Category: Banking and Finance

July 18, 2008 (LBO) – Fitch Ratings Sri Lanka has downgraded Seylan Bank’s national long term credit rating by one notch to ‘BBB+(lka)’ and its subordinated debentures also by a notch to ‘BBB(lka)’. Both ratings are still in the investment grade category. At the new level, Fitch Ratings said the outlook was ‘Stable’. Fitch gave […]

July 15, 2008 (LBO) – Directors of Sri Lankan banks would get three more years to meet term and age limits imposed by the Central Bank after a court ruling confirmed the rules with extended transitional provisions, the financial regulator said in a statement. Court has directed new rules with the amendments to be issued, […]

July 08, 2008 (LBO) – Fitch Ratings has confirmed the local long-term rating of Sri Lanka’s Nations Trust Bank at ‘A(lka)’ with a stable outlook.The agency also gave an ‘A-(lka)’ rating to NTB’s proposed unsecured debenture issue of up to 1.5 billion rupees. “NTB’s rating reflects its modest profitability and capitalization,” it said in a […]

July 04, 2008 (LBO) – Sri Lanka’s Sampath Bank is re-thinking the price of a rights issue and a share placement after market prices fell below the issue price, the bank said in a stock exchange filing.Sampath shares traded at 97 rupees on Friday. Sampath said the market price of the share dropped below the […]

July 4, 2008 (LBO) – Fitch Sri Lanka has today confirmed the BB+(lka) rating of Union Bank of Colombo (UB) saying its asset quality has improved, but more capital was needed to meet minimum requirements. UB’s existing loan book has concentrations to the export-import and wholesale trader segments through overdraft facilities which were 39 percent […]

July 3, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sampath Bank’s local long-term rating of ‘AA-(lka)’ with a stable outlook. It also confirmed the ratings on the bank’s outstanding unsecured debentures of 3.3 billion rupees at ‘A+(lka)’, and the bank’s Individual and Support ratings at ‘D/E’ and ‘5’. “The ratings reflect Sampath Bank’s strong […]

July 3, 2008 (LBO) – Sri Lanka’s Peoples’ Leasing Company (PLC) is selling a billion rupee 5-year bond to extend the maturity of its short term borrowings, Fitch Ratings which gave the security a ‘BBB+(lka)’ rating said. The leasing company, which is rated ‘A-(lka)’ with a ‘stable’ outlook, is planning to list the subordinated, unsecured […]

July 02, 2008 (LBO) – Ceylinco group chairman Lalith Kotelawala has demanded the Sri Lankan Central Bank adopt its own code of corporate governance.He said in a letter to Central Bank governor Nivard Cabraal that was released to the media that he will initiate legal action if the Central Bank fails to adopt such a […]

July 02, 2008 (LBO) – Sri Lanka’s Central Bank has relaxed exchange controls for emigrants in a move it said aimed at further promoting stable capital mobility and improving investor confidence in the country. The new rules allow previous emigrants to take out without any restriction balances in blocked accounts where their wealth had been […]

June 24, 2008 (LBO) – Sri Lanka’s ABC Group says its tri-lingual credit card is gaining popularity, especially in rural areas, and consumers are relying more on credit with inflation soaring to 30 percent. Garment sector employees and rural youth apply for the card owing to its tri-lingual facility and ease of use, says Orville […]

June 19, 2008 (LBO) – Sri Lanka’s Hatton National Bank (HNB) and DFCC Bank have set up a joint venture investment bank that they said would be better able to compete in local and regional markets. The joint venture called Acuity Partners (Pvt) Ltd., with an initial capital of 500 million rupees, will see the […]

June 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC), a unit of state-run People’s Bank, will sell a 200 million rupee 12-month debenture, Fitch Ratings, which gave the issue an ”F1(lka)’ rating, said. A ‘F1(lka)’ national short-term rating indicates the strongest capacity for timely payment of financial commitments relative to other issuers or […]