Category: Banking and Finance

July 16, 2009 (LBO) – Depositors of a collapsed Sri Lankan financial firm should seek its liquidation under civil law to realize assets while criminal proceedings may put pressure on directors surrender other assets, a senior lawyer has said. “But in my view there is a limit to what could be realized and in my […]

July 15, 2009 (LBO) – Sri Lanka’s National Development Bank (NDB) said it has launched its Bangladesh joint venture investment bank, NDB Capital Limited, positioning the group to be able to expand in a bigger market. “It’s a virgin market where professional investment banking services are currently not available,” Vajira Kulatilaka, chief executive of NDB […]

July 14, 2009 (LBO) – Sri Lanka’s Nations Trust Bank, a unit of John Keells Holdings has lost 800 million rupees on a forex bet, but the bank had ended the June 2009 quarter with a 150 million rupees in the black with bond trading profits, its interim results showed.In the June quarter the bank […]

July 14, 2009 (LBO) – Fitch Sri Lanka has confirmed the ‘AA(lka)’ rating of state-run Bank of Ceylon (BOC) with a ‘stable’ outlook but noted rising bad loans and higher exposure to the state sector.The agency has also confirmed the ‘AA-(lka)’ rating of the bank’s subordinated debentures, individual rating at ‘D/E’ and support rating at […]

July 14, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Sanasa Development Bank’s (SDB) national long-term rating at ‘BB(lka)’ with a stable outlook.“SDB’s rating reflects its historically high levels of profitability and moderate asset quality,” the rating agency said in a statement. “The rating is constrained by the riskier nature of its client […]

July 14, 2009 (LBO) – Sri Lanka’s Central Bank said it has opened an account to receive contributions from the public for the welfare and resettlement of people displaced by the ethnic war.It said in a statement all contributions to the account, set up in response to public inquiries about making contributions, are exempted from […]

July 13, 2009 (LBO) – HSBC said it had been named the ‘Best Global Bank, by Euromoney magazine, in its 2009 awards.It also won the Best Global Debt House and Best Global Transaction Banking House, awards. Michael Geoghegan, group chief executive of HSBC said in a statement that winning award during the turmoil was not […]

July 13, 2009 (LBO) – Sri Lanka’s central bank is giving three billion rupees to several banks to lend to small and micro businesses in agriculture and fisheries and in the war-torn north of the island. Following the end of fighting with Tamil Tiger separatists in May, Kilinochchi and Mullaitivu have been largely depopulated and […]

July 09, 2008 (LBO) – In a far sighted move that puts the country firmly on a higher growth path Sri Lanka’s central bank Governor Nivard Cabraal has ruled out state directed bank lending as a long term policy.“As a policy we have resisted that (directed lending) because we think that the bank should have […]

July 09, 2009 (LBO) – Foreign banks operating in Sri Lanka had maintained or improved profitability in 2008, despite adverse conditions, a report by Fitch Ratings said.Though risk management was good, Fitch said counterparty settlement risks were not studied enough on hedging deals. But the banks are expected to get support from head offices to […]

July 07, 2009 (LBO) – Sri Lanka’s Commercial Bank said it has been named the island’s ‘Best Bank’ by Hong Kong based ˜FinanceAsia,’ a regional financial publication. The publication’s latest rankings are based on financial performance for the 2008/9 period, the bank said in a statement. The evaluation includes criteria such as capital adequacy, liquidity […]