Category: Banking and Finance

March 09, 2007 (LBO) – Lanka Orix Finance Company (LOFIN), a subsidiary of Lanka Orix Leasing has shown a 105 percent growth in loans in 2006 Fitch Ratings said, giving the firm a BBB+ (lka) rating. “The principal factor supporting the rating of LOFIN is the strong implied support assumed to be available from its […]

March, 06 (LBO) – People’s Bank, a state bank has reported consolidated after tax profits of 3,997 billion rupees for, up 28 percent over the previous year, while the bank’s stand alone profits grew 20 percent to 3,350 million rupees, in its 2006 provisional results. The bank’s revenues grew 28.5 percent to 34.95 billion while […]

March 06, 2007 (LBO) – The merchant bank Vanik Incorporation said it had given 51 percent control of its money broking unit to employees, in a bid to retain skilled staff. Vanik had originally told creditors who had an arrangement with the firm, that it would sell 40 percent of Vanik Money Brokers Ltd (VMBL) […]

March 06 (LBO) –International Finance Corporation (IFC) is looking for opportunities to help top Sri Lankan firms venture abroad, and is aiming to more than double its portfolio over two years, officials said. On Tuesday IFC had signed up with Nations Trust Bank to provide trade finance guarantees, following a similar agreement with National Development […]

March 05 (LBO) – DFCC Bank and Hatton National Bank would set up a joint venture investment bank to takeover and run their corporate finance and capital market businesses, the two banks said Monday. “It is envisaged that the new will also be the group holding company for the other related entities of the two […]

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 […]