Category: Banking and Finance

SINGAPORE, Apr.11 (AFP) – India’s sixth largest private bank, UTI Bank Ltd, opened its first international branch in Singapore Tuesday, marking the first step in plans to stamp its footprint in Asia. “This marks the onset of our international operations, as a response to the growing globalisation of the Indian economy,” said UTI Bank chairman […]

Apr.10 (LBO) – The World Bank Monday gave out US$35,000 grant to six projects that will help youth development work in Sri Lanka. -LBO Newsdesk: LBOEmail@ In its second consecutive year, the 2006 Small Grants Programme aims to build capacity and develop management skills among Sri Lankans within the ages of 18-30 years, the bank’s […]

Apr.07 (LBO) – The European Investment Bank Friday extended a 70 million euro special credit line to Sri Lanka, to help rebuild small and med-sized industries affected by the December tsunami. Tailor made for Sri Lanka, the credit line can finance up to 75 percent of the cost of individual projects, with borrowers given five-years […]

Apr.07 (LBO) – Sri Lanka’s main tax authority plans to net in 40,000 new taxpayers in 2006, its newly appointed head said.Sri Lanka has few taxpayers and attempts to widen the base have met with limited success over the last decade. “For a 19.2 million population a 322,000 tax payers that not enough,” says Commissioner […]

Apr.06 (LBO) — Sri Lanka is going ahead with reviving Pramuka Bank and also setting up an institutional framework to recover debts of Pramuka and other state banks, Treasury Secretary P B Jayasundera said. -Jayantha Kovilagodage: jayantha@  Pramuka Bank will be revived as the ‘Sri Lanka Savings Bank’ with the necessary legislation due to go […]

Apr.06 (LBO) – Norway plans to step up financial assistance in Sri Lanka following a request by President Mahinda Rajapakse to raise its profile in the island, peace envoy Erik Solheim said Thursday. Solheim, who is also Norway’s International Development Minister, said that Oslo’s financial assistance to Sri Lanka has so far mainly centered on […]

Apr.04 (LBO) – Sri Lanka Tuesday formalised an US$8.5 million grant on top of an already pledged US$7.0 million by Switzerland towards tsunami rebuilding work, the finance ministry said. The additional funds will be used to build owner driven housing programme in Matara and Trincomalee districts. Todate, a total of 8,617 houses have been rebuilt […]

Apr.04 (LBO) – Sri Lanka’s Associated Motorways Ltd said Tuesday that they had invested Rs. 100 million to start a fully owned leasing company. AMW Capital Leasing Ltd was incorporated on February 23, and the firm is awaiting Central Bank’s approval to start business, AMW’s Company Secretary D Kumarasinghe said in a statement. -LBO Newsdesk: […]

Mar. 31 (LBO) – Sri Lanka’s Sampath Bank put off its extraordinary general meeting Friday to discuss a proposal to lift minimum shareholder limits at a later date. The bank, which also conducted its annual general meeting at the same time, had proposed to amend the articles of association on the 5-percent shareholder limit to […]

Mar. 30 (LBO) – Sri Lanka’s Commercial Bank of Ceylon Thursday put off its annual and extraordinary general meetings till next week, as shareholder attendance fell short of the required quorum. The lack of a quorum is due to a court order which restricted the voting powers of some of Commercial Bank’s key shareholders including […]

Mar. 30 (LBO) – Sri Lanka’s treasury secretary P B Jayasundara has asked the two state banks to step up credit card sales to public servants, following hefty salary increments this year. Under a recent government circular, those working in low and middle level jobs got a 25 percent pay hike, while medical services got […]

Mar. 29 (LBO) – Sri Lanka’s Department of Inland Revenue is giving three extra months to pay back-taxes without facing penalties.Newly appointed Inland Revenue Chief A A Wijepala said those who did not have tax files earlier but register to pay tax this year, would not be questioned about their incomes in previous years. In […]