Category: Banking and Finance

November 02, 2006 (LBO) – Sri Lanka’s Sampath Bank Ltd’s shareholders Thursday voted in favour of raising the bank’s authorised share capital and lifting the maximum shareholder limit to be on par with Central Bank guidelines. Sampath Bank may also be a possible takeover target once again, with a single shareholder making moves to own […]

November 2, 2006 (LBO) – Authorities who are probing the Seagullsoftware Ponzi scam have found that the firm had accounts in at least two commercial banks, while its participants say cheques have cleared through yet another bank. Seagullsoftware ran a pyramid scam variant, which masqueraded as a business process outsourcing company. Banking sources say about […]

Nov 1, 2006 (LBO) – Banking giant HSBC tied up with Sri Lanka’s General Post Office on Wednesday to widen customer access to general banking facilities. Hong Kong and Shanghai Bank customers will be able to access their accounts through 15 General Post Offices (GPOs) which will offer cash and cheque deposits, credit card services […]

October 31, 2006 (LBO) – Sri Lanka is toying with the idea of starting a provident fund for migrant workers in an attempt to give countrymen a form of saving to live after retirement. Over 1.5 million Sri Lankans, who work and reside overseas, have remitted 1.539 billion dollars to the country during the eight […]

Oct 29 (LBO) – Police have sought advice from the Attorney General on how to proceed in getting international help to track down two Indian nationals who ran a Ponzi-style pyramid scam in Sri Lanka. The unit was recently disbanded under controversial circumstances sometime after it caused the arrest of several Goldquest activists with the […]

October 27, 2006 (LBO) – Amana Takaful Ltd., a specialized Islamic insurance company, plans to list 12.5 million shares on the Colombo Stock Exchange by way of an introduction. Priced at 10.00 rupees each, the shares will be listed on the Colombo Stock Exchange’s secondary board. There will be no public issue of shares, CSE’s […]

Oct 28 (LBO) – Rating agency Fitch Lanka affirmed DFCC Vardhana Bank’s AA-(lka) national long term rating on Friday, on the strength of parent company DFCC Bank. The principal factor supporting the rating of DFCC Vardhana Bank (DVB) is the strong implied support assumed to be available from its parent, DFCC Bank, Fitch Ratings Lanka […]

October 25, 2006 (LBO) – A Ponzi-style fraud that was masquerading as an internet based outsourcing company, shut up shop Wednesday, leaving thousands of Sri Lankan defrauded of millions of rupees. Mt. Lavinia police said the operators, who ran a company called Seagullsoftwares have fled the office and they had no idea how many people […]

October 19, 2006 (LBO) – Sri Lanka’s People’s Bank, has tied up with global money transfer giant Western Union, to enable their customers to remit funds to their families here. “This is a 240-250 billion dollar market and we have around 16 percent of market share in this field,” Kapur said. Over a million Sri […]

October 12, 2006 (LBO) – Sampath Bank may be a possible takeover target once again, when the small bank moves to amend its articles and allow a single shareholder to own a bigger stake, an equity research report said Thursday. Sampath has no controlling shareholder, but businessmen Dammika Perera and his related companies control around […]

Oct 12 2006 (LBO) – The Institute of Bankers of Sri Lanka (IBSL) will award more than 600 student members certificates at the eleventh convocation with students flocking to qualify as bankers, officials say. The only institute that is empowered by an Act of parliament to provide banking training in Sri Lanka has over 9,000 […]

October 11, 2006 (LBO) – Sri Lanka’s Sampath Bank Ltd is seeking shareholder approval to raise it’s authorise share capital and lift the maximum shareholder limits to be on par with Central Bank guidelines. The bank’s authorised share capital stands at 1.5 billion rupees and the board is seeking shareholders’ consent through an extraordinary meeting […]