Category: Banking and Finance

Apr 27, 2011 (LBO) – Commercial Credit Ltd. , a registered finance company based in Sri Lanka’s central hill town of Kandy, has been given regulatory approval to list on the stock exchange. The Colombo stock exchange said it has approved the finance comapny’s application to list 218,074,365 ordinary shares on its ‘diri savi’ or […]

Apr 26, 2011 (LBO) – Sri Lanka’s Amana Bank has signed a deal with Malaysia’s Bank Islam, which is a shareholder, to get Islamic banking expertise. A company statement said that under the Technical Advisory Service Agreement, Bank Islam will play a “significant role” in transferring Islamic banking expertise to Amana Bank. Bank Islam has […]

Apr 25, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BB and NP to Bimputh Lanka Investment (BLI) with the long-term rating carrying a stable outlook. “The ratings are supported by the company’s good asset quality, healthy funding mix and strong capital cushioning,” the rating agency said in […]

Apr 24, 2011 (LBO) – Sri Lanka’s banks loaned 40.6 billion rupees to business in February pushing loan growth to 29. 7 percent from a year earlier, while the credit to the state including printed money spiked by 41 billion rupees, amid rising inflation. Printed money is immediately disbursed to the economy by the state, […]

Apr 21, 2011 (LBO) – Sri Lanka’s finance companies who lend to smaller sub-prime customers have grown their loan book 37. 6 percent in 2010 to 156.2 billion rupees as the sector recovered from runs in earlier years, official data showed. Sri Lanka’s commercial banks which had loans of 1. 5 billion to businesses and […]

Apr 19, 2011 (LBO) – The Multi Finance Company, a finance company once part of the troubled Ceylinco financial services group, is to list on the Colombo stock exchange by June to conform with regulatory requirements. Under the new management of Entrust Limited the company has now branched out into prime locations such as the […]

Apr 18, 2011 (LBO) – RAM Ratings Lanka has confirmed Bartleet Finance’s BBB- long-term rating and raised its outlook to stable from negative, a statement said. The rating agency also confirmed the short-term financial institution rating of Bartleet Finance (BFL) at P3. The revision of the outlook was prompted by the improvement in the profile […]

Apr 18, 2011 (LBO) – Sri Lanka’s Commercial Bank has been chosen as the ‘Best Bank in Sri Lanka’ for the 13th successive year by the Global Finance magazine. It chose winners through a broad-based assessment of growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products, a bank statement said. Commercial […]

Apr 11, 2011 (LBO) – Fitch Ratings Lanka said that Standard Chartered Bank’s Sri Lanka branch’s (SCBSL) ‘AAA(lka)’ national long-term rating will not be affected by the 27 billion rupee fine imposed by the central bank. The outlook on the rating is stable, the rating agency said in a statement. The central bank’s Department of […]

Apr 10, 2011 (LBO) – Amana Bank, Sri Lanka’s first licensed commercial bank operating on Islamic banking principles will receive technical support from Bank Islam Malaysia which has taken a 20 percent stake, a media report said. Malaysia is a centre for Islamic finance, where banking is conducted under Sharia law, which prohibits the charging […]

Apr 08, 2011 (LBO) – Loans by Sri Lanka’s listed commercial banks will grow 25 percent in 2011, up from 22. 5 percent in the with bad loans and also interest rates remaining low despite rising inflation, an equities research report has said. The report said PABC Bank reported highest loan growth of 80 percent […]

Apr 01, 2011 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has released a statement on the action led by state-connected shareholders to oppose the re-election of an independent director. 3. The Board wishes to clarify and re-iterate that Mr. Ranjit Fernando’s decision not to stand for re-election was his own independent decision and was […]