Category: Banking and Finance

Feb 01, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BBB (lka)’ national long-term rating of Singer Finance (Lanka) Limited (SF) with a ‘stable’ outlook. SF was established as a RFC in April 2004, and currently operates through five branches. “The principal factor taken into consideration in SF’s rating is the implied support assumed […]

Feb 01, 2008 (LBO) – Lanka Orix Leasing Company (LOLC) is planning to raise 500 million rupees from a rated commercial paper, Fitch Sri Lanka said, assigning the issue a short term rating of ‘F1 (lka)’. . “The assigned rating reflects the absence of an adverse shift in the maturities of the company’s interest bearing […]

Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]

Jan 30, 2008 (LBO) — Sri Lanka’s Nations Trust Bank profits surged 56 percent to 504 million in 2007 as revenues grew 54 percent to 9.1 billion rupees, the company said.In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.7 billion rupees. “Despite loans and […]

Jan 30, 2008 (LBO) – Fitch Sri Lanka has confirmed an ‘A-(lka)’ rating on lease backed trust certificates (LBTCs) issued by Peoples’ Leasing Company, the rating agency said, as it kept close watch to ensure that delinquent and prepaying loans were replaced. Peoples’ Leasing Company (PLC) is also rated ‘A-(lka)’ with a ‘stable’ outlook. The […]

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 […]