Category: Banking and Finance

Jan 15, 2009 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm, is slowing new lending and focusing on recoveries as a prudential measure as economic conditions weaken, a top official said. “About six to seven months back we expected that there might be a problem in the industry,” says D P Kumarage, the […]

Jan 13, 2009 (LBO) – Sri Lanka’s LB Finance said net profit for the December quarter rose 39 percent to 84 million rupees from a year ago, with interest income almost doubling. Total income fell 11 percent to just over a billion rupees, according to results released by the firm, the first listed company to […]

Jan 11, 2009 (LBO) – The widening fallout on Sri Lanka’s inter bank markets of petroleum derivatives suspended by court took a new turn this week with state-run People’s Bank going to court against privately owned Commercial Bank.People’s Bank won a restraining order from Colombo Commercial High Court against Commercial Bank stopping the private bank […]

Jan 09, 2009 (LBO) – Sri Lanka’s Seylan Bank is now stable and is focusing on improving asset quality, and some customers who earlier withdrew deposits are now bringing them bank, officials said. Chief executive Ajita Pasqual said the bank had raised 800 million rupees and with the year-end profits, it was on its way […]

Jan 07, 2008 (LBO) – Five potential investors have expressed interest in Sri Lanka’s Seylan Bank including two foreign buyers, after its controlling Ceylinco group said it would sell its stake, an official said. Pasqual says he expects the Ceylinco group to sell its entire holdings, which will give the new owner control of the […]

Jan 06, 2008 (LBO) – A Sri Lankan court has remanded three persons connected with Golden Key Credit Card Company, a crashed financial firm of the Ceylinco group, a reporter said. Seylan was put under the state-run Bank of Ceylon and its board of directors replaced by Sri Lanka’s central banks after depositors started to […]

Jan 04, 2009 (LBO) – Sri Lanka will issue new rules covering financial transactions through mobile phones, Central Bank Governor Nivard Cabraal said, as the island’s fast growing celcos join banks to offer new payment methods. “Given the increased usage of mobile phones for financial transactions, the Central Bank intends to issue new operating guidelines […]

Jan 02, 2009 (LBO) – Sri Lanka has no need for a liquidity facility for finance companies yet, central bank governor Nivard Cabraal said, as the sector faced a higher level of deposits withdrawals following uncertainty in financial markets. “At the moment there is no need to do that,” Governor Cabraal told reporters this week. […]

Dec 31, 2008 (LBO) – There is no danger in dealing with Sri Lanka’s regulated financial sector and authorities have acted swiftly to build confidence in Seylan Bank by bringing it under a state-bank, Central Bank Governor Nivard Cabraal said.The central bank dissolved the board of directors of Seylan Bank and put it under the […]

Dec 31, 2008 (LBO) – A proposed sale of Sri Lanka’s Seylan Bank shares by the Ceylinco group can go ahead under standard rules governing such deals, Central Bank Governor Nivard Cabraal said. “Under the normal process the sale of shares can take place,” Governor Cabraal said. “Already the trading halt (by the Colombo Stock […]

Dec 30, 2008 (LBO) – Three new directors has been appointed to Sri Lanka’s Seylan Bank, which was put under the control of a state bank by the monetary board, a media report said. Experienced banker E Narangoda, who was earlier at state-run National Savings Bank had been appointed chairman, The Island newspaper said. Lalith […]

Dec 30, 2008 (LBO) – Sri Lanka’s Seylan Bank trade halt was removed at 12.45 pm Tuesday following clearance from the Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC). Seylan Bank shares opened trading Tuesday at 19.50 rupees, up 3.75 rupees from the previous close on December 24. Their was no trading on […]