Category: Banking and Finance

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 […]

Sri Lanka’s Commercial Bank said Monday that it posted a 50 percent growth in post tax profits for the three-months to Sept 2005.Sri Lanka’s Commercial Bank said Monday that it posted a 50 percent growth in post tax profits for the three-months to Sept 2005. Group net profit for the third quarter was Rs.827.4 million […]

International micro finance experts recommend that donors put the breaks on funding microfinance in Sri Lanka, as system unsustainable.International micro finance experts recommend that donors put the breaks on funding microfinance in Sri Lanka, as system unsustainable. “Given the plethora of organisations, many mushrooming more after the tsunami, we are telling donors to take a […]

Sri Lanka’s John Keells Holdings posted a 12 percent rise in second quarter profits, buoyed by revenues from its transportation unit.Sri Lanka’s John Keells Holdings posted a 12 percent rise in second quarter profits, buoyed by revenues from its transportation unit. Post tax profits for the three months to Sept.30 rose to Rs. 730 million […]

Sri Lanka’s insurance watchdog is asking market players to develop more products to cover against natural perils after last year’s tsunami left behind US$ 130 million worth of claims.Sri Lanka’s insurance watchdog is asking market players to develop more products to cover against natural perils after last year’s tsunami left behind US$ 130 million worth […]

Officials of some Commercial Bank unions through press conferences and press articles are trying to depict that the shareholders of the Bank, are acting in a manner that is detrimental to the banking sector.Officials of some Commercial Bank unions through press conferences and press articles are trying to depict that the shareholders of the Bank, […]

The Central Bank said it is initiating a UNDP funded US$ 1 mn micro financing scheme to revive micro enterprises affected by last December’s tsunami.The Central Bank said it is initiating a UNDP funded US$ 1 mn micro financing scheme to revive micro enterprises affected by last December’s tsunami. The late effort hopes to give […]

US based AIG Insurance went to court on Monday, to transfer the life portfolio of its Sri Lankan unit to Sri Lanka Insurance Corp., officials said. US based AIG Insurance went to court on Monday, to transfer the life portfolio of its Sri Lankan unit to Sri Lanka Insurance Corp., officials said. Hayleys AIG – […]

Sri Lanka’s main opposition Sunday demanded the postponement of the annual budget until after the presidential vote next month, arguing that the government may use it to boost its electoral fortunes.Sri Lanka’s main opposition Sunday demanded the postponement of the annual budget until after the presidential vote next month, arguing that the government may use […]

Commercial Bank’s Chairman Mahendra Amarasuriya says he has secured 30 percent shareholder support to back him in next month’s Extraordinary General Meeting (EGM) convened to oust him form the board.Commercial Bank’s Chairman Mahendra Amarasuriya says he has secured 30 percent shareholder support to back him in next month’s Extraordinary General Meeting (EGM) convened to oust […]

Commercial Bank’s Chairman says he is disappointed at the lack of action by the banking sector regulator as a Extra ordinary General Meeting seeking his ouster drew nearer.Commercial Bank’s Chairman says he is disappointed at the lack of action by the banking sector regulator as a Extra ordinary General Meeting seeking his ouster drew nearer. […]

An Executive Director of TATA in India says Sri Lanka has to look for export led growth as its local market is too small for large-scale demand.An Executive Director of TATA in India says Sri Lanka has to look for export led growth as its local market is too small for large-scale demand. TATA is […]