Category: Banking and Finance

Nov 09, 2011 (LBO) – An initial public offer of shares by Sri Lanka’s People’s Leasing Company to raise 7. 0 billion rupees drew applications with a total value of 9,527 million rupees, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees a share. […]

Nov 08, 2011 (LBO) – Sri Lanka’s state-run Peoples’ Bank has been upgraded by one level to ‘AA(lka)’ from ‘AA-(lka), with a stable outlook on state support and an upgrade of the sovereign in July 2011. “The rating reflect Fitch’s expectation of government support, underpinned by the bank’s increasing importance to the state post-war, systemic […]

Nov 07, 2011 (LBO) Sri Lanka’s Hatton National Bank will sell five billion rupees of debt within the next six months to boost capital and prepare itself to give more loans in the future, an official said. He said the bank has already raised nearly eight billion rupees in capital via a combination of equity […]

Nov 04, 2011 (LBO) – Sri Lanka’s The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses. The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million […]

Nov 04, 2011 (LBO) – Sri Lanka’s Union Bank reported group net profits of 65.8 million rupees for the September 2011 quarter with profits of its asset management subsidiary being consolidated. The group reported earnings of 19 cents for the quarter and 57 cents for the nine months. At stand alone bank level profits rose […]

Nov 03, 2011 (LBO) – Sri Lanka’s banking regulator has urged bank directors to be more diligent and use their skills to ensure the health of their own institutions and that of the financial system. Central bank governor Nivard Cabraal said that although the economy was growing fast with the end of the island’s 30-year […]

Nov 03, 2011 (LBO) – A 70 million US dollar initial public offer of shares by Sri Lanka’s People’s Leasing Company was oversubscribed on the opening day Thursday itself and would close in the afternoon, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees […]

Nov 03, 2011 (LBO) – Fitch Ratings Lanka said it is maintaining Merchant Credit of Sri Lanka’s (MCSL) National Long-Term ‘BBB(lka)’ rating on ‘Rating Watch Evolving’ (RWE) pending a merger. MCSL is a registered finance company (RFC) that accounted for 1.9 percent of total RFC assets at end-2010. It has a network of 11 branches. […]

Nov 02, 2011 (LBO) – Sri Lanka’s banking regulator has urged banks to borrow abroad using improved credit ratings and precedents set by sovereign bonds as local savings were inadequate to raise funds needed to maintain high growth. “The rating must be relevant, not just locally, but to the person in Boston, Japan and Singapore. […]

Nov 01, 2011 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon said a consortium led by Navara Capital Ltd, an investment house, will buy 68 percent of a savings banking unit. MBSL took over the savings bank amid a banking crisis two years ago after there was a run […]

Nov 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Hatton National Bank’s (HNB) National Long-Term rating at ‘AA-(lka)’ with a stable outlook. The agency has also confirmed HNB’s subordinated debentures at ‘A+(lka)’, a statement said. “The ratings reflect HNB’s sound financial profile, supported by robust capitalization, asset quality and profitability among local commercial banks,” […]

Nov 01, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II have completed the acquisition of Sri Lanka’s The Finance and Guarantee Company (TF&G). TF&G’s deposit base is over three billion rupees with over half of the company’s deposits being converted to non-voting shares with the consent of depositors as […]