Category: Banking and Finance

Jan 28, 2008 (LBO) — Fitch Ratings has assigned an A+ (lka) national long term rating to a Singer Sri Lanka 800 million rupee note issue with a ‘negative’ outlook, the rating agency said Monday. It has also affirmed an ‘A (lka)’ rating on an outstanding note issue. Money from the new note issue will […]

Jan 25, 2008 (LBO) – Bank of Ceylon (BOC) has deployed international authentication services provider VeriSign’s hacking and identity theft countering security features in its online banking transactions in Sri Lanka. VeriSign’s Identity Protection Services (VIP) for BOC’s online banking customers will provide an extra layer of security through VeriSign’s multiple authentication scheme. The scheme […]

Jan 24, 2008 (LBO) — One in ten cheques issued in Sri Lanka bounces and account holders are writing dud cheques with impunity despite it being a criminal offense, a top central banker said.Central Bank deputy governor Ranee Jayamaha says nine percent of the 250,000 cheques, especially in the Colombo area sent for clearing are […]

Jan 17, 2007 (LBO) – Sri Lanka’s Financial Intelligence Unit (FIU) set up under the Central Bank to combat money laundering and terrorist financing should be more independent, the International Monetary Fund (IMF) has said. Sri Lankan authorities should ensure that the FIU should be given operational independence to ensure freedom from undue influence or […]

Jan 11, 2007 (LBO) — Sri Lanka’s Hatton National Bank has signed up with City Union Bank to start an investment banking unit in India, the two banks said in a joint statement Friday. “The proposed Joint Venture Investment Banking entity will focus on serving the Indian market to deliver capital raising and advisory services […]

Jan 11, 2008 (LBO) – A bomb exploded in the main railway station in Sri Lanka’s capital Colombo, injuring one person police said.Fighting between Sri Lanka government forces and the Tamil Tigers have intensified leaving at least 6,000 dead in since 2006, according to official figures. Updated The bomb was kept on a platform under […]

Jan 09, 2008 (LBO) – Sri Lanka’s Peoples’ Leasing Company (PLC), the island’s top vehicle financier, plans to raise more than 500 million rupees through Shariah compliant asset-backed securities, officials said. “There is tremendous potential for this type of product,” says People’s Leasing chief D P Kumarage. “We have been involved in Shariah compliant products […]

Jan 09, 2007 (LBO) – NDB Investment Bank (NDBIB) said it had helped mobilize 30 billion rupees in debt and equity from Sri Lanka’s capital markets in 2007 through some of the largest deals in the financial history of the island. NDBIB says it had been mandated by several firms to take them public. NDB […]

Jan 01, 2008 (LBO) – New corporate governance rules for Sri Lankan banks would force long-standing directors to retire, prevent banks giving favoured treatment to related parties and ensure separation of power between the board and executive management. The new rules by the Central Bank, meant to promote the safety and soundness of the banking […]

Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the long-term rating of Housing Development Finance Corporation (HDFC) by one notch to ‘A-(lka)’ from ‘A (lka)’ and also lowered its outlook to negative from stable. “The rating downgrades reflect HDFC’s deteriorating profitability brought on by its inherent interest rate risk, and the escalation of such […]

Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the State Mortgage and Investment Bank (SMIB) by one notch to A-(lka) and lowered its rating outlook to negative from stable, just as it downgraded HDFC Bank, another mortgage lender. “The rating downgrade reflects SMIB’s deteriorating profitability brought on by its inherent interest rate risk, and […]

Dec 29, 2007 (LBO) – The International Monetary Fund (IMF) has raised doubts about the independence of Sri Lanka’s central bank and its ability to regulate banks fairly due to the presence of a Treasury representative which creates a conflict of interest. “¦the Monetary Board’s independence could be potentially constrained by the presence of the […]