Category: Banking and Finance

June 23, 2006 (LBO) – Sri Lanka’s housing authority is to set up a low income housing fund to help re-locate people in Colombo’s under-served areas, run-down state flats and shanties.Run by the Urban Development Authority, the Fund is to be set up with seed capital from the Treasury and partly through internal funds. “We […]

June 22, 2006 (LBO) – Sri Lanka will merge several state-owned banks catering to small medium sector enterprises into one larger bank, a top government official said. Economists say Sri Lanka’s post-independent economic history is littered with ill- considered government policy decisions that ultimately backfire on the very persons they are intended to help. updated […]

June 22, 2006 (LBO) – Sri Lanka Thursday appointed Ajith Nivard Cabraal as the governor of the Central Bank, president Mahinda Rajapakse’s office said in a statement. A chartered accountant by profession, Cabraal was earlier the secretary to the Plan and Implementation Ministry and a top economic advisor to Rajapakse. Cabraal succeeds businessman Sunil Mendis […]

June 21, 2006 (LBO) – State Bank of India plans to expand its reach in Sri Lanka, making use of an upsurge in business climate since the February 2002 ceasefire, a top official said Wednesday. The Indian giant has been present in Sri Lanka since 1864, but has been sort of a late comer to […]

June 18, 2006 (LBO) – Sri Lanka’s financial sector has been a favorite target of fiscal authorities during the past few years. In addition to an increase in the income tax rate, the sector also has a debit tax on cheque transactions, a turnover tax on credit cards, and another income tax based tax called […]

June 14, 2006 (LBO) – Sri Lanka’s securities watchdog is probing the accounts of forestry management company Touchwood Investments Ltd, to figure out how the firm values its assets, a top official said Wednesday. Touchwood’s shares resumed trading mid-Wednesday after the firm responded with a three page letter to regulators, who asked for the assumptions […]

June 13, 2006 (LBO) – Hatton National Bank, Sri Lanka’s second largest privately owned lender by assets, has stepped up its micro credit programme by offering subsidized insurance policies to customers, officials said Tuesday. By passing on the credit risk to an insurance, HNB also gets a chance to reduce the statutory capital set aside […]

June 13, 2006 (LBO) – State bank employees will get a salary hike of up to 20 percent under a new agreement with trade unions. Bank of Ceylon, People’s Bank, National Savings Bank and State Mortgage and Investment Bank is due to sign the deal next week, sources said. The wage rise has also been […]

June 08 (LBO) – The newly set up, state-sponsored Lanka Puthra Development Bank is to begin operations by the end of this month, but the bank, which has no branch network, has to find a way to reach rural customers. We will provide loans of a million rupees and more, at competitive interest rates for […]

June 7 (Dow Jones) – Sri Lanka’s Richard Pieris & Co. said Wednesday it would make a capital gain of 125 million rupees (1.2 million dollars) from the sale of a 21 percent stake in listed Associated Motorways. The diversified company sold its entire stake of 1.75 million shares in Associated Motorways for around 578 […]

June 6, 2006 (LBO) – Diversified Hemas Holdings Ltd Tuesday posted a 16 percent growth in full-year profits for the year ended March 31, 2006, boosted by strong earnings in power, consumer products and transport. Hemas a family controlled conglomerate core business lies in health and personalcare products, power generation, leisure and transport. HEMAS HOLDINGS […]

The newly re-constituted Strategic Enterprises Management Agency (SEMA) says it is reviewing all state institutions under its management and developing action plans to make them profitable. It’s really a burden to the government, the treasury, and to the people of this country. SEMA will guide these State Owned Enterprises (SOEs) to be profitable ventures, says […]