Category: Banking and Finance

Jan 02, 2012 (LBO) – Sri Lanka’s Commercial Bank has connected its 500th automated teller machine as it rapidly expands its network, adding 100 terminals in the past five months or at a rate of 20 a month on average. The newest ATM was opened at Maradana Railway Station in Colombo, under a bank project […]

Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]

Dec 28, 2011 (LBO) – Fitch Ratings has confirmed the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term rating at ‘BBB+(lka)’ with a stable outlook. At the same time, the agency has confirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. “The ratings reflect HDFC’s demonstrated ability to contain interest rate […]

Dec 22, 2011 (LBO) – A new Sri Lankan law to expropriate certain businesses has prompted RAM Ratings to put Bimputh Lanka on ‘Rating Watch’ with a negative outlook while confirming the microfinance firm’s BB/NP ratings. Concerns arose over Bimputh’s exposure through cultivation loans given to sugar cane growers of Sevanagala Sugar Industries, which is […]

Dec 21, 2011 (LBO) – Sri Lanka’s Commercial Bank has begun opening automated teller machines at railway stations to give commuters access to its electronic cash dispensing facility, a statement said. The bank’s first ATM machine under the programme was commissioned at the Fort Railway Station, the biggest terminal, in the heart of the capital […]

Dec 20, 2011 (LBO) – RAM Ratings Lanka has confirmed the long- and short-term financial institution ratings of Sri Lanka’s Union Bank at BBB and P3 with the long-term rating having a stable outlook. Union Bank’s performance is deemed moderate, albeit with an improving trend since fiscal 2009. Supported by its robust loan growth that […]

Dec 20, 2011 (LBO) – Sri Lanka’s central bank has promoted four officers to the post of Assistant Governor with effect from January 01, 2012 in line with the succession plan of the banking regulator. The four officers are A Kamalasiri, R Dheerasinghe, S S Ratnayake and K D Ranasinghe, the bank said in a […]

Dec 19, 2011 (LBO) – The Commercial Bank of Ceylon has been named Sri Lanka’s ˜Bank of the Year’ by the UK-based ˜The Banker’ Magazine, the eighth time it won the award. The award is decided on the strength of strong performance in key indicators and saw competition from banks in 147 countries this year, […]

Dec 19, 2011 (LBO) – Sri Lanka’s central bank has lifted a 5.0 percent limit on margin loans by saying a correction in stock prices showed that the danger of an asset price bubble has passed. The central bank said declining earnings multiples of firms and lower utilization of margin credit showed that banks were […]

Dec 19, 2011 (LBO) – RAM Ratings Lanka has confirmed the long- and short-term financial institution ratings of People’s Bank at AAA and P1 with the long-term rating having a stable outlook. The ratings are premised on the bank’s position as the second-largest licensed commercial bank in Sri Lanka, its healthy funding, good asset quality, […]

Dec 16, 2011 (LBO) – Fitch Ratings Lanka has confirmed Singer Finance (Lanka) Plc’s (SFL) national long-term rating at ‘BBB+(lka)’ with a stable outlook. SFL’s rating reflects Fitch’s expectation that support would be forthcoming from the parent, Singer (Sri Lanka) (SSLP) which is rated ‘A(lka)’, given the strategic importance of SFL, a statement said. In […]

Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]