Category: Banking and Finance

Customers of Gold Quest, who were hoping to gain total financial freedom within three years by joining the firms controversial lquote binary compensation plan, may now have to spend up to five years in jail for foreign exchange fraud.Authorities have started gathering data on Gold Quests Tracking Center Owners (TCOs) who fraudulently used credit cards […]

Sri Lanka has been asked to submit its proposal promoting economic growth to draw down funds from the Millennium Challenge Corp.s (MCC) billion-dollar kitty.The MCC is a U.S. Government corporation created in January, to work with developing countries by providing grants through the Millennium Challenge Account (MCA).rn rnSri Lanka is one of the 16 countries […]

The Seylan Merchant Bank (SMB) Groups earnings doubled for the first quarter ending March 31, boosted by its booming leasing portfolio.In results released this week, SMB Group reported a consolidated post-tax profit of Rs 10.4 million, up 100.30 per cent from the Rs 5.2 million reported in the first quarter of 2003.rn rnNet Interest Income […]

Commercial Bank of Ceylon will scrap the commission charged on cheques drawn on its outstation branches starting June 1, 2004.This means that recipients of Commercial Banks outstation cheques will henceforth receive the full face value on these cheques.rn rnThis move supplements the existing practice where the commission on outstation cheques of other banks deposited with […]

Leasing specialist, Ceylease Financial Services, has secured a BBB-(sri) national rating for its long term senior debt, from Fitch Ratings Lanka.A BBB-(sri) or triple B minus rating denotes a low expectation of credit risk. It reflects the firms ability to meet timely payments, but its exposure to external economic changes may impair this capacity, Fitch […]

The Sri Lanka Banks Association (SLBA) warned the public not to invest in get-rich-quick pyramid schemes, which may result in losses.Pyramid schemes are money making methods that have one person recruiting several others, with each person paying a recruitment fee, or overpriced goods.rn rnThe build up of the network of participants, starting from one person, […]

Shifting its revenue balance away from interest-income, Seylan Bank will introduce new fee-based products to its current product offer. SeyLink, its version of bancassurance was launched this week in this effort, with its group company Ceylinco Life, to offer life assurance and other life related products to customers in over 60 branches.rn rnThe service has […]

A growth in fee-based income and faster recoveries helped the Bank of Ceylon double its bottomline for the quarter ending March 31, 2004.The state-run banks net profits jumped 109.6 percent to Rs. 371 mn, over Rs. 177 mn reported during the corresponding period 2003.rn rnBut the banks revenue was flat during the year at Rs. […]

Seylan Bank has secured an A-(sri) national rating for its long-term senior debt from Fitch Ratings Lanka.At the sametime, Fitch has also given Seylans outstanding subordinate debentures a BBB+ (sri) rating.rn rnIn term of priority, deposit holders and senior debt obligations are ranked higher than subordinated debentures. Though debenture holders rank above preference and ordinary […]

The External Resources Dept., is negotiating with Japanese funding agencies for a fresh US$ 85 mn credit line for the small and medium scale industry. If approved the Japan Bank of International Cooperation (JBIC) will replace the US$ 65 ADB credit line now fully utilized by the Sahanya low interest-lending scheme. rn rnThe ADB facility […]

Sri Lanka has been selected to the 34 member Inter-governmental Group of Experts on International Standards of Accounting & Reporting (ISAR) at a recent UN session.ISAR was created by the Economic & Social Council of the United Nations in 1982, and is serviced by UNCTAD.rn rnIt is the only inter-governmental working group devoted to accounting […]

Central Bank on Wednesday issued a fresh warning against unauthorised deposit taking, as the public continued to chase after higher return for their savings. The top financial sector governing body says some firms are operating regardless of the Banks instructions to stop the illegal practice and continued to offer high interest rates to attract unassuming […]