Category: Banking and Finance

Mar 20, 2010 (LBO) – Sri Lanka’s Vallibel Finance will use cash raised from an initial public offering (IPO) to reduce financing costs and expand leasing and hire purchase businesses and its branch network, a senior official said. “We were planning to come to the market in another two to three years but we came […]

Mar 19, 2010 (LBO) – Sri Lanka’s Central Bank has launched a credit refinance scheme to help small and medium enterprises which are in difficulty to recover, senior officials said. The 100 percent refinance scheme through banks will give loans at eight percent up to a maximum of 20million rupees to help existing firms recover, […]

Mar 15, 2010 (LBO) – Sri Lankan finance companies should reach out to rural areas which historically have been short of credit, governor of the Central Bank, Nivard Cabraal, said. Rural savers are also known to make deposits at unregulated finance companies that offer high interest rates but risk making heavy losses if the firms […]

Mar 15, 2010 (LBO) – Payment of an extra 20 percent ‘bonus interest’ to Sri Lankan senior citizens on rupee deposits maintained at licensed commercial banks will start from Thursday, March 18, the Central Bank said. The government will pay the extra interest to citizens over 60 years of age subject to a limit of […]

Mar 14, 2010 (LBO) – Commercial Credit Ltd, a registered finance company based in Sri Lanka’s central hill town of Kandy opened an office in the capital Colombo, which the firm says is a step in a expansion drive. The company, founded 28 years ago, has network of five branches and 12 collection centres unveiled […]

Mar 10, 2010 (LBO) – Seylan Bank group has slashed its wage bill 30.7 percent to 2.5 billion rupees and is pushing to recover some its 29 percent bad loans as it is re-structured, senior officials in its state-backed management said. “We cut some unnecessary costs, stopped overtime, cut fuel allowances and increased staff retirement […]

Mar 09, 2010 (LBO) – Sri Lanka’s Seylan Bank in which state ownership increased to 28 percent following a 1.1 billion rupee capital injection has retained its ‘BBB+(lka)’ with a ‘stable’ outlook, Fitch Ratings said. The bank was able to reverse the deposit run, and reported a net deposit inflow of over 5 billion rupees […]

Mar 08, 2010 (LBO) – Fitch Ratings Lanka said it removed People’s Merchant Bank’s National Long-term rating from Rating Watch Negative and downgraded the rating to ‘BB+(lka)’ from ‘BBB-(lka)’. The rating agency said in a statement it also assigned PMB a Negative Outlook. “The rating actions reflect PMB’s weakened financial profile in terms of its […]

Mar 08, 2010 (LBO) – Sri Lanka’s investment promotion agency said it has approved an investment by a unit of Lankaclear, the national clearing house, to provide cash management services to banks in rural north-central Anuradhapura. The Board of Investment said in a statement Lankaclear Cash Management, a joint venture by Lankaclear and Transnational Group, […]

Mar 08, 2010 (LBO) – Foreign exchange trading profits in Sri Lankan banks plummeted in the December 2009 quarter as a firmer currency peg with the US dollar reduced volatility emerging data showed. At state-run Bank of Ceylon group, the country’s largest commercial bank by assets, forex profits had fallen 96 percent to just 90 […]

Mar 07, 2010 (LBO) – Sri Lanka has to cut its high rate of tax on banks to allow the sector to build capital as the economy is poised to grow after a war ended last year, a top banker has said. Taxation has in the past and continues to be in the present a […]

Mar 07, 2010 (LBO) – Sri Lanka’s Pan Asia Banking Corporation’s (PABC) December quarter profits fell 70 percent to 19. 7 million rupees from a year earlier, on higher expenses and tax while full year net was up 73 percent to 387 million rupees on fee income. Full year interest income was up 10 percent […]