Category: Banking and Finance

Treasury Secretary Dr P. B. Jayasundera says he has little faith in Central Bank numbers.Treasury Secretary Dr P. B. Jayasundera says he has little faith in Central Bank numbers. “I was at the Central Bank Public Finance Department and wrote these reports for 20 years.It is the same thing again and again. For us to […]

US based AIG Insurance shed its Rs.8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday.US based AIG Insurance shed its Rs. 8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday. Hayleys […]

Commercial Bank will expand its off-shore banking operations outside the country after raising US$ 65 million from international capital markets.Commercial Bank will expand its off-shore banking operations outside the country after raising US$ 65 million from international capital markets. The bank which is already lending actively in the Maldives is looking at other markets like […]

Sri Lanka plans to lean on foreign aid and debt relief to trim its deficit, though Tuesday’s budget will be sugar coated to woo voters in the run up to next week’s keenly contested presidential poll.Sri Lanka plans to lean on foreign aid and debt relief to trim its deficit, though Tuesday’s budget will be […]

Sri Lanka’s Hatton National Bank said Monday that it posted a 777 percent growth in post tax profits for the three-months to Sept 2005.Sri Lanka’s Hatton National Bank said Monday that it posted a 777 percent growth in post tax profits for the three-months to Sept 2005. Group net profit for the third quarter was […]

If last week’s Extraordinary General Meeting vote of the Commercial Bank went ahead as planned the Chairman Mahendra Amarasuriya might have won considering the Appeal Court had limited the voting power of a group led by Harry Jayawardene to 10 percent from their 42 percent holding.If last week’s Extraordinary General Meeting vote of the Commercial […]

Sri Lanka’s Commercial Bank of Ceylon’s controversial extraordinary general meeting was abruptly called off late Wednesday, after its unions successfully won a stay order from the Appeals Court.Sri Lanka’s Commercial Bank of Ceylon’s controversial extraordinary general meeting was abruptly called off late Wednesday, after its unions successfully won a stay order from the Appeals Court. […]

Riding on the ongoing peace deal, Commercial Bank of Ceylon has raised US$ 65 million via a two-year syndicated loan at rates much lower than the Sri Lankan government.Riding on the ongoing peace deal, Commercial Bank of Ceylon has raised US$ 65 million via a two-year syndicated loan at rates much lower than the Sri […]

Sri Lanka’s cabinet of minister gave the go ahead on Thursday to increase the minimum solvency margins for insurance firms to Rs.100 mn for each line of business.Sri Lanka’s cabinet of minister gave the go ahead on Thursday to increase the minimum solvency margins for insurance firms to Rs. 100 mn for each line of […]

Sri Lanka recognises good tax payers by handing out gold and silver reward cards.Sri Lanka recognises good tax payers by handing out gold and silver reward cards. Minister of Finance, Sarath Amunugama and Secretary to the Treasury, P B Jayasundara handed out over 30 gold and silver cards to good tax payers that regularly contribute […]

Sri Lanka’s Commercial Bank of Ceylon’s controversial extraordinary general meeting was abruptly called off late Thursday after its unions successfully won a stay order in the Appeals Court. The bank’s powerful unions also objected to the meeting saying it was “improper and out of order.” The bank’s powerful shareholders led by business tycoon Harry Jayawardene’s […]

Lanka Ratings, the second credit ratings firm to offer ratings in Sri Lanka says adoption of BASEL II rules and making credit ratings mandatory for financial institutions is likely to create activity in the sector.Lanka Ratings, the second credit ratings firm to offer ratings in Sri Lanka says adoption of BASEL II rules and making […]