Category: Banking and Finance

Finance Minister K N Choksy has pledged his support to the current efforts to restructure Pramuka Bank. The minister sent a handwritten letter to a depositors meeting on Sunday, where Commerce Minister Ravi Karunanayake was also present.rn rnA consortium led by Asia Capital and Richard Pieris is now conducting a due diligence exercise on the […]

State Bank of India plans to aggressively expand local operations.The bank is planning a branch in Kandy as the first step in expansion plans to get a wider market share offering a range of products with a strong focus on consumer credit.rn rnAt present the local branch of the State bank of India caters to […]

SL A+ long term rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. rn rnldblquote This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings, dblquote says Fitch in a statement on Friday. […]

The World Bank says it is critical Sri Lanka enacts the new Public Finance Bill that is in the works, to increase public scrutiny over the state purse.In a country review on public accountability, the Bank says that Parliamentary control over public funds was ineffective and did not meet the expectations laid out in the […]

Janashakthi Insurance is counting on the motor market, the fastest growing insurance sector, to expand its share of the local insurance market.Motor insurance saw a spurt of growth of 25 percent to 30 percent last year and is expected to continue to lead insurance market growth during 2004, although at a lower projected growth rate.rn […]

The consortium led by Asia Capital will start due diligence work on Thursday, to revive the trouble Pramuka Savings & Development Bank.The start date follows another round of meetings with Central Bank authorities on Wednesday.rn rnThe Central Bank allowed Pramuka to resume business on January 22, subject a lengthy list of conditions, which includes a […]

The ADB on Wednesday sanctioned a US$ 70 million loan package to kick start the Sri Lanka n rural finance sector.The Program aims to revive the rural economy and promote private-sector led economic growth.rn rnThe program loan will promote policy changes that emphasize good governance and improved operations of rural finance institutions. rn rnDrafting a […]

The Employees Trust Fund has sought Auditor Generals advice to dispose part of its loss making equity portfolio.ETF has fully provided for the Rs.600 mn odd portfolio, which largely consists of investments in quoted/unquoted firms made in the early 1990s.rn rnThe Rs. 45 bn Fund, which made over a Rs.4 bn profit last year, is […]

The Central Bank is expected to meet the consortium of investors keen on reviving Pramuka Bank for another round of talks early next week.With the suspension of Pramukas licence coming up next Thursday, the bank and its legal team are also expected to meet up with the Attorney Generals Dept.over the weekend, to decide on […]

The consortium of investors keen on reviving Pramuka Bank, were set a Thursday morning deadline to submit a more detailed proposal.Central Bank and its consultants, audit firm E&Y, met the consortium led by the Asia Capital Group and National Wealth Corp. on Wednesday evening, to seek clarifications on their complex restructuring proposal.rn rnThe proposal mooted […]

The Rajarata Development Banks (RDB) decision to interdict the entire staff at its Medirigiriya branch after it was robbed at gunpoint recently will be met by protests by the employees of all six regional development banks.The Ceylon Bank Employees Union Development Bank Branch says the management nor the police investigating the heist have evidence indicating […]

The government plans to take a fresh approach to divest its stake in Shell Gas Lanka Ltd., after its initial attempts fell through.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn ThernTreasury, which owns 49 percent of the gas giant, was earlier hoping to raisernaround Rs. 500 mn by selling its stake.rn RoyalrnDutch Shell, which bought a 51 percent stake in […]