Category: Banking and Finance

Sept 28 (LBO) – The Sri Lankan government said Thursday that it would amend the country’s Finance Companies Act, to allow minimum capital requirements of finance companies to be raised. The government said earlier it would raise minimum capital requirements of finance companies from 100 million rupees to 200 million rupees, with companies given until […]

LONDON, Sept 24, 2006 (AFP) – Islamic finance is soaring around the world owing to an influx of petro-dollars from the Middle East and growing demand by investors, both Muslim and non-Muslim, according to analysts. The Islamic finance sector, compatible with Sharia law based on the Koran, is now worth between 300 and 500 billion […]

Sept 22 (LBO) –Savers in Sri Lanka, who are losing money because of negative real interest rates in the country, stand to recoup their losses if they get lucky in a lottery that has now become a standard feature of bank deposits. The country’s largest private bank, Hatton National Bank is offering a Mercedes Benz […]

Sept 22 (LBO) – Some Sri Lankan banks that are shifting traffic off its counters and to self service channels like teller machines and home banking, are doing better than other South Asian countries. Sri Lanka became the eleventh country in the world to accept bulk cash deposits in large denominations, which are instantly credited […]

SINGAPORE, September 18, 2006 (LBO) – The International Finance Corporation, the World Bank’s private sector lender, is scaling up operations in smaller countries, as it looks for ways to share expertise to give market access to rural communities. Sales of these carbon credits, helps the Netherlands comply with its commitments under the Clean Development Mechanism […]

MANILA, Sept 15, 2006 (AFP) – The Asian Development Bank said Friday it has launched a 10 billion-dollar Asian currency note programme that would serve as the first platform for bond issues in regional currencies. Under the scheme, Asian currency bonds are issued in their domestic markets under a single unified framework with a common […]

Sept 14 (LBO) – Sri Lanka’s private port operator South Asia Gateway Terminals said Thursday that it has raised 48 million dollars through a syndicated loan facility, to refinance old debt. As at end August, volumes handled at SAGT was up 36.5 percent over last year, to 853,883 TEU’s, with high growth in lower margin […]

Sept 13 (LBO) – Sri Lanka’s largest leasing company People’s Leasing got a stable A-(lka) long term rating from Fitch Ratings Lanka, led by strong growth in its vehicle lease portfolio. The company’s vehicle lease portfolio has tripled between 2003 and 2006, with commercial vehicles such as buses and lorries accounting for a bulk of […]

September 12, 2006 (LBO) – Sri Lanka’s banks has sought extra time from monetary authorities to report dormant accounts with only ten banks reporting details so far, an official said. “Ten licensed commercial banks have already submitted their reports,” Secretary General of the Sri Lanka Banks’ Association Upali de Silva said. Banks were earlier asked […]

September 12, 2006 (LBO) – Sri Lanka’s Janashakthi Insurance Company Ltd said its profits grew 324 percent to 209.5 million during the financial year ended December 2005. The privately held insurer reported 32.6 percent sales growth of 3.86 billion rupees despite facing stiff competition for a slice of the country’s tiny insurance market. Income from […]

Sept 11, 2006 (AFP) – Finance ministers and top officials from Commonwealth countries meeting Monday in Sri Lanka’s capital said they will seek ways to cancel billions of dollars in debt owed by poor nations.Don McKinnon, the head of the 53-member Commonwealth, said he hoped finance ministers will be able to focus attention on debt […]

September 11, 2006 (LBO) — Sri Lanka’s Central Bank is spearheading a campaign to push up foreign exchange remittance from countrymen residing overseas, in an attempt to raise cash for development work.Using networks of the two state banks Bank of Ceylon and People’s Bank monetary authorities Monday launched an awareness campaign throwing incentives ranging from […]