Category: Banking and Finance

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) – 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 […]

July 05, 2007 (LBO) – A presidential commission of inquiry probing the collapse of a string of finance companies in Sri Lanka has begun questioning Central Bank officials. The four-member commission comprising of senior legal and finance experts commenced sittings on July 2 and will hold its next sessions on July 6 and 13. The […]

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 04, 2007 (LBO) – Sampath Bank has completed a debenture issue to raise 250 million rupees, the bank told the Colombo Stock Exchange. The money will strengthen the bank’s tier II capital base. The bank has a double AA- (lka) national long term rating from Fitch Ratings Lanka. Its debentures have previously been rated […]

July 03, 2007 (LBO) – HSBC Bank in Sri Lanka is looking to finance two large transport sector projects with private sector involvement which will spawn new opportunities for local and international banks, a top official said. Three of Sri Lanka’s largest conglomerates, John Keells, Hayleys and Aitken Spence have put in bids to build […]

July 02, 2007 (LBO) – A new rule by Sri Lankan stock market regulators that limits brokering credit for investors should ensure more stability and provide long term security for the market. The rule, effective from July 1, will limit brokerage firms from lending more than 75 percent of the market value of an investor’s […]

July 1, 2007 (LBO) – Sri Lanka’s pioneer leasing firm, Lanka Orix Leasing Company (LOLC), is looking to spread its wings under a new brand, officials said. “I feel we should do business as usual and not worry too much about what is happening in the country as long as we concentrate on our risk […]

June 29, 2007 (LBO) – A UK-based hedge fund is entering Sri Lanka and has sought a listing in the Colombo Stock Exchange through the purchase of a listed shell company. Lionhart is expected to make a mandatory offer for the rest of the shares shortly. Lionhart Investments Limited has purchased 13,043,804 million shares of […]

June 26, 2007 (LBO) – Sampath Bank is raising 1.5 billion rupees through an unsecured debenture which Fitch has rated AA- (lka), but the rating agency says more capital may be needed to maintain its loan growth rate in to the medium term. It has two associates, a Bangladesh-based non-bank financial institution LankaBangala Finance Ltd […]

June 25 (LBO) – A new board of directors has been appointed to state-owned SME Bank as a first step in a proposed take-over by Lankaputhra Development Bank, an official said. But officials now say RDBs would be allowed to function independently. Lankaputhra Bank chairman A de Vass Gunewardene is the new chairman of SME […]

June 21, 2007 (LBO) – Sri Lanka is to merge two state banks created as a result of election promises in the recent past, but keep a regional banking network with a good credit culture as an independent entity, officials said. Officials say Lankaputhra can take-over SME Bank under the provisions of company law, but […]