Category: Banking and Finance

July 09, 2012 (LBO) – Credit to the state from Sri Lanka’s banking system eased in May 2012 and loans to business were back at levels seen before the Central Bank began to sterilize foreign exchange sales last year, official data show. Credit to private sector rose 36.1 billion rupees in May 2012 to 2,215 […]

July 6, 2012 (LBO) – Sri Lanka’s state-run People’s Bank has been upgraded to ‘AA+(lka)’ from ‘AA(lka)’ on strengthening links with the state, while the ratings of its subsidiaries have also been upped. Subsidiaries People’s Leasing Company has been upgraded to ‘AA-(lka)’ from ‘A+(lka) and People’s Finance has been upgraded to ‘A(lka)’ from ‘A-(lka)’. People’s […]

July 05, 2012 (LBO) – RAM Ratings Lanka has confirmed an ‘AA-‘ domestic long term rating of Merchant Bank of Sri Lanka and ‘P1’ short term rating of the company and a proposed billion rupee commercial paper. The full statement RAM Ratings Lanka reaffirms MBSL’s ratings at AA-/P1 RAM Ratings Lanka has reaffirmed Merchant Bank […]

June 27, 2012 (LBO) – Sri Lanka’s Employment Provident Fund, a central bank managed fund, said it had welcome a detailed statement from Standard & Poor’s which warned of risks facing lenders over the fund buying up bank stock. S & P said it warned of regulatory conflict under a standard rules which give higher […]

June 27, 2012 (LBO) – The International Finance Corporation, is working with Sri Lanka’s Nations Trust Bank to help up to 30,000 small business owners become more competitive through a series of advisory interventions, sharpening their readiness to access new markets. IFC said its advisory assistance has helped the bank to strengthen its institutional capacity […]

June 26, 2012 (LBO) – Standard and Poor’s, a rating agency has released a document answering potential investor queries following the release of a Banking Industry Country Risk Assessment. The full statement is reproduced below: Understanding Standard & Poor’s BICRA Assessment Of Sri Lanka Standard & Poor’s Ratings Services recently assigned Sri Lanka to its […]

June 26, 2012 (LBO) – Sri Lanka’s state banks, two insurers and a state airport agency are among the top contributors to the budget by levies and dividends a finance ministry report showed. State-run National Savings Bank paid 4,560 million as levies, the Peoples’ Bank 4,500 million rupees and Bank of Ceylon 4,500 million rupees. […]

June 26, 2012 (LBO) – Fitch Ratings Sri Lanka revised Sinhaputhra Finance PLC’s outlook upwards to ˜stable’ from ˜negative’ on improvements in its credit risk management practices. The outlook revision and affirmation reflects¦ subsequent stabilisation and enhancement in its asset quality, although the latter still remains weaker than its peers’ average, the risk evaluator said […]

June 26, 2012 (LBO) – Sri Lanka’s Sampath Bank PLC secured a A+(lka) for its upcoming 2.5 billion rupees debenture from Fitch Ratings Sri Lanka. The five-year debt paper is expected to be listed on the Colombo Stock Exchange, and will be used to beef up Sampath’s Tier II capital, Fitch said on Tuesday. Full […]

June 22, 2012 (LBO) – Sri Lanka’s banks have to be ready to finance infrastructure when the state is expected to woo private capital into toll roads and ports in the next few years, an investment banker said. Several foreign firms have made proposals. The government is already tapping commercial banks for infrastructure finance through […]

June 21, 2012 (LBO) – Sri Lanka’s Central Bank has denied that there was a regulatory conflict where a fund under its control bought bank stocks it regulated, following concerns raised by Standard and Poor’s, a rating agency. S & P said there were regulatory conflicts because the Monetary Board or the governing body of […]

June 21, 2012 (LBO) – Sri Lanka’s banking sector did not face high risks as assessed by Standard & Poor’s, the island’s Central Bank said in a detailed response to the rating agency’s ranking of Sri Lanka as a high risk economy for banks. The Central Bank said S & P’s statement was “is factually […]