Category: Banking and Finance

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 […]

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 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 […]

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 […]

The first test run of the Central Banks Scripless Securities Settlement System (SSSS) went thought without a hitch on Tuesday.The first set of firms participating in the test routed routine transactions through the system, parallel to their present manual trading process.rn rnThree more groups will test the system in the coming weeks, facilitating a pre […]

Central Bank Governor A S Jayawardene says it is a prudential requirement, which increases transparency and accountability.rn rnSo far a handful of local banks have gone public with their credit ratings from Fitch Ratings Lanka Ltd.rn rnOf the few, Citibank NAs local arm and National Savings Bank sports a SL AAA rating from Fitch. Citibank […]

In a statement late Friday, the Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAAMB) says the Ceylon Theatres Group failed to consolidate Lanka Ceramics financial statements during the financial years ending March 31, 2002 and 2003.rn rnThe auditors have qualified their report in this respect, SLAAMB says. rn rnldblquote Users of the financial statements […]

The Asian Development Bank has come forward with a US$ 20 mn loan to uplift the living standards of people in the Eastern Province.The loan, for the North East Coastal Community Development Project, will help conflict-affected coastal communities in the three eastern districts – Trincomalee, Batticaloa, and Ampara – improve livelihoods on a sustainable basis […]

The Association of Chartered Certified Accountants of the UK introduced their environment and social sustainability reporting awards to the country recently.ACCA says both listed and unlisted companies can submit their annual reports for the first awards starting next year.rn rnThe awards system comes on the back of growing pressure from stakeholders for greater disclosure in […]

A four-member team from Sri Lanka Insurance Corp.s technical partner ING, started work this week to give the former state insurance giant a facelift.The team will initially give tech support for re-insurance, product development, actuarial services and IT, SLIC Director Damien Fernando told Lanka Business Online.rn rnldblquote They started work on Monday and will be […]