Category: Banking and Finance

Mar 17, 2011 (LBO) – Sri Lanka’s Commercial Bank said it is accepting application for loans which has repayment periods of up to 10 years under a small and medium enterprise loan scheme funded by a World Bank credit line. Commercial Bank of Ceylon is one of seven participating banks in the credit line, which […]

Mar 17, 2011 (LBO) – Sri Lankan bank customers have been warned by the Information and Communications Technology Agency to be wary of financial fraud by hackers using fake websites of the branches of foreign banks in the island. Its services range from responding to and investigating information security breaches, to preventing security breaches by […]

Mar 16, 2011 (LBO) – Customers of Sri Lankan banks will be able to get cash over-the-counter quicker from April 01, following technical upgrades to speed up processes, the island’s central cheque clearing house said. LankaClear, Sri Lanka’s central clearing house, already provides next day credit for cheques with the use of electronic clearing (cheque […]

Mar 13, 2011 (LBO) – Sri Lanka’s Central Bank is expected to order commercial banks to limit use of bank guarantees to apply for shares in initial public offers to ensure small investors a fairer share, a report said. A minimum of 10 percent of an issue will be made available for allotment to Unit […]

Mar 10, 2011 (LBO) – Sri Lanka’s banking regulator is examining bonuses and compensation packages of bankers to see if they are excessive with the aim of limiting them if necessary, a central bank report said. “Directions on integrated risk management and Pillar II of Basel II which relate to additional prudential requirements following the […]

Mar 10, 2011 (LBO) – Sri Lanka’s Sampath Bank said it plans to set up 40 branches this year, including some in the former north-east war zone, hire more staff and look for mergers as margins get thinner. Sampath Bank chairman I W Senanayake said they opened 40 new branches in 2010 alone, adding to […]

Mar 08, 2011 (LBO) – Sri Lanka’s Fitch Ratings said it had confirmed a ‘BB-(lka)’ rating of Edirisinghe Trust Investment Ltd’s (ETI), a registered finance company, with a ‘stable’ outlook. “ETI’s rating reflects its relatively weak core equity position and large exposure to real estate investments,” the rating agency said. “It also takes into account […]

Mar 07, 2011 (LBO) – South Asian financial sector professionals should share experiences and build networks to provide support in future in handling financial risks, a central bank official told a meeting in Sri Lanka. “Highly competitive global financial markets have created unprecedented levels of volatility which in turn has highlighted importance of proper risk […]

Mar 03, 2011 (LBO) – Sri Lanka’s state-run Bank of Ceylon group said profits for the December 2010 quarter grew 77. 5 percent to 2,107 million rupees and the full year net was up 102 percent to 3,299 million amid high loan growth and wider margins. The group also contained operating costs with non-interest expenses […]

Mar 02, 2011 (LBO) – Sri Lanka’s Seylan Bank now being restructured under regulatory supervision said will raise 4. 6 billion rupees (42.6 million US dollars) from shareholders by the sale of new voting and non-voting shares. The bank will issue 43.33 million voting shares at 75 rupees in the proportion of one new share […]

Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Leasing Company has been downgraded by one notch to ‘A-(lka)’ by Fitch Ratings, with a ‘negative’ outlook on higher debt funded equity investments in group firms. Fitch said it had also downgraded an LOLC’s proposed commercial paper to ‘F2(lka)’ from ‘F(lka)’ and withdrawn the rating. “The […]

Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Finance Company outlook has been lowered from ‘stable’ to ‘negative’ on weak capitalization following rapid growth, Fitch Ratings said. It’s national long-term rating has been confirmed at ‘A-(lka). The company’s capitalization, as measured by equity to assets, had decreased to 9.2 percent at year ended March […]