Category: Banking and Finance

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 […]

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 […]

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 […]

UK’s Begbies Traynor Thursday teamed up with Sri Lanka’s Capital Reach Holdings to form the island’s first business turnaround and rescue services, officials said. UK’s Begbies Traynor Thursday teamed up with Sri Lanka’s Capital Reach Holdings to form the island’s first business turnaround and rescue services, officials said. The new entity, BT CapReach, will work […]

Sri Lanka’s Senkadagala Finance has become the first entity to go for a dual credit rating, when it was rated A3 by Lanka Rating Agency. Sri Lanka’s Senkadagala Finance has become the first entity to go for a dual credit rating, when it was rated A3 by Lanka Rating Agency. Tech savvy Senkadagala, currently carries […]

Sri Lanka’s Mercantile Leasing Ltd has formally merged with Nations Trust Bank to become ‘Nations Leasing’, a joint communiqué said Tuesday.Sri Lanka’s Mercantile Leasing Ltd has formally merged with Nations Trust Bank to become ‘Nations Leasing’, a joint communiqué said Tuesday. Prior to the merger, conglomerate John Keells Holdings (JKH) controlled 25 percent in Nations […]

Sri Lanka’s DFCC Bank is in talks with the Distilleries Group to sell off part of its stake in National Asset Management Ltd or NAMAL, a top official said Monday.Sri Lanka’s DFCC Bank is in talks with the Distilleries Group to sell off part of its stake in National Asset Management Ltd or NAMAL, a […]

People’s Leasing Co. Ltd has struck a deal with India’s Ashok Leyland to import commercial vehicles for its customers. People’s Leasing Co. Ltd has struck a deal with India’s Ashok Leyland to import commercial vehicles for its customers. The one-year deal allows PLC to open letters of credit up to Rs.3 billion, the firm’s Chief […]

Sampath Bank said Friday it has infused more capital into Union Bank which will raise its stakes from 16 to 24 percent. Sampath Bank said Friday it has infused more capital into Union Bank which will raise its stakes from 16 to 24 percent. With an extra Rs. 100 million capital infusion, Union Bank now […]

PERALIYA, Sri Lanka, Dec 26 (AFP) – Sri Lanka Monday admitted it had failed to deliver aid effectively to a million tsunami survivors as it paid emotional tribute to the victims of last year’s catastrophe. PERALIYA, Sri Lanka, Dec 26 (AFP) – Sri Lanka Monday admitted it had failed to deliver aid effectively to a […]

Sri Lanka’s central bank unexpectedly raised key short-term interest rates Thursday in a bid to rein in a possible surge in inflation from new government spending next year. Sri Lanka’s central bank unexpectedly raised key short-term interest rates Thursday in a bid to rein in a possible surge in inflation from new government spending next […]

National Development Bank (NDB) on Tuesday said it was seeking Central Bank approval to merge with its housing loan financing unit.National Development Bank (NDB) on Tuesday said it was seeking Central Bank approval to merge with its housing loan financing unit. If approved, the merger will give NDB housing access to cheap financing for its […]