Category: Banking and Finance

July 17, 2007 (LBO) – DFCC Vardhana Bank (DVB) has teamed up with Sri Lanka Insurance Corporation (SLIC) to introduce insurance products to consumers in parallel to banking services. ‘Vardhana Assurance’ makes available life, motor and general insurance, covering marine, title, mortgage plans. “All life insurance policies will be underwritten by the SLIC,” Nalaka Godahewa, […]

July 17, 2007 (LBO) – Sri Lanka’s gem and jewellery industry is lobbying for new financial instruments like ‘gold loans’ to get cost effective funds for those in the trade, especially small businesses. “Valuations can be dealt with,” said Ellawala. “But having it in the vault is not feasible. After all, this is your working […]

July 16, 2007 (LBO) –Asiri Hospitals group posted a 312.7 million rupee after tax profit for the year ending in March 31, 2007, up almost by half, despite the depreciation of the Sri Lanka rupee that increased the price of imported medical supplies and material. Another 17 percent is held by Softlogic Holdings, an electronics […]

July 15, 2007 (LBO) – A US government agency is giving credit guarantees to small Sri Lankan businesses to increase their access to loans from a specialized leasing firm, the US embassy in Colombo said. The guarantee would be given for up to 3 million US dollars (330 million Sri Lanka rupees) of money lent […]

July 12, 2007 (LBO) – Asian Finance is planning a merger with its parent company, Lanka Ratings (LRA) said, while confirming a negative outlook on the firm’s rating due to its high exposure to the share market. Lanka Ratings Agency confirmed BBB3 investment grade rating of Asian Finance. “The negative outlook is premised on the […]

July 12, 2007 (LBO) – The governing board of Sri Lanka’s central bank is filling a vacancy with President’s Counsel K C Kamalasabayson, the monetary authority said Thursday. He was educated at St. Thomas’ College Mount Lavinia and was conferred a First Class Honours Pass at the Advocates Final Examination from Sri Lanka Law College […]

July 09, 2007 (LBO) – At a time when the banking system is moving towards Basle II system, Sri Lanka’s insurance industry could benefit from the risk based capital (RBC) model, an international insurance professional has said. LBO: When you bring in something like RBC does it give you more flexibility to the industry? Webber: […]

July 06, 2007 (LBO) – The managers of Sri Lanka’s largest private sector retirement fund have responded to criticism that its money is being used to fund government expenses, saying funds are invested under professional advice. “The process engages all the hidden forces of economic law on the side of destruction, and does it in […]

July 06, 2007 (LBO) – Sri Lanka Insurance Corporation (SLIC) says is aggressively chasing the motor insurance sector, an official said. SLIC says its overall premium is showing a growth of about 30 percent with the last two quarters as a result of adopting aggressive marketing techniques. “New blood has given life to the products […]

July 06, 2007 (LBO) – South Asian countries need to modernise their payments systems to cope with rapidly increasing cross border trade and investment flows trigged by faster economic growth, a senior central banker said Friday. “Trade and investment flows and demand for financial services will exceed the present levels over the next couple of […]

July 05, 2007 (LBO) – HSBC has tied up with Singer Sri Lanka, a household durables firm, to use its network of outlets to collects payments for credit card bill payments for cardholders outside the capital. HSBC customers can use 162 Singer outlets throughout the island to pay settle their bills. “Our intention was to […]

July 05, 2007 (LBO) – Senior officials from South Asian central and commercial banks will meet in the Sri Lankan capital Colombo Friday to discuss the setting up of a regional payment system, the country’s central bank said. Officials of regional central banks as well as the World Bank and Bank for International Settlements are […]