Category: Banking and Finance

Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]

Oct, 21, 2011 (LBO) – India’s Axis Bank has opened a branch in Sri Lanka’s capital Colombo eying the island’s growing trade and domestic financing business, the lender said. The Colombo branch was opened by Sri Lanka’s central bank governor Nivard Cabraal, the banks said. Axis Bank had 1,456 branches across India in 953 cities […]

Oct 13, 2011 (LBO) – Accelerating post-war growth and surging vehicle imports owing to tax cuts and better incomes will drive Sri Lanka’s leasing and hire purchase market, promoters of People’s Leasing Company’s share issue said. People’s Leasing, Sri Lanka’s largest leasing firm, plans to raise 70 million US dollars in an initial public offer […]

Oct 11, 2011 (LBO) – Sri Lanka’s Central Bank has issued directions to banks on an integrated risk management framework that will be effective in six months’ time. The guidelines are in addition to the risk management principles and rules required in regulatory and supervisory procedures and other market best practices of banks’ risk management, […]

Oct 10, 2011 (LBO) – Banks in countries like Sri Lanka could look at joint ventures with big Western financial institutions seeking to expand in emerging markets, a senior American banker said. Joint ventures between Western and local banks make better sense than big foreign banks trying to compete in emerging markets against local players, […]

Oct 10, 2011 (LBO) – A provision reversal at People’s Leasing Company which is going public next month came due to it following international financial reporting standards (IFRS), which do not permit general provisions, an official said. People’s Leasing is selling 390 million shares at 18 rupees a share. After the IPO the firm will […]

Oct 08, 2011 (LBO) – Sri Lanka’s central bank has directed bank fully disclose rates, fees and penalties on banking services in three languages, set up a complaints procedure and take special care when dealing with disabled and elderly customers. “Elderly, disabled or customers with low financial literacy have the right to receive special attention […]

Oct 07, 2011 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s (HNB) proposed subordinated debentures of up to two billion rupees a National Long-Term rating of ‘A+(lka)’. “The issue is rated one notch below HNB’s National Long-Term rating reflecting its debt-like features,” a statement said. The full Fitch rating report follows: Fitch Ratings […]

Oct 07, 2011 (LBO) – Sri Lanka’s DFCC Bank has got a 30 million US dollar loan from a German development finance institution for lending to small businesses especially in the former north-east war zone. The loan from DEG (Deutsche Investitions – und Entwicklungsgesellschaft mbH) is repayable over eight years, a statement said. It will […]

Oct 07, 2011 (LBO) – Sri Lanka’s NDB Bank has got a 21 million US dollar loan from German development finance institution DEG mainly for lending to small and medium enterprises. The five-year long term loan from Deutsche Investitions – und Entwicklungsgesellschaft of Germany to will enable NDB Bank to enhance its lending especially to […]

Oct 06, 2011 (LBO) – Sri Lanka’s Commercial Bank has enabled customers to transact in Chinese Yuan for import and export dealings with counterparts in the People’s Republic of China. “The move, which recognises the growing importance of China as a trade partner for Sri Lanka, will reduce conversion losses and time lapses involved in […]

Oct 03, 2011 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm which plans to raise 70 million US dollars in an initial public offer, is seeing strong growth in lease volumes on the back of a post-war economic revival. People’s Leasing Company group posted profits of 2. 6 billion rupees in the year […]