Category: Banking and Finance

Oct 03, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of B- and NP to Prime Grameen Micro Finance Ltd. with the long-term rating having a stable outlook. The Company’s capitalisation levels are deemed moderate. Its shareholders’ funds had recovered to LKR 242.14 million by end-July 2011 (end-FY Mar […]

Sept 30, 2011 (LBO) – Sri Lanka’s Sampath Bank said deputy managing director M Y A Perera will take-over as managing director from January 01, 2012, as current managing director Harris Premaratne is leaving. Sri Lanka’s Daily FT newspaper said Premaratne will take over as the head of a new bank started by Sri Lanka’s […]

Sept 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed DFCC Vardhana Bank Limited’s (DVB) National Long-Term Rating at ‘AA-(lka)’ with a stable outlook. The rating agency has also confirmed the bank’s subordinated debentures at ‘A+(lka)’. “The ratings reflect Fitch’s expectation that support would be forthcoming from its parent, DFCC Bank, should it be required,” […]

Sept 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed DFCC Bank’s (DFCC) National Long-Term Rating at ‘AA(lka)’ with a stable outlook. The rating agency has also confirmed DFCC’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’, a statement said. “The ratings are driven by DFCC’s strong capitalisation, supported by its sustained solid profitability […]

Sept 28, 2011 (LBO) – An initial public offer by Sri Lanka’s Trade Finance and Investments Limited (TIFL) was over-subscribed on the opening day Wednesday. Corporate Services (Pvt.) Ltd, registrars to the offer, told the Colombo Stock Exchange that the IPO would be closed at 4. 30 p.m. Wednesday. Trade Finance and Investments offered six […]

Sept 26, 2011 (LBO) – Sri Lanka’s The Finance Company, which was put under new management by the financial regulator, is planning to sell commercial property as the firm recovers. “..[M]easures are being taken to convert non-yielding land stock to yielding stocks and certain pivotal steps are being ascertained to dispose commercial properties…” chairman Preethi […]

Sept 24, 2011 (LBO) – Sri Lanka’s central banks said it had tightened a law on finance businesses closing several loopholes and allowing authorities to probe unlicensed businesses more easily. A new bill on Finance Business passed by parliament on September 21, will replace an existing Finance Companies Act brought in 1998, the central bank […]

Sept 23, 2011 (LBO) – Sri Lanka’s Seylan Bank was upgraded by one notch to ‘A-(lka) from ‘BBB+(lka) with a stable outlook on state support, improved credit profile and capital injections, Fitch, a rating agency said. By June 2011, the state had a 30 percent effective control of the lender’s voting stock. By the first […]

Sept 22, 2011 (LBO) – Sri Lanka’s National Development Bank is positioning itself to push ‘big ticket’ deals in global markets partnering with Singapore’s DBS Bank as the end of a war bring new investment opportunities, officials said. NDB Bank group chief executive said Russell de Mel said an investment banking partnership with Singapore’s DBS […]

Sept 21, 2011 (LBO) – Sri Lanka’s National Development Bank said it was in talks with DBS of Singapore to strengthen its investment banking operations. NDB said a memorandum of understanding with DBS will e signed today. DBS started in 1968 as the Development Bank of Singapore but is now a financial services group with […]

Sept 21, 2011 (LBO) – RAM Ratings Lanka has confirmed Sampath Bank’s long- and short-term financial institution ratings at AA and P1 with the long-term rating carrying a stable outlook. We also derive comfort from the Bank’s healthy internal capital-generation rate of 20.38% as at end-Dec 2010, which stands the best among its similar-rated peers. […]

Sept 19, 2011 (LBO) – Sri Lanka’s central bank has promoted three assistant governors, P Nandalal Weerasinghe, B D W A Silva and C Premeratne to the posts of deputy governor, a statement said. Weerasinghe and Silva were promoted with effect from September 27, 2011 and Premeratne is to be promoted with effect from January […]