Category: Banking and Finance

Commercial banks returning from a long holiday week soaked up the excess cash in the banking system, pushing up inter-bank interest rates. The inter-bank borrowing rate rose to the 7.75 per cent level, from 7.50 per cent on Monday and a flat 7.40 per cent throughout the previous week. rn rnMoney market analysts say heavy […]

Sri Lanka Insurance Corp., clinched a AA-(sri) (AA minus) national insurer financial strength rating from Fitch Ratings Lanka, becoming the first insurer to do so.An AA-(sri) national insurer financial strength rating is given for SLICs ability to meet its policyholders obligations and benefits. rn rnFitch also gave the insurance giant an A+(sri) (A plus) national […]

Banking giant HSBC says emerging markets like India and China could change the way banking is done in Asia. A top regional CEO from the bank said the influence by these countries would be felt as they absorb an increasing amount of financial resources available in Asia.rn rnldblquote The influence of these two economies is […]

Sri Lanka has made it to a list of 15 countries eligible for aid this year from the newly formed US Millennium Challenge Corporation (MCC). “Sri Lanka was selected for eligibility because of its demonstrated commitment to just and democratic governance, to economic freedom, and to the determination to invest in its people,” US Ambassador […]

Fitch Ratings Lanka Limited has revised symbols used to communicate its national ratings in Sri Lanka, in order to achieve greater consistency with the rating symbols used by Fitch in other markets where it assigns national ratings. rnrn rnThe new symbol replaces the earlier used prefix of lquote SL rnwith the suffix lquote (sri). rn […]

Lanka Rating, Sri Lankas second credit rating agency, opens shop later this month, after securing regulatory approval.Local capital markets are in a nascent stage, but Lanka Ratings is confident of securing work, as credit ratings gains acceptance.rn rnThe Ceylinco Group, has a controlling 51 percent stake in the firm through Key Ratings, while Rating Agency […]

Following the failure of Pramuka Bank, the Central Bank is looking again at the concept of deposit insurance. This years annual report talks of a financial safety net that exists to protect depositors.Deposit insurance is part of the safety net. Prudential regulation and supervision is the foundation of the financial safety net.A good regulatory framework […]

Central Bank has been bringing down their policy rates in the last two years to encourage local investment. However they say that bank-lending rates have not come down proportionately. rnThere is a big difference between the interest charged on a loan and interest paid on deposits at any commercial bank in the country.rn This difference […]

Women are climbing the corporate ladder in record numbers but only a handful manages to get top executive positions in big companies. Experts say the numbers of top jobs held by women are not a reflection of the number of females completing higher education.rn rnSome of them are victims of the glass ceiling an artificial […]

The insurance watchdog is getting tough with the industry by re-introducing fire tariffs with a few modification starting June 1.Present fire tariffs have not been revised for nearly 30 years, and insurers have effectively honoured the regulations in breach.rn rnCurrent premiums are whittled down way below minimum tariffs. The new regulation is expected to push […]

NDB picked up a further 20 per cent stake in NDB Bank, following up on Fridays 37 per cent acquisition. Mondays buy increases NDBs stake in the commercial banking venture close to 80 per cent.rn rnMarket sources confirmed that the stake moved at Rs. 31 per share, on par with the price paid by NDB […]

Commercial Banks ATMs dispensed a staggering Rs. 625 million over the five-day lquote Avurudu weekend in April, the Bank said this week.Commercial Banks Deputy General Manager endash Personal Banking Ravi Dias said nearly 151,000 cash withdrawals were made during this period and due to heavy usage most ATMs had to be reloaded with cash several […]