Category: Banking and Finance

January 22, 2007 (LBO) – Sri Lanka plans probe deeper into the financial activities of non-governmental organizations, by beefing up its financial intelligence unit, Central Bank governor, Nivard Cabraal said Monday. Operating since July last year, the unit was set up to track foreign exchange dealings in excess of 5,000 dollars, to ensure unscrupulous people […]

Sri Lanka limited Friday the ownership of banks to prevent individuals or groups making hostile takeover bids that could destabilise the country’s small financial market. The Central Bank of Sri Lanka said an investor will be allowed to hold a maximum of 15 percent equity of any commercial bank and those who own more than […]

Jan 17, 2007 (LBO) – Investors in mutual funds with an equity component have managed to beat raging inflation last year, with Sri Lanka’s youngest fund, the Ceylon Index Fund showing the highest returns, its managers said. “We will have a marketing campaign in English, Sinhala and Tamil,” says Ceylon Asset Management CEO, Sharmini Ratwatte. […]

Jan 16, 2007 (LBO) – Japan on Tuesday gave Sri Lanka 30 million rupees to design a new bridge connecting Mannar to the mainland, the finance ministry said. The grant will be used to draw up a detailed design of a 157.1 metre, ten-metre wide bridge and to improve and expand the causeway between the […]

January 13, 2007 (LBO) – Sri Lanka’s proposal to retain 50 percent of re-insurance business in a government-backed entity, may deteriorate the quality of cover available to the insurance industry, an international risk evaluator warned Saturday. President Mahinda Rajapakse, who is also the island’s finance minister, proposed to set up a new domestic re-insurance firm […]

January 12, 2007 (LBO) – Sri Lanka’s central bank has allowed finance companies to form subsidiaries, raised single borrower limits, but tightened provisioning requirements, the regulator said. A 40 percent limit on the acquisition of other companies has been relaxed, provided approval is gained from the Monetary Board, the Central Bank. “What this means is […]

January 10, 2007 (LBO) – Sri Lanka’s state-run Bank of Ceylon plans to sell off shares owned in NDB and DFCC Bank this year, to top up a gap in its pension fund, a senior official said Wednesday. Sri Lanka’s largest bank in terms of assets, is carrying a two billion rupee gap in its […]

January 09, 2007 (LBO) – Privately run Ceylinco Insurance, is offering on the spot cash facilities to settle customer claims, in an attempt to retain its lead as one of the biggest insurers in Sri Lanka, officials said Tuesday. “Claims relating to polices from motor vehicles, marine, health, homes, trade establishments, fire and miscellaneous insurance […]

January 8, 2007 (LBO) – Sri Lanka’s Central Bank plans to revise the way commercial banks’ compute the single borrower limit, as part of its drive to strengthen the banking system. “We are looking at revising the Single Borrower Limit in line with improved risk management by banks,” Governor Nivard Cabraal said. Presently, a single […]

January 05, 2007 (LBO) – The long-awaited restarting of Pramuka Bank as the Sri Lanka Savings Bank will get underway soon, with the new entity due to begin banking operations in January. The new bank will be the second fully government owned savings bank after National Savings Bank, which was established in 1972. At the […]

January 2, 2007 (LBO) – Sri Lanka’s Central Bank has lifted the minimum capital requirements of money changers by fivefold to 600,000 dollars with immediate effect, the bank’s governor said Tuesday. In July 2005, the bank raised the minimum capital limit by 900 percent to 120,000 dollars and allowed around 60 registered money changers to […]

January 01, 2007 (LBO) – Sri Lanka’s Janashakthi Group is set to take control of privately held financial service group First Capital, officials said Monday. “We have an agreement First Capital’s major shareholder Singer, to take control of First Capital. The actual price and percentage of shares will be announced in due course,” Janashakthi Group […]