Category: Banking and Finance

Feb 07 (LBO) – The State Mortgage and Investment Bank (SMIB) plans to change their governing act to get more freedom to lend and change its name as part of a complete make-over, a top official said. SMIB Chairman Chandima Weerakkody said proposed amendments have been submitted to the subject minister Wijedasa Rajapakse, who is […]

Feb 04 (LVP) – Five moneychangers have lost their license after they failed to comply with new capital requirements set by the regulator. Moneychangers operate as a supplement to commercial banks, and can buy foreign exchange from the public in return for domestic currency. Most operate in Colombo’s Fort area. Sri Lanka’s Central Bank, which […]

Feb.03 (LBO) — Sri Lanka Friday announced plans to issue US0 million-worth of sovereign bonds with the first US million tranche going on sale next Monday, officials said.Treasury Secretary P B Jayasundera said the securities dubbed, “Sri Lanka Nation Building Bonds,” give expatriate countrymen a chance to take part in the island’s development activities. “We […]

Feb. 3 (LBO) – Sri Lanka will shortly start selling a billion dollars in government bonds with the help of Citibank, Treasury Secretary P B Jayasundara said Friday.“Citibank has been appointed and we will finalise the process within the next two weeks,” Jayasundara told reporters. Jayasundara said the structure of the billion-dollar issue is being […]

Feb 03 (LBO) – Sri Lanka’s DFCC Bank is in line to pick up over €70million worth of concessionary funding lines this year, as it looks for ways to expand its loan book, a top official said Thursday. Germany’s flagship public development bank Kreditanstalt für Wideraufbau (KfW), is leading the way, with a €5.45 million […]

Feb.01 (LBO) – Fitch Ratings assigned a ‘BB+ (sri)’ national rating to the Implied Long-term Unsecured Senior Debt of Union Bank of Colombo on Wednesday. The rating points to possible credit risks developing, particularly as a result of adverse economic change over time. Fitch however, said business or financial alternatives may be available to meet […]

Feb. 02 (LBO) – Citibank is likely to get the mandate to raise a billion dollars for the Sri Lanka government through sovereign bonds this year, Lanka Business Online learns.The seven year bonds, would carry a six-month floating rate, based on the London Inter Bank Offered Rate (LIBOR). Last December, Citibank raised US$ 100 million […]

Feb. 01 (LBO) – Aviva, UK’s largest insurance giant’s, picked up controlling stake in Eagle Insurance Ltd for £15 million or Rs. 2.7 billion, the firm said Wednesday. At present ranked the world’s sixth largest insurance group based on gross worldwide premiums, Aviva said 51 percent also came with a partnership with Eagle’s parent NDB […]

Feb. 01 (LBO) – Sri Lanka plans to issue a US$ 25 million sovereign bond to expatriate countrymen this week, to fund the island’s rebuilding efforts, officials said Wednesday. The small issue will not use the country’s credit rating as a marketing tool, but the government is keen to accept any extra bids over an […]

Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the business, industry officials said.Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the […]

Jan. 29 (LBO) – Mumbai based UTI Bank has sought a license to set up a commercial bank in Sri Lanka, soon after ICICI bank was given the go ahead to start operations by the Central Bank of Sri Lanka.Pending the license, UTI Bank has tied with Asia Capital, the parent company of Asia Securities, […]

Jan. 30 (LBO) ? Sri Lanka’s state-run Bank of Ceylon said Monday, that a generally upbeat sentiment in business helped its profits swell by 13 percent for the past year.Jan. 30 (LBO) ? Sri Lanka’s state-run Bank of Ceylon said Monday, that a generally upbeat sentiment in business helped its profits swell by 13 percent […]