Category: Banking and Finance

Dec 20, 2007 (LBO) – Sri Lanka’s financial sector has so far been resilient in the face of shocks but risks are increasing as the economy heads for tough times, the International Monetary Fund (IMF) has warned. Rising interest rates likely to affect profitability of banks while credit quality is weakening as a result of […]

Dec 18, 2007 (LBO) – Sri Lanka’s capital markets watchdog should be made more transparent and its officials more independent, the International Monetary Fund (IMF) has said. The island’s Securities and Exchange Commission (SEC) is “well-resourced”, but its capacity needs to be further strengthened, the IMF said in a comprehensive financial sector assessment report on […]

Dec 18, 2007 (LBO) – Sri Lanka is issuing its first currency note under the signature of Governor Nivard Cabraal with added security features to battle a rising threat of counterfeiting, the Central Bank said. The note is dated 2006.07.03. The one thousand rupee note will have upgraded security features to battle an “increasing threat” […]

Dec 18, 2007 (LBO) – Fitch Ratings Lanka has lowered the outlook on the ‘A+(lka)’ long-term ratings on Singer Sri Lanka’s senior unsecured notes to negative, the rating agency said Tuesday. Singer is the Sri Lanka’s largest retailer of consumer electronics and household appliances, in terms of revenue and points of presence. It is 84 […]

Dec 18, 2007 (LBO) – Fitch Sri Lanka has lifted the outlook on Edirisinghe Trust Investment’s ‘B+(lka)’ rating to ‘positive’ from stable citing substantial improvements in the in the firm’s operational risk management. . “The company concluded the automation of its systems across all business lines in the six month period ending September 2007,” Fitch […]

Dec 18, 2007 (LBO) – The International Monetary Fund has called for an independent governance structure for Sri Lanka’s Employees Provident Fund (EPF) amidst growing concern about real losses to the fund and its management at the hands of the Central Bank. In a Financial Sector Stability Assessment the IMF said a “sound, robust, and […]

Dec 17, 2007 (LBO) – Senior central banker P M Nagahawatte would be appointed as chairman of the National Development following the resignation of its long-time chairman, the bank said Monday. S K Wickremesinghe who was chairman of NDB for nine years has resigned with effect from January 01. Sena Yaddehige has been confirmed as […]

Dec 14, 2007 (LBO) – Western Union has rapidly expanded its money transfer network in Sri Lanka through its tie up with Aitken Spence and is eyeing a bigger share of the three billion dollar foreign remittance market. Company officials said they also want to tap the estimated two billion dollars sent to the island […]

Dec 13, 2007 (LBO) – Sri Lanka’s Nations Trust Bank is making a one billion rupee cash call sweetened with warrants, giving an option to buy into the bank at a fixed price in 2010 and 2011, the company said Thursday. NTB has 31 branches, 8 leasing centers, 38 teller machines and issues American Express […]

Dec 11, 2007 (LBO) – Fitch Sri Lanka has confirmed John Keells Holdings (JKH) national ‘AAA (lka)’ rating with a stable outlook, but expressed concern that most of its cash is generated by bunkering and container operations. “JKH’s ratings reflect its strong cash flow generation and increasing earnings diversity,” Fitch said. But the rating agency […]

Dec 07, 2007 (LBO) – Sri Lanka’s private sector credit is slowing but lenders should tighten standards and improve risk management as interest rates continue to rise, the Central Bank has warned. In a report on the island’s financial sector stability, the regulator said private sector credit has grown around 24-26 percent in the first […]

Dec 07, 2007 (LBO) – Fitch Ratings Sri Lanka has lifted Union Bank of Colombo’s outlook on its BB + (lka) rating to ‘positive’ from ‘stable’ citing an asset quality improvement. “The recent equity injections and the benefits expected, specifically to profitability and scalability of the bank’s business is reflected in the revision of the […]