Category: Banking and Finance

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 […]

Sep 7, 2006 (LBO) – The credit information has started to clear the credit records of former defaulters who have repaid their loans, a top official said. General Manager of the Sri Lanka Credit Information Bureau N P H Amarasena says about 67,000 names have been taken off the list of defaulters. The credit information […]

Sept 04 (LBO) – NDB Bank said Monday that it had picked up a balance 70 percent stake in NDB Housing Bank, following Central Bank approval. NDB Bank held a 30 percent stake in the housing loan subsidiary, with the balance held by International Finance Corporation (IFC) and Housing Development Finance Corporation of India (HDFC […]

September 04, 2006 (LBO) – The Distilleries Group is in talks to increase their equity stake in its fund management unit National Asset Management Ltd or NAMAL. Stassens, recently gave a billion rupees of its funds for NAMAL to manage. Healthy competition is good for both fund management companies, Fernando said referring to Aegis and […]

Sep 04, (LBO) – Sri Lanka’s central bank, which froze the bank accounts of a charity operating in the country’s North and East areas said Monday, following raids on the organization’s overseas offices and arrests of persons connected to it raised doubts about the use funds. TRO said it was willing to ˜assist and fully […]

Sep 04, (LBO) – Finance ministers of commonwealth countries will try to find ways to improve aid delivery to developing countries and made aid more effective, when they meet in Colombo next week, host country Sri Lanka said. Delegates from 53 Commonwealth countries, led by prime ministers and finance ministers will meet in Colombo from […]

August 25, 2006 (LBO) – Cheque usage in Sri Lanka has rocketed up, after an image clearing system is speeding up clearing, an official said. Sri Lanka’s central clearing house, LankaClear (Pvt) Ltd says usage has almost doubled within months of introducing an image clearing and truncation system, which has eliminated the physical transportation of […]

Aug 24, 2006 (LBO) – Sri Lanka’s accounting watchdog has formed a committee to of experts to facilitate the flow emerging trends in accounting and auditing standards The panel will assist the Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAASMB) staff to interact with industry experts on technical aspects, the watchdog said in a […]