Category: Banking and Finance

Jan 06, 2011 (LBO) – Bidding for NAMAL, a unit trust management company owned by Sri Lanka’s Distilleries group, is still open and at the preferred bidder stage, a stock exchange filing said. Distilleries group controlled by tycoon Harry Jayawardena has put up a 70 percent stake of NAMAL for sale along with 100 percent […]

Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of […]

Jan 04, 2011 (LBO) – Sri Lankans who invest in high-risk, high-return unauthorised investment schemes will not be bailed out at tax payer expense if they lose money in future, central bank governor Nivard Cabraal said. The regulator will continue public awareness campaigns warning people of the danger of investing money in unauthorised schemes, he […]

Jan 03, 2011 (LBO) – RAM Ratings Lanka has confirmed State Mortgage and Investment Bank’s (SMIB) long- and short-term financial institutions ratings of A and P1 with a stable outlook for the former, a statement said. “The ratings are based on the bank’s strong capitalisation and the financial flexibility it derives from its sole shareholder, […]

Dec 31, 2010 (LBO) – A new finance company law that is to be introduced in Sri Lanka will provide for tougher penalties against illegal deposit taking and give regulators wider powers to probe abuses, a statement said. The new law will repeal the existing No 78 finance company act of 1988 which was seen […]

Dec 29, 2010 (LBO) – Fitch Ratings has confirmed the National Long-term rating of Sri Lanka’s Housing Development Finance Corporation Bank (HDFC) at ‘BBB+(lka)’ with a stable outlook, a statement said. The rating agency has also confirmed the ‘BBB+(lka)’ rating on the bank’s outstanding 195 million rupee senior unsecured redeemable debentures. “HDFC’s ratings reflect its […]

Dec 28, 2010 (LBO) – The Merchant Bank of Sri Lanka (MBSL) has suspended its chief executive officer for alleged misconduct, the bank said in a stock exchange filing. MBSL shares were trading at 47.40 rupees each, up 1.10, in mid-morning trade. MBSL’s board of directors had decided to suspend the services of its chief […]

Dec 24, 2010 (LBO) – Small investors who applied for up to 500 shares in a share issue by Sri Lanka’s Singer Finance (Lanka) will get all they asked for, issue manager NDB Investment Bank said in a stock exchange filing. The funds raised via the IPO will be used by the company to expand […]

Dec 24, 2010 (LBO) – Sri Lanka’s Union Bank plans to make a public share offer after a rights issue of 10 million shares at 25 rupees each to existing shareholders was oversubscribed by four times, a statement said. The bank has 20 branches including 05 in the north of Sri Lanka and is expected […]

Dec 22, 2010 (LBO) – Sri Lanka’s NDB Bank has launched its own credit cards as it expands its retail business, a statement said. The credit cards will be available to all NDB Bank customers who will get a 45-day interest free period for repayment and a balance transfer option which enables customers to transfer […]

Dec 21, 2010 (LBO) – Sri Lanka’s credit to business from commercial banks surged 20. 3 percent in October 2010 from a year earlier, as 50 billion rupees in new loans were made in the month, the highest since a balance of payments crisis two years ago, official data show. Loans to private business rose […]

Dec 20, 2010 (LBO) – Sri Lanka’s Sampath Bank is expecting loans to grow 30 percent in 2011 helped by a new push into leisure, renewable power and credit cards as the country recovers from a three-decade war, officials said. Director Ranjith Samaranayake said the award was in part given due to its 3.0 percent […]