Category: Banking and Finance

June 29, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) may take up the bulk of risk capital in bailing out Seylan Bank, while state-run Bank of Ceylon and National Savings Bank (NSB) may take smaller stakes, a media report said.SLIC was recently returned to state ownership and management following a court order, and a […]

June 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the national long-term rating of National Development Bank (NDB) at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’, Fitch said in a statement. NDB’s ratings are reflective of its continued strong financial profile relative to its […]

June 27, 2009 (LBO) – Fitch Sri Lanka has upgraded state-run People’s Bank’s (PB) long term rating by one notch to ‘A(lka)’ from ‘A-(lka)’ and changed its outlook to ‘stable’ from ‘positive’ at the new level, after reaching minimum capital requirements. The achievement of capital adequacy ratios came form a 1.5 billion rupees capita injection […]

June 26, 2009 (LBO) – Sri Lanka’s Seylan Bank will be bailed out with the help of money from state institutions while a bid from a private investor was rejected because it did not meet ownership limits, the Central Bank said. There will be no change in the board. Seylan will also continue its link […]

June 25, 2009 (LBO) – Sri Lanka’s state run Bank of Ceylon has expanded its services inside camps housing nearly 280,000 refugees in the north of the island, adding mobile computerized branches housed in shipping containers. Last week the bank added four retail units to its existing branch in the Manik Farm refugee camp complex […]

June 25, 2009 (LBO) – Sri Lanka’s Nations Trust Bank which had uncovered a forex loss in its books said the losses would be offset “to a great extent” by other operations of its Treasury. NTB said its June quarter financials will be published as early as possible in July. “The Bank has discovered a […]

June 24, 2009 (LBO) – There would be more interest in Sri Lanka’s Seylan Bank if a larger equity stake than one third is offered to a strategic investor, the head of cash-rich NDB Bank which dropped out of the race said. “The environment today is different,” says Wickramaratne. “Today we have a – relatively […]

June 24, 2009 (LBO) – Sri Lanka’s Nations Trust Bank, a unit of the John Keells Holdings group, is probing a breach of operating procedure, but the bank is on track to meet half year profit targets, an official said. NTB’s voting stock fell 2.25 to 32.00 rupees Wednesday amid concerns among investors that profits […]

June 16, 2009 (LBO) – Sri Lankan depositors should be more vigilant as hundreds of smaller unregulated financial firms are still in existence despite the collapse of a few high profile firms, officials said. “Those who invested in unregulated companies will not get their money back because there is no money to give. Going to […]

June 16, 2009 (LBO) – Sri Lanka’s central bank which offered a third stake of Seylan Bank to a private investor has not awarded it to the sold bidder by Lanka Orix Leasing Company (LOLC) by the previously set deadline of June 16. Among those who expressed interest was cash rich National Development Bank and […]

June 14, 2009 (LBO) – A part of the pension funds of Sri Lanka’s private sector workers may be diverted as unemployment benefits to those who lose jobs in the current economic crisis, a media report said.The Sunday Times newspaper said authorities are set to take out billions of rupees of unclaimed Employees Provident Fund […]

June 13, 2009 (LBO) – Sri Lankan private sector firms are too small yet to start mega infrastructure such as coal plants on their own, the International Finance Corporation (IFC) which is financing such plants in the region, said. The IFC, the private sector finance arm of the World Bank, likes to partner with the […]