Category: Banking and Finance

Sri Lankan venture capital firm, V Capital will invest in the luxury homes business, after exiting all its earlier investments.Sri Lankan venture capital firm, V Capital will invest in the luxury homes business, after exiting all its earlier investments. Formally knows as C F Ventures, V Capital recently restructured under a new, Malaysia based majority […]

Jan. 24 (LBO) ? Sri Lanka’s DFCC Vardhana Bank retained its AA- (sri) rating for its senior unsecured long-term rating from Fitch Ratings Lanka, the agency said Tuesday. Jan. 24 (LBO) ? Sri Lanka’s DFCC Vardhana Bank retained its AA- (sri) rating for its senior unsecured long-term rating from Fitch Ratings Lanka, the agency said […]

Jan. 24 (LBO) – Sri Lanka’s Board of Investment Tuesday dished out several tax incentives, encouraging investors to set up 300 new factories in rural regions of the country.Jan. 24 (LBO) – Sri Lanka’s Board of Investment Tuesday dished out several tax incentives, encouraging investors to set up 300 new factories in rural regions of […]

Jan.21 (LBO) — Aviva, UK’s largest insurance giant’s serious interest in Eagle Insurance, is said to have triggered Friday’s unsolicited bid by John Keells Holdings and Carsons for a controlling stake in the small insurance firm, market sources said. Jan.21 (LBO) — Aviva, UK’s largest insurance giant’s serious interest in Eagle Insurance, is said to […]

Jan.20 (LBO) – Sri Lanka plans use its sovereign rating and issue up to a billion dollars in overseas bonds this year to pay for key infrastructure projects, Treasury Secretary P B Jayasundara said Friday.Jan.20 (LBO) – Sri Lanka plans use its sovereign rating and issue up to a billion dollars in overseas bonds this […]

Jan. 20 (LBO) – Sri Lanka is likely to have stable interest rates for at least six months, a top bureaucrat who is central to the country’s fiscal and monetary policies said Friday. “We think the Sri Lankan economy is still on a growing path and that growth should at least in the first six […]

Jan. 20 (LBO) – Sri Lanka’s John Keells Holdings and Carson Cumberbatch & Co. Ltd have made a joint offer to buy the controlling stake in Eagle Insurance from National Development Bank, a statement said Friday. Jan. 20 (LBO) – Sri Lanka’s John Keells Holdings and Carson Cumberbatch & Co. Ltd have made a joint […]

ICICI Bank, India’s second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade and inward remittance market, officials said.ICICI Bank, India’s second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade […]

Sri Lanka’s State Mortgage & Investment Bank (SMIB) was downgraded by Fitch Ratings Lanka to A (sri) from A+ (sri) on deteriorating asset quality and high exposure to interest rate risks, Fitch said Thursday. Sri Lanka’s State Mortgage & Investment Bank (SMIB) was downgraded by Fitch Ratings Lanka to A (sri) from A+ (sri) on […]

People’s Bank got Rs. 2 billion cash injection from the government last week.People’s Bank got Rs. 2 billion cash injection from the government last week. It was the start of the bank’s third recapitalization exercise and the first time it had a cash injection. On previous two occasions the government put non-tradable bonds to strengthen […]

Revenue projections for last year will be missed although total government revenue is 19 percent higher in the first 11 months of the last year.Revenue projections for last year will be missed although total government revenue is 19 percent higher in the first 11 months of the last year. However, cashflow difficulties were forcing the […]

Sri Lanka’s cabinet of Ministers agreed to adopt a draft bill dealing with transaction devices including ATM and credit cards this week.Legal Draftsman Therese Perera on Friday said that the bill was near finalization, with only a component dealing with information technology pending. “We are working with the ICT Agency to make sure the legislation […]