Category: Banking and Finance
Brantel appointed Partner and Reseller of global networking giant Cisco
Brantel Lanka (Pvt) Ltd., has announced the Company’s appointment as a Partner and Authorised Reseller in Sri Lanka for Cisco Networks, the global leader in networking hardware, software and services. The Company said its primary role as a Cisco Partner would be to help build the online presence, and automate the business processes, of small […]
Union Bank appoints Dinesh Weerakkody to the Board
The Board of Directors of Union Bank of Colombo PLC announced the appointment of Dinesh Weerakkody a distinguished banker and financial advisor with vast experience as an Independent Non-executive Director, with effect from 01 April 2024. Dinesh Weerakkody is a former Chairman of Hatton National Bank PLC and Commercial Bank of Ceylon PLC and a […]
FitsAir Launches Direct Flights from Colombo to Dhaka, Bangladesh
FitsAir, Sri Lanka’s low-cost airline, is pleased to announce the launch of direct flights connecting Colombo and Dhaka, Bangladesh in April 2024. This move represents a significant milestone in regional aviation, addressing the growing demand for affordable travel options between Sri Lanka and Bangladesh. In light of Bangladesh’s rapidly expanding economy, attracting considerable interest from […]
Commercial Bank integrates an AI-powered Assistant to their Annual Report 2023
March 5, 2024, will go down as a red-letter day for the world’s investor relations community. On this day, Commercial Bank of Ceylon PLC, headquartered in Sri Lanka, integrated an AI-powered Annual Report Assistant (AIPARA) to their Annual Report 2023. It is probably the first of its kind. This innovation addresses a perennial issue and […]
Banks alarmed by suspension of parate process at behest of a few individual defaulters – SLBA
The unilateral decision by the government to suspend debt recovery via parate laws is a knee-jerk response to intense lobbying by a few individual defaulters that do not represent the wider business community, and will have a far-reaching negative impact on the banking sector, which functions as the heart and lifeblood of the economy, the […]
”; Outlook remains negative
lbo.lk,lbo Fitch Ratings has affirmed Abans Finance PLC’s National Long-Term Rating at ‘BBB+(lka)’. The Outlook remains Negative. KEY RATING DRIVERS Shareholder Support Underpins Rating: Abans Finance’s rating is driven by our expectation that its major shareholder, Abans PLC (AA-(lka)/Stable), would provide extraordinary support to Abans Finance, if required. Our expectation stems from Abans’ position as […]
New data show massive, wider-than-expected global gender gap: World Bank
The global gender gap for women in the workplace is far wider than previously thought, a groundbreaking new World Bank Group report shows. When legal differences involving violence and childcare are taken into account, women enjoy fewer than two-thirds the rights of men. No country provides equal opportunity for women—not even the wealthiest economies. The […]
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Fitch Ratings has withdrawn Home Lands Skyline (Pvt) Ltd.’s (HLSL) National Long-Term Rating. Prior to the withdrawal, HLSL’s National Long-Term Rating was ‘A(lka)’ with a Negative Outlook. Fitch is withdrawing the rating because the agency does not have sufficient information to maintain the rating. Therefore, Fitch will no longer provide analytical coverage or ratings for […]
Central Bank Executive Officers’ Union Clarifies Recent Salary Revision
The Central Bank Executive Officers’ Union (CBEOU) issued a press release today to clarify the facts surrounding the recent salary revision for Central Bank employees. The statement comes amidst public discourse and criticism on the matter. Full Statement The purpose of this press release is to clarify the facts as a professional union representing the […]
Fitch Assigns Merchant Bank of Sri Lanka & Finance First-Time Rating of BBB+(lka); Outlook Stable
Fitch Ratings has assigned Merchant Bank of Sri Lanka & Finance PLC (MBSL) a first-time National Long-Term Rating of ‘BBB+(lka)’. The Outlook is Stable. MBSL is 84.5% owned by Bank of Ceylon (BOC, A(lka)/Stable) and other BOC group entities. BOC is the largest banking group in the country.
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Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (COMB, A(lka)/Stable) proposed Sri Lankan rupee-denominated Basel IIIcompliant subordinated debentures of up to LKR20 billion an expected National LongTerm Rating of ‘BBB+(EXP)(lka)’.
CCC Outlook 2024: Anticipated rebound depends crucially on effective debt restructuring
The 9th edition of the annual flagship Outlook Report for 2024 by The Ceylon Chamber of Commerce was recently launched at the Economic Outlook 2024 seminar. Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, delivered the keynote address at the launch event. Compiled by the Economic Intelligence Unit (EIU) of the Ceylon […]