Category: Banking and Finance

Feb 11, 2010 (LBO) – Fitch Ratings said it has downgraded Sri Lanka’s Abans’ (ABL) National Long-term rating to ‘A-(lka)’ from ‘A(lka)’ with a stable outlook. The downgrade reflects weaknesses in its management information system (MIS), coupled with concerns regarding the quality and timeliness of information provided by the company to Fitch, the rating agency […]

Feb 10, 2010 (LBO) – Sri Lanka’s banks have been hit by bad loans in 2009, but have maintained required capital levels and asset quality is improving with the help of low inflation and interest rates, a report by the regulator said. Sri Lanka’s licensed commercial banks have maintained Tier one capital at 11.4 percent […]

Feb 07, 2010 (LBO) – Sri Lanka is financing the purchase of rails to re-build tracks in the former war-torn eastern areas with loans from Hatton National Bank and UniCredit Bank of Austria, a senior minister said. There will be a commitment fee of 5 percent on the undrawn balance of the loan and a […]

GENEVA, February 7, 2010 (AFP) – After relentless international pressure on Swiss banking secrecy, history came full circle last week when Germany decided to use stolen bank data to corner taxpayers with money hidden in Switzerland. Weary Swiss bankers tried to contain another onslaught that shook the remnants of the lucrative wall of secrecy they […]

February 4, 2010 (AFP) – Banking giant HSBC will open a branch in Sri Lanka’s former war zone, the first foreign bank to do so since the end of the country’s long ethnic conflict, the central bank governor said Thursday. HSBC will open for business in Jaffna, the heartland of the island’s Tamil minority, next […]

Feb 01, 2010 (LBO)- Sri Lanka’s Sampath Bank plans to give shareholders an extra share for every 10 held by them in a share split that would increase total listed shares to 75.7 million, it said in a stock exchange filing. The share split is awaiting shareholder approval. The share split would effetely increase Sampath […]

January 27, 2010 (LBO) – Sri Lankan finance company Vallibel Finance had its long term rating of ‘B+(lka) and stable outlook confirmed by Fitch Ratings Lanka. The rating considers Vallibel’s relatively small asset base, weak asset quality and modest financial profile, Fitch said in a statement. Although the company has successfully expanded its operations while […]

January 26, 2010 (LBO) – Sri Lanka’s former governor of the central bank Dr. H Karunatilake died on January 24, the bank said in a statement. He also served on the boards of research institutions, universities, financial institutions, cabinet sub-committees, government sub-commissions and state organizations. Karunatilake served as governor from 1988 to 1992, but has […]

Jan 25, 2010 (LBO) – Sri Lankan banks have opened 25 branches in former war torn areas in the north and the east of the island since the end of an internal conflict, while the Central Bank has given the nod for another 53 branches, an official said. A 30-year war with Tamil Tiger separatists […]

Jan 23, 2010 (LBO) – Sri Lanka’s central banks says depositors of several failed financial firms are being settled according to court directions and others could be settled with Treasury bills when assets are identified. (ii) Finance and Guarantee Property Development Company (Pvt.) Ltd. and F&G Real Estate Company Ltd: The Court has directed the […]

WASHINGTON, January 22, 2010 (AFP) – President Barack Obama unveiled plans Thursday to limit the size and scope of US banks and financial firms in a new offensive against Wall Street excesses laid bare by the financial crisis. “Never again will the American taxpayer be held hostage by a bank that is too big to […]

Jan 22, 2010 (LBO) – Sri Lanka’s central bank said loans given to war torn northern and eastern areas for economic revival under a special scheme would be cut to 9.0 percent from the current 12.0 percent. The central bank said the loans were available from Bank of Ceylon, People’s Bank, Hatton National Bank, Commercial […]