Category: Banking and Finance

Merchant Bank of Sri Lanka posted a 74 percent rise in its net profits at Rs 136.4 million for the first nine months of 2005.Merchant Bank of Sri Lanka posted a 74 percent rise in its net profits at Rs 136.4 million for the first nine months of 2005. Close to half the nine months […]

Commercial Bank of Ceylon Ltd.’s Chairman has sought regulators blessings to ask DFCC Bank reduce its stakes in the former to be within limits allowed under the present Banking Act.Commercial Bank of Ceylon Ltd.’s Chairman has sought regulators blessings to ask DFCC Bank reduce its stakes in the former to be within limits allowed under […]

Ceylinco Group Chairman Lalith Kotelawala on Friday appealed to the Central Bank to loosen its grip on the banking sectors’ expansion plans.Ceylinco Group Chairman Lalith Kotelawala on Friday appealed to the Central Bank to loosen its grip on the banking sectors’ expansion plans. Kotelawala said the requirement for Central Bank approval for every new branch […]

The government says it will make legal changes to give more teeth to the Auditor General.The government says it will make legal changes to give more teeth to the Auditor General. The government this week, approved a proposal to restructure the Auditor General’s Department, giving it greater administrative and financial independence. A government official on […]

State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. Mangers to the issue Merchant Bank of Sri Lanka […]

People’s Bank will receive the first Rs.2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets.People’s Bank will receive the first Rs. 2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets. A total Rs. […]

Denmark on Tuesday said it would defer some Rs.80 million (approx US$ 800,000) in bilateral loans to Sri Lanka for one year, in a follow up to an agreement with donors in June this year.Denmark on Tuesday said it would defer some Rs. 80 million (approx US$ 800,000) in bilateral loans to Sri Lanka for […]

Lanka’s top bureaucrat has told aid donors to coordinate their lending despite Sri Lanka not having a poverty reduction strategy that allows the state to spend donor money where it wants.Lanka’s top bureaucrat has told aid donors to coordinate their lending despite Sri Lanka not having a poverty reduction strategy that allows the state to […]

Sri Lanka’s Lanka Orix Leasing Co Ltd is looking at regional expansions and a possibility of getting into commercial banking, as it moves into the next phase of its growth cycle.Sri Lanka’s Lanka Orix Leasing Co Ltd is looking at regional expansions and a possibility of getting into commercial banking, as it moves into the […]

South Asian bankers kicked off a meeting in Colombo on Monday to draw up a roadmap to reconstitute an existing development fund to be on the lines of a regional lending body.South Asian bankers kicked off a meeting in Colombo on Monday to draw up a roadmap to reconstitute an existing development fund to be […]

Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices.Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices. Treasury Secretary says tax collections at present are nowhere near their potential. […]

A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman.A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman. Saudi Arabia’s Euro Gulf […]