetings with foreign […]

Oct 02, 2012 (LBO) – Sri Lanka’s NDB Bank group will use a part of the cash from a 59 million US dollar exit from an insurance unit for regional expansion, chief executive Russel de Mel said. “We are looking for regional expansion,” de Mel said. “Though we have 30 years of experience as a […]

Sept 25, 2012 (LBO) – RAM Ratings has confirmed a ‘BBB-‘ long term and ‘P3’ short term rating of Sri Lanka’s Softlogic Finance PLC, with a stable outlook. Where SLF’s funding mix was previously dominated by borrowings, deposits now form the bulk, following a 195.42% y-o-y surge in deposits in FY Mar 2012. Its loan-todeposit […]

Sept 20, 2012 (LBO) – An ‘A-(lka)’ rating of Sri Lanka’s Seylan Bank, the island’s sixth largest bank has been confirmed by Fitch Ratings with a stable outlook on expectations of state support. “Seylan’s rating reflects Fitch’s expectations of support from the State of Sri Lanka if required, given the bank’s systemic importance,” the rating […]

Sept 20, 2012 (LBO) – RAM Ratings has confirmed an ‘AAA’ long term and ‘P1’ short term rating of Sri Lanka’s Standard Chartered Bank branch, with a stable outlook. The full statement is reproduced below: RAM Ratings Lanka reaffirms AAA/P1 rating to Standard Chartered Bank-Sri Lanka branch RAM Ratings Lanka has reaffirmed the respective long- […]

Sept 17, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank brand based on support from its parent. The bank is facing a 27 billion rupee fine related to an alleged exchange control violation which has been appealed, but Fitch says it is likely that there will be […]