Category: Banking and Finance
‘s IDRs; Places Viability Rating on Rating Watch Negative
Fitch Ratings has placed Bank of Ceylon’s Viability Rating (VR) of ‘cc’ on Rating Watch Negative (RWN). At the same time, Fitch has affirmed BOC’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC’. The rating does not carry an Outlook because of the potential for high volatility at this rating level, in line with Fitch’s […]
ComBank’s Rs 6 billion Debenture Issue to open on 12th December
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs 6 billion Debenture Issue opening on Tuesday 12th December 2023. The Bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at […]
Sri Lanka Economic Summit 2023 kicks off
The Ceylon Chamber of Commerce will host the Sri Lanka Economic Summit 2023 on November 28th and 29th at the Shangri-La Hotel, Colombo, with President Ranil Wickremesinghe attending as the Chief Guest. The inauguration will also feature a Keynote Address and Fireside Chat with Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission of India […]
Amana Bank marks successful Rights Issue with ceremonial CSE market opening
Having carried out a successful Rights Issue with the objective of meeting the enhanced regulatory minimum capital, Amana Bank recently listed its Rights Issue shares on the Colombo Stock Exchange (CSE) which was marked by the ceremonial bell ringing to commence market trading. The occasion was graced by Amana Bank’s Chairman Asgi Akbarally, Managing Director/CEO […]
Commercial Credit enters digital Payment space with Pay&Go
Heralding its entry into the digital payment space, Commercial Credit and Finance PLC (CCF) recently announced its acquisition of a 19.99% stake in Mega Pay (Pvt.) Ltd., which provides payment services under the Pay&Go brand. Pay&Go is the first step in Commercial Credit and Finance entering the digital payment space. The partnership with Mega Pay is […]
‘s Basel III Subordinated Debt BBB+(EXP)(lka)
Fitch Ratings has assigned Bank of Ceylon’s (BOC) (CC/CCC-/A(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to LKR10 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures will mature in five years and be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 […]
Rising Gold-Backed Loans Elevate Risks for Sri Lankan Finance Companies, says Fitch Ratings
Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings.Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing business. […]
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Fitch Ratings has assigned National Development Bank PLC’s (NDB, A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR5 billion a final National Long- Term Rating of ‘BBB(lka)’. The final rating is the same as the expected rating assigned on 1 September 2023 and follows the receipt of documents conforming to information […]
Comm Bank Group’s 9-month gross income up 30.88-pct to Rs 256 Bn
A heightened emphasis on lending has seen the Commercial Bank Group increase gross loans and advances by Rs 51.404 billion in the third quarter of 2023 at a monthly average of Rs 17.135 billion, growing its loan book by 4.33% over three months to Rs 1.239 trillion and reversing the trend of the first half […]
World Bank Approves USD150 Million to Strengthen Sri Lanka’s Financial Sector Safety Net
The World Bank Executive Board approved US$ 150 Million under the Sri Lanka Financial Sector Safety Net Strengthening Project to strengthen the financial and institutional capacity of Sri Lanka’s financial sector safety net, with the focus on the Sri Lanka Deposit Insurance Scheme. “Sri Lanka’s economic crisis highlights the need for strong safety nets to […]
‘s newest feature in trading, Stock Borrowing and Lending (SBL) and Regulated Short Selling (RSS)
What is Stock Borrowing and Lending (SBL)? Stock Borrowing & Lending (SBL) is a mechanism that is introduced by the Colombo Stock Exchange (CSE) through the Central Depository System (CDS) to facilitate the lending and borrowing of shares among investors. SBL involves connecting lenders of shares with borrowers for a pre-determined period and interest rate. […]
Cinnamon hotels and resorts to host celebrity Chef Gary Mehigan in Sri Lanka
Gary Mehigan, the renowned British-Australian Michelin Star celebrity chef and much-famed former original judge of MasterChef Australia, is gracing the shores of Sri Lanka for a special 3-day culinary extravaganza courtesy of Cinnamon Hotels & Resorts. From November 30 to December 2, 2023, food enthusiasts and connoisseurs will have the opportunity to savour the magic […]