Category: Banking and Finance

State-run National Savings Bank’s credit profile could take a beating if the government continues to pump in low interest bearing rupee loans, Fitch Ratings Lanka said in a report on Wednesday.State-run National Savings Bank’s credit profile could take a beating if the government continues to pump in low interest bearing rupee loans, Fitch Ratings Lanka […]

State-run Bank of Ceylon has picked up the mandate to manage surplus government cash in excess of Rs. 10 billion, Treasury Secretary said Wednesday. State-run Bank of Ceylon has picked up the mandate to manage surplus government cash in excess of Rs. 10 billion, Treasury Secretary said Wednesday. The surplus funds of government corporations are […]

Fixed line giant Sri Lanka Telecom reported a 55 percent drop in its after tax profits, on the back of higher operating costs and provisions to the telecom development fund. Fixed line giant Sri Lanka Telecom reported a 55 percent drop in its after tax profits, on the back of higher operating costs and provisions […]

Asia will feel the weight of economic adjustments in China and the US, warns Asian banking giant HSBC.Asia will feel the weight of economic adjustments in China and the US, warns Asian banking giant HSBC. Addressing the local business community in Sri Lanka, HSBC’s chief economist for the Asia Pacific region, Arup Raha said monetary […]

Dialog on Tuesday tapped HSBC for a Rs. 2.46 bn five year loan to pay back its Malaysian parent. Dialog on Tuesday tapped HSBC for a Rs. 2.46 bn five year loan to pay back its Malaysian parent. The loan carries a SLIBOR +1.4 percent interest payable over the five year period in equal semi […]

Prudential Assurance Ltd, is hoping its inhouse expertise to structure financial packages, will help gain a toe into Sri Lanka’s competitive insurance market.Prudential Assurance Ltd, is hoping its inhouse expertise to structure financial packages, will help gain a toe into Sri Lanka’s competitive insurance market. Prudential – no connection to the international insurance giant – […]

State-run Bank of Ceylon is negotiating with the Treasury to re-price Rs.9.3 billion worth of government bonds which come up for renewal next year.State-run Bank of Ceylon is negotiating with the Treasury to re-price Rs. 9.3 billion worth of government bonds which come up for renewal next year. The fixed rate bonds were issued to […]

London based private equity firm Aureos Capital has partnered Sri Lanka’s Commercial Bank push private equity in the Bangladeshi market.London based private equity firm Aureos Capital has partnered Sri Lanka’s Commercial Bank push private equity in the Bangladeshi market. A statement on Monday said Aureos Capital, through its wholly owned subsidiary – Aureos South Asia […]

Newly merged NDB Bank Ltd may look at buying out its partners in its housing bank, with an eye to consolidate operations, officials said Monday. Newly merged NDB Bank Ltd may look at buying out its partners in its housing bank, with an eye to consolidate operations, officials said Monday. NDB Bank – formerly known […]

The Treasury Secretary, Dr. P B Jayasundera last week criticised what he called a ‘donor cartel’, whose recommended policies have not been able to lift people out of poverty since the economy was liberalised.The Treasury Secretary, Dr. P B Jayasundera last week criticised what he called a ‘donor cartel’, whose recommended policies have not been […]

Bank of Ceylon said that earnings will grow around 25 percent after group earnings fell 20 percent last year due mainly to higher taxation.Bank of Ceylon said that earnings will grow around 25 percent after group earnings fell 20 percent last year due mainly to higher taxation. The bank also paid higher a higher 1 […]

Sri Lanka on Tuesday signed up for over € 60 million worth of financial help from the German government for post-tsunami reconstruction work, the Finance Ministry said.The package includes a € 49 million (Rs. 5.9 billion) grant for post-tsunami rehabilitation and € 13 million (Rs.1.6 billion) due this year as debt repayments from Sri Lanka […]