Category: Banking and Finance

The Treasury has assured the leasing industry to review a proposal in the budget to tax lease assets at market value at the end of the leasing period.Under heavy lobbying from the leasing industry, Finance Ministry officials have decided to review the provision that would have forced leasing companies to pay tax.rn rnLeasing industry doesnt […]

State lending arm, the Private Sector Infrastructure Development Company (PSIDC), is to be wound up after funding just two projects in its five-year term.PSIDC was floated in 1996 to manage a state owned fund, offering long-term subordinated debt to support private investment in infrastructure projects.rn rnDriven largely by the World Bank, US$ 70 mn in […]

Senkadagala Finance Company Ltd got its long-term unsecured senior debt upgraded to SL BBB+ by Fitch Ratings Lanka Ltd.SL BBB+ rating denotes that there is currently a low expectation of credit risk. rn rnThe capacity for timely payment of financial commitments is considered adequate, but adverse changes in economic circumstances and in economic conditions are […]

The government will hold off divesture plans for the six regional development banks until 2005, giving time for the banks to clean up their act. rnThe Central Bank in August 2003 mooted plans to divest around 47 percent stake in each of the six RDBs endash Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata. rn rnOn […]

An international consultant is going to help the government to merge the two State pension funds in a bid to draw on the synergies between the two.UK based economic consultancy, Maxwell Stamp has been chosen as the consultant and is already studying how best to merge the funds.rn rnThey are expected to submit a final […]

Peoples Bank, which has negative net assets, says they will go public once they get their credit rating from Fitch Ratings Lanka.Sampath Bank and Seylan Bank also said they will go public with their credit ratings once they get them from Fitch Ratings Lanka, in line with a budget requirement that has not yet been […]

A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society. Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation […]

The insurance watchdog is seeking Finance Ministry approval to start a dedicated insurance supervision division.Presently, the Insurance Board of Sri Lanka (IBSL) has only two consultants on its cadre. The rest are shared with the Securities & Exchange Commission (SEC) secretariat.rn rnldblquote A dedicated insurance unit within IBSL will enhance the effectiveness of supervision, dblquote […]

Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank.ldblquote It wont be an open tender process, dblquote Bank Chairman Lal Nanayakkara told members of the Public Review Committee at the Finance Ministry on Thursday.rn rnldblquote Investors will be carefully screened and […]

rnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbulk of state housing banks shares are held with the National HousingrnDevelopment Authority.rn ldblquote Theyrnown around 90 percent and they have indicated that they want to sell up to 30rnpercent, dblquote HDFC Banks CEO, C A Sarathchandra told a public accounts reviewrnon Thursday.rn Sarathchandrarnhopes to privately place the shares within the next […]

Peoples Bank says it will consider lowering interest rates on some Rs. 12 billion outstanding from the Ceylon Electricity Board, if a proposed debt-restructuring plan seeking payment guarantees for part of the loan goes through.The debt restructuring plan covers a Rs.7 billion medium term loan, to be eventually settled by tapping into CEBs monthly collections.rn […]

Commercial Banks Automated Teller Machine (ATM) network disbursed a record Rs 300 million over the three-day weekend in December, the bank said this week. Commercial Banks Chief Manager – Operations Palitha Perera said 87,000 cash withdrawals and 55,000 non cash transactions were recorded over the December 6-8 weekend from the Banks 153 ATMs.rn rnThe banks […]