Category: Banking and Finance

Dec 29, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says its board has not been given control of Golden Key Credit Card Company, a troubled Ceylinco group firm that could not repay its customers earlier this month. Ceylinco Insurance said in a stock exchange filing that “the control of Golden Key Credit Card Company and […]

Dec 29, 2008 (LBO) – The ‘AAA(lka)’ ratings of Sri Lanka branches of Citibank and Standard Chartered are not affected following a court order that halted payments on oil derivatives with a state-run oil firm, Fitch Ratings said.The findings are expected to be presented at court hearings in February 2009. “As per regulatory requirements, both […]

Dec 29, 2008 (LBO) – Sri Lanka ‘AA+(lka)’ rated Commercial Bank’s rating is unlikely to be changed following potential hedging losses after courts halted oil derivative payments, but capital build-up at ‘A-(lka)’ People’s Bank could be delayed, Fitch Ratings has said. Private-listed Commercial Bank (CB) has a ‘stable’ outlook on its rating and state-run People’s […]

Dec 27, 2008 (LBO) – Sri Lanka’s Ceylinco group will exit Seylan Bank, a licensed commercial bank, as part of a strategy to raise funds and repay depositors in a troubled group company, chairman Lalith Kotelawala said in a public statement. Golden Key Credit Card Company failed to repay customers who had placed funds in […]

Dec 27, 2008 (LBO) – Sri Lanka’s central bank says it is ready to intervene if there is a risk to a registered or licensed financial institution following reported depositor ‘stress’ at some regulated Ceylinco group companies. Earlier on Saturday Ceylinco group chairman Lalith Kotelawala, said in a public advertisement that the group was selling […]

Dec 24, 2008 (LBO) – Sri Lanka’s Commercial Bank said it would offer ‘Saturday banking’ services at its Nelliady branch in the northern Jaffna peninsula, once a hot-bed of Tamil Tiger insurgency. With effect from January 1, 2009, the branch located in MMV Road, Nelliady, will be open on Saturdays from 9.00 a.m. to 1.30. […]

Dec 24, 2008 (LBO) – Sri Lanka’s rates spiked, despite excess liquidity and uncertainty heightened amid problems at a Ceylinco group company in a market that was already hurt by unpaid inter bank hedging contracts, dealers said.On Wednesday market excess liquidity rose to 10.6 billion rupees, though the central bank had lent 2.9 billion rupees […]

Dec 23, 2008 (LBO) – Thousands of anxious customers of Sri Lanka’s Golden Key Credit Card Company flocked to a conference hall in Colombo to meet Ceylinco group chairman Lalith Kotelawala, and get information on the status of their funds. Golden Key asked customers to come to the BMICH conference hall in Sri Lanka’s capital […]

Dec 22, 2008 (LBO) – Golden Key Credit Card Company is being rehabilitated after it was mismanaged and its chief executive has resigned, Sri Lanka’s Ceylinco group chief Lalith Kotelawala, said in a newspaper advertisement. Kotelawala said Khavan M Perera, chief executive director of Gold Key Credit Card Company Ltd has “admitted mismanagement and voluntarily […]

Dec 22, 2008 (LBO) – RAM Ratings has assigned a claims-paying ability rating of BB to Sri Lanka’s Co-operative Insurance Company Limited (CICL) with a stable outlook. It said in a statement the rating takes into account the company’s “moderate competitive position” and underwriting standards. “However, the rating is pressured by hefty overheads, inadequate reserving […]

Dec 21, 2008 (LBO) – Sri Lanka’s Edirisinghe Trust Investments (ETI), a registered finance company, has been upgraded by one notch to ‘BB-(lka)’ Fitch Ratings said, while its outlook has been lowered to ‘stable’ from ‘positive’ at the new credit level. Real estate, in the form of housing development projects and land, marketed to the […]

Dec 18, 2008 (LBO) – Sri Lanka’s listed NDB Bank is taking control of Capital Markets Services Ltd, a licensed merchant bank in Bangladesh, the bank said. The investment was subject to unspecified conditions, NDB said. The bank had received approval from Sri Lanka’s central bank and finance ministry. NDB said in a stock exchange […]