Category: Banking and Finance
Sri Lanka DFCC, NDB merger off; revisit option left open: NDB CEO
May 11, 2015 (LBO) – Sri Lanka’s National Development Bank (NDB), Chief Executive told LBO that although the merger with DFCC is off the option to revisit will be left open.“We believe that the termination of the MOU will give both institutions the flexibility to pursue their respective business strategies while leaving open a window […]
Sri Lanka’s Commercial Credit and Finance to issue Rs1bn debt
May 11, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance, to issue debenture to raise one billion rupees which will be listed on the Colombo Stock Exchange, the bank said in a stock exchange announcement. The company plans to offer 10,000,000, rated, subordinated, guaranteed, redeemable debentures at an issue price of 100 rupees each.The […]
Sri Lanka’s state owned Lankaputhra bank in trouble due to unpaid loans
May 11, 2015 (LBO) – Sri Lanka’s state owned Lankaputhra bank is going through a hard time due to non-performing loans given on the instruction of the Rajapakse regime, the Bank’s Chief told reporters at a press briefing held Colombo. Lankaputhra started operations in 2006 with an aim to finance and uplift small and medium […]
‘s government denies political intervention into FCID
May 11, 2015 (LBO) – Sri Lanka’s government on Monday denied any sort of undue political intervention into the Financial Crimes Investigation Division and assures the independence of the investigations carried out by all the law enforcement agencies in the country.Issuing a statement the Prime Minister’s office said the Financial Crimes Investigation Division (FCID) is […]
‘s FCID is politically biased: Gammanpila; Police denies
May 07, 2015 (LBO) – Sri Lanka’s Police Financial Crimes Investigation Division is a mere political tool that certain politicians get hammered, provincial councilor Udaya Gammanpila said.Gammanpila, the General Secretary of Pivithuru Hela Urumaya, told reporters Thursday that the newly established division is politically biased. “There is nothing in the world history; choosing complaints to […]
Sri Lanka’s President Sirisena said special attention should be paid for educational reforms
May 07, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena says that special attention should be paid to the reforms to be done in the education sector taking into account today’s commercialized society. He was quoted in a statement saying that separating schools as Sinhala, Tamil and Muslim is not suitable in the current social […]
Sri Lanka’s fiscal deficit target for 2015 highly unachievable: IMF
May 6, 2015(LBO) – Sri Lanka’s 2015 deficit target will likely be very difficult to reach even with relatively optimistic assumptions regarding revenue gains, International Monetary Fund said in a statement.“The fiscal deficit is a key concern for 2015 and the medium-term,” International Monetary Fund said. “Further, in the absence of new measures to create […]
Sri Lanka tax revenue up 24-pct in first quarter 2015: Finance Minister
Apr 25, 2015 (LBO) – Sri Lanka’s tax revenue has increased 23.8 percent in the first three months of this year against the same period last year, Finance Minister Ravi Karunanayake said. “The Inland Revenue Department has performed a significant task to increase the tax income.The people are convinced today that tax money does not […]
‘s National Development Bank gets new chairman
Apr 21, 2015 (LBO) – Sri Lanka’s National Development Bank, an investment bank has appointed a new chairman after its former chairman stepped down indicating a personal wish, the bank said in a stock exchange filing.The board of directors of NDB at a meeting held on Monday decided to appoint N.G Wickremeratne as the new […]
Sri Lanka’s NDB and DFCC merger not to be forced; it’s a shareholder decision: Dinesh Weerakkody
Apr 16, 2015 (LBO) – Sri Lanka’s National Development Bank (NDB) and DFCC Bank merger should not be forced, Dinesh Weerakkody, Chairman of a Committee investigating banking sector consolidation told LBO.“We were very clear about the NDB – DFCC merger in our report that was handed to the Prime Minister.This should be decided by the […]
Sri Lanka’s BOC GM on leave, not suspended: Chairman
Apr 09, 2015 (LBO) – Sri Lanka’s state owned Bank of Ceylon says that its General Manager, D M Gunasekara is on leave pending a special audit by internal and external auditors.“We felt it was appropriate to place the General Manager, Mr. D M Gunasekara, on leave, until investigations are completed such that the conduct […]
Sri Lanka’s BOC appoints acting GM following suspension of D.M.Gunasekera
Apr 07, 2015 (LBO) – Sri Lanka’s state owned Bank of Ceylon has appointed P.J. Jayasinghe, the Deputy General Manager, support services of the bank as an Acting General Manager,bank sources revealed.A source said that Jayasinghe reported to work in his new capacity today.The appointment followed the suspension of the bank’s General Manager, D.M.Gunasekera. The […]