Banking and Finance

Fitch assigns Sarvodaya Development Finance first time ‘B+(lka)’

Oct 29, 2020 (LBO) – Fitch Ratings has assigned Sarvodaya Development Finance Limited (SDF) a National Long-Term Rating of 'B+(lka)'. The Outlook is Stable. …

NSB: [SL]AA(hyb) assigned to proposed basel III compliant additional tier I capital bond programme

Rating action ICRA Lanka Limited has assigned a rating of [SL]AA(hyb) with Stable outlook for the proposed LKR 5,000 Mn Basel III Compliant, Unlisted, Rated, …

Opinion: Blockchain technologies can boost global economy USD 1.76Tr by 2030

Tracking and tracing of products and services has the largest economic potential (US$962bn)Public administration, education and healthcare sectors will benefit …

Development assistance from Norwegian Investment Fund (Norfund) to Sri Lanka

Ambassador Godfrey Cooray had a zoom meeting with the Chief Executive Officer of the Norwegian Investment Fund, Tellef Thorleifsson recently to seek …

Richard Pieris Group invests Rs. 1Bn in Richard Pieris Finance Ltd

Oct 26, 2020 (LBO) - Richard Pieris Finance Ltd is a member of the Richard Pieris Group, a diversified conglomerate with a workforce of 28,000 employees, the …

Central Bank cancels licence issued to ICICI Bank Limited in Sri Lanka

Oct 23, 2020 (LBO) – The Monetary Board of the Central Bank having considered the request made by the ICICI Bank Limited, India, has granted approval to …

CSE approves Softlogic Finance Rs 1.9Bn Rights Issue

Softlogic Finance PLC received Colombo Stock Exchange (CSE) approval for its Rights Issue of Rs 1.9 billion and the Extraordinary General Meeting of the …

NBFI sector to record weakest performance in current decade with substantial loss: FCR

Oct 17, 2020 (LBO) – Sri Lanka's Non-Bank Financial Institution (NBFI) sector may record a substantial loss in FY21E, the weakest performance in the current …

Exporters outlook for business and economy improves; Report

Sri Lankan exporters are more positive in their outlook with expectation for a moderate growth for export business and the economy over the next 12 months as …

UB Finance announces Rs. 1.6 billion rights issue

Oct 16, 2020 (LBO) – UB Finance, a subsidiary of Union Bank of Colombo has announced an LKR 1.6 billion rights issue to strengthen its balance sheet and meet …

Seylan Bank drives digital transformation journey with Fiorano

Oct 15, 2020 (LBO) - Seylan Bank recently announced their successful implementation of the Fiorano Hybrid Integration Platform (HIP). Fiorano Software, a …

Flemington launches third apartment project

Following the success of The Flemington’s first and second condominium development projects at Rajagiriya and 1O3 Campbell, the property developer is all set …

Cabinet approval to reorganize Non-Bank Financial Institutions Supervision Department

Oct 13, 2020 (LBO) – Sri Lanka's Cabinet of Ministers has approved a proposal to completely reorganize the Department of Supervision of Non-Bank Financial …

DIMO and NTB partner to offer exclusive leasing solutions

DIMO, the only Authorized General Distributor for Mercedes-Benz and Jeep in Sri Lanka, has continued to highlight its strong commitment towards providing …

Sri Lanka trade deficit improves in Aug 2020

Oct 12, 2020 (LBO) - Sri Lanka's trade deficit improved on a year-on-year basis with the deficit in the trade account in August 2020 narrowing to US dollars …

WB says SL economy to contract by 6.7-pct in 2020, Smart policies for informal workers key for recovery

Oct 08, 2020 (LBO) - The COVID-19 crisis in Sri Lanka has substantially clouded the outlook and exacerbated an already challenging macroeconomic situation with …

Cabinet approves new orders for ‘Special Deposit Accounts’

Oct 07, 2020 (LBO) - The approval of the Cabinet of Ministers was granted at their meeting held in April 2020 for the issuance of orders under the foreign …

Fitch places Abans Finance’s ‘BB+(lka)’ rating on Rating Watch Evolving

Oct 07, 2020 (LBO) – Fitch Ratings has placed Abans Finance PLC's (AFP) National Long-Term Rating of 'BB+(lka)' on Rating Watch Evolving (RWE). This follows …

Commercial Bank receives USD 50Mn equity from International Finance Corporation

Oct 07, 2020 (LBO) – The Commercial Bank of Ceylon has announced the completion of all formalities relating to the private placement of shares with the …

Economists urge decisive action to prevent emerging Sri Lankan debt crisis

Oct 02, 2020 (LBO ) - A panel of eminent economists urged that the Government take credible and decisive action to prevent a painful debt crisis in Sri Lanka. …