Category: Banking and Finance

March 05, 2007 (LBO) – Sri Lanka’s financial regulators are coming together to boost skills of market professionals in a bid to deepen securities and insurance industries. Sri Lanka has a large number of companies, financial institutions, registered financial, leasing and insurance companies, merchant banks, venture capital firms and unit trusts. Sri Lanka’s capital markets […]

March 03 (LBO) – HDFC bank is planning to offer housing mortgages based on Islamic finance principles, an official said.“We have already formulated to bring the Sharia concept into the housing loan portfolio,” says HDFC Bank chairman S M M Yaseen told ETV’s Money Report programme. “I am very keen and my board has given […]

March, 01 (LBO) – DFCC Bank is making a cash call of three billion rupees from shareholders to buy into an upcoming capital raising of Commercial Bank of Ceylon, the company said Thursday. DFCC gained 6.25 rupees to trade at 206.50 at mid-day Thursday. The bank is issuing one share for every four existing shares […]

March 01 (LBO) – Sampath Bank has sold its 15 percent stake in Asian Alliance Insurance one of Sri Lanka’s newer insurance firms, an official said. The tranche was sold for 20.50 a share Thursday for 76.8 million rupees. A firm connected to high net worth investor Dhammika Perera is believed to have taken the […]

March 01 (LBO) – Former head of Fitch Ratings Lanka, and head of Amba Research in Sri Lanka Ravi Abeysuriya, joined as commission member of the country’s securities watchdog on Thursday. The appointment as member of the Securities and Exchange Commission was made by President Mahinda Rajapakse, the SEC said in a statement. Abeysuriya is […]

February 28 (LBO) – Ceylinco Insurance Company is investing in a regional re-insurance firm by participating in a capital raising exercise the company told the Colombo Stock Exchange Wednesday. Asian Reinsurance Corporation (Asian Re) has invited Ceylinco Insurance to invest in a forthcoming effort by the re-insurer to raise 100 million dollars. Ceylinco Insurance Director […]

February 27 (LBO) – Sri Lanka’s pioneer leasing firm LOLC, is stepping into Cambodia taking an equity stake in a micro-finance firm with several international development lenders, an official said. “Cambodia is just blossoming out and opportunities are good,” Kithsiri Gunawardene told Lanka Business Online. “They run a lean operation there and repayments are very […]

February 27 (LBO) – Seylan Bank’s group net profits rose 9.25 percent to 849.2 million rupees in 2006, as revenues climbed by 32.3 percent, its annual accounts released Tuesday showed. Group revenue climbed to 15.39 billion rupees while the bank on its own earned revenues of 14.1 billion rupees. High income tax payments and flat […]

February 23, 2007 (LBO) – Sri Lanka Friday announced plans to raise 100 million dollars by selling development bonds to foreign investors, while a drive to sell rupee bonds to overseas buyers has netted in 31.75 million dollars to date, the public debt office said.Bulk of the funds will be used to bridge the country’s […]

February 22 (LBO) – A tax-efficient closed-end fixed income mutual fund launched by National Asset Management (NAMAL) is already attracting commitments from the corporate sector, officials said. But monetary policy has been tightened since December, sending market interest rates shooting up. The NAMAL Flexi Income Fund will invest mostly in better yielding corporate bonds and […]

February, 21 (LBO) – HDFC Bank, Sri Lanka’s largest mortgage lender, is to raise one billion rupees in 10-year funds through a mortgage securitization issue to fund their growing housing loan book, an official said.At the end of September 2006, the bank had 8.5 billion rupees of performing advances and assets of 10.2 billion rupees. […]

February 20 (LBO) – One of Sri Lanka’s youngest listed insurance firms, HNB Assurance closed up 8 percent Tuesday after declaring a one-for-two bonus issue following a 51 percent surge in profits for 2006. HNB Assurance closed up 2.50 rupees at 33.50 after peaking at 37 after the bonus announcement. A subsidiary of Hatton National […]