Category: Banking and Finance

April 29, 2008 (LBO) – Sri Lanka’s main private sector retirement fund has made billions real losses in in 2007 as the state used the monetary system to inflate away debt at the expense of the private sector workers in the country, the latest data shows. The Wall Street Journal this week slammed the Fed […]

April 26, 2008 (LBO) – Sri Lankan finance companies should improve governance practices voluntarily before external rules are imposed and whistle-blowers get active under new laws, a corporate lawyer says. Good corporate governance practices could yield direct financial benefits to finance companies while giving them a lifeline if wrongdoings are uncovered, says Arittha Wikramanayake, senior […]

April 25, 2008 (LBO) – NDB Bank says it has done well with a low cost to income ratio, and having the lowest non-performing loans among local banks while being profitable and having a strong balance sheet. “The bank’s low cost income ratio among local banks also reflects its stability while the growth in its […]

April 24, 2008 (LBO) – Sri Lanka’s central bank has given more time for founding directors and chairmen of banks to serve on the boards beyond the original nine years specified by the regulator. “These additional transitional provisions give special consideration to the role and contribution of Founding Directors and Incumbent Chairmen to the promotion […]

April 24, 2008 (LBO) – Sri Lanka’s Fitch Ratings has confirmed Commercial Bank of Ceylon’s ‘AA+(lka)’ rating with a stable outlook, citing the bank’s good profitability, asset quality, strong solvency, high capitalization and its standing among local banks. Fitch also confirmed the banks ‘individual rating at ‘D’ and support rating at ‘5’. The ‘AA(lka)’ rating […]

April 24, 2008 (LBO) – Sri Lanka’s financial regulator Thursday told finance companies to carefully monitor liquidity and be more aware of risks to ensure they survive the current financial markets turmoil. This was because the collapse of one firm could have a domino effect on the whole system, Central Bank governor Ajit Nivard Cabraal […]

April 23, 2008 (LBO) – Sri Lanka’s Fitch Ratings has upgraded Sanasa Development Bank’s speculative grade by one notch to BB(lka) with a stable outlook, the rating agency said. “The upgrade reflects the materialisation of SDB’s planned capital program, and is supported by the bank’s good profitability and asset quality, albeit constrained somewhat by the […]

April 22, 2008 (LBO) – A shareholder has asked Sri Lanka’s National Development Bank to return its excess capital to shareholders but its management says plans are on to use the money to better effect and the time is not right for a distribution. Mano Nanayakkara, an investment consultant who has a personal stake in […]

April 10, 2008 (LBO) – Hongkong and Shanghai Banking Corporation (HSBC) has jumped two places to top the latest Forbes 2000 list of the world’s top public companies, the bank said Thursday. This is the first time a non-US company has led the rankings since its launch in 2004, it said in a statement. The […]

April 08, 2008 (LBO) – ABC Investments Limited has launched an Islamic credit card in Sri Lanka, in line with Islamic religious teachings and with strict rules on its usage, a company statement said. Updated The ‘ABC Barakah’ credit card does not carry interest or penalties for late payment which is considered forbidden under Islamic […]

April 05, 2008 (LBO) – The Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon , said it plans to get a banking license and expand its activities. . The bank will seek a licence from the regulator to operate as a ‘licensed specialised bank’, MBSL’s new chairman Janaka Ratnayake said […]

April 04, 2008 (LBO) – Fitch Ratings has cut Sri Lanka Telecom’s foreign currency credit rating by one notch to ‘B+’ after the country’s sovereign rating was slashed a day earlier, saying the exit of Japan’s NTT from the firm was not a reason for the downgrade. SLT’s local ratings were based on its own […]