Category: Banking and Finance

Oct 28, 2008 (LBO) – Sri Lanka Orix Leasing has linked with Dutch development financier FMO to expand its micro finance with 10 million US dollar loan and equity injection, officials said.LOLC Micro Finance is getting a 2.0 million US dollar equity injection from FMO for a 20 percent stake.FMO will pump in a further […]

Oct 27, 2008 (LBO) – Stopping the flow of funds for terrorist activities is a key part of the effort to fight terrorism, Sri Lankan central bank governor Ajith Nivard Cabraal said Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “If we can stop the funding […]

SYDNEY, October 24, 2008 (AFP) – Australian investment firms have frozen an estimated 12 billion dollars (7.8 billion US) in investors’ funds to stem an exodus sparked by a government bank deposit guarantee, the industry said Friday. Thirteen of the nation’s top 20 fund managers have so far blocked redemptions since Canberra guaranteed deposits in […]

Oct 24, 2008 (LBO) – Sri Lanka’s central bank says there were some measures to protect the banking sector from a financial ‘cyclone’ that is sweeping the world and the country’s banking sector is well capitalized to meet upcoming challenges. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]

Oct 23, 2008 (LBO) – Sri Lanka’s Sampath Bank’s consolidated September quarter profits grew 48.1 percent to 395.3 million while revenues grew 23.8 percent to 5.8 billion rupees, interim accounts filed with the Stock Exchange showed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank’s interest […]

BASEL, October 23, 2008 (AFP) – Cross-border lending by banks fell 1.1 trillion dollars in the second quarter of 2008, the biggest decline for a decade, latest BIS figures showed on Thursday, underlining the severity of the credit crisis. Banks were also hit by one trillion dollars’ worth of withdrawals, particularly by clients in the […]

PARIS, October 19, 2008 (AFP) – Nations around the world took new emergency steps Sunday to shore up the international banking system and restore investor confidence, as a yawning finance crisis continued to roil global markets. The crisis led Sunday to the ouster of the top brass at a top bank in France and prompted […]

Oct 16, 2008 (LBO) – Sri Lanka’s banking sector is sound amidst a global rout and early regulatory action taken to prick the bubble, Central Bank Governor Nivard Cabraal has said. The high inflation in early 2008 was partly caused by lax monetary policies in the second half of 2007 and also external inflation imported […]

ADDIS ABABA, October 16, 2008 (AFP) – Ethiopian Prime Minister Meles Zenawi said Thursday that the economy would not be devastated following the global financial crisis, despite a possible cut in aid and investment flows. “In general, we don’t expect drastic effects on our economy, our financial structure is not as liberalised as those of […]

Oct 15, 2008 (LBO) – Sri Lanka’s Sampath Bank has started a new current account facility for longstanding customers in a bid to discourage cheque returns and boost the currency of the bank’s cheques, officials said. “We want people to recognize that these cheques are as good as cash,” Sampath Bank chief executive designate Harris […]

Oct 13, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve requirement of commercial banks from 10 percent to 9.25 percent, and further relaxed access to the discount window. “This step has been taken in order to inject more liquidity to the domestic financial market so as to enable the market to effectively […]

Oct 10, 2008 (LBO) – Fitch Ratings Lanka Friday affirmed Sri Lanka’s DFCC Vardhana Bank’s (DVB) National Long-term rating at ‘AA-(lka)’ with a stable outlook.Its gross NPL ratio slipped to 10.7 percent at H108 from 5.9 percent at FYE06 on account of weakened macro conditions, and partially owing to the regulatory change in classification of […]