Category: Banking and Finance

Central Bank Deputy Governor W. A. Wijewardene told LBR that the credit rating would be in place early next year with bank funding for the whole process.rn rnThe first steps have been taken to find a lquote rating advisory dblquote .rn rnThe ldblquote rating advisory dblquote which will probably be an investment bank, will advice […]

The local credit information agency is trying to add value to its services with donor help.Credit Information Bureau says that World Bank help is on offer to improve its product offering which is presently limited to basic credit information.rn rnThe bureau will also go on line offering their clients quicker access to information.rn rnldblquote They […]

Peoples Bank restructuring committee has hired consultants PricewaterhouseCoopers to draw up an information memorandum for the bank.The consultants will put together key information, which will form the basis for prospective investors to make their bids for the bank.rn rnThe process will take around six months to complete. rn rnA World Bank funded consultant B D […]

The Securities and Exchange Commission of Sri Lanka (SEC) will join 170 other international securities commission to combat cross border securities fraud. An announcement on Tuesday said that the SEC had been accepted as a signatory to the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding concerning consultation, cooperation and exchange of information.rn […]

The Bank of Ceylon is fine-tuning its loan book to boost private sector lending and limit its exposure to state owned entities. Loan growth for the first six months dipped marginally by 0.6 percent to Rs. 134.49 mn. Officials say the appetite for credit has been below political expectations, but within banking norms, considering the […]

Cabinet Spokesperson Prof., G L Peiris says the government expects nearly US$ 1 billion of the US$ 4.5 billion in aid pledged at the June Tokyo conference to flow into the Sri Lankan economy before end 2004.The increased aid follow has prompted policy makers to increase the allocation to key sectors roads and rural electricity. […]

An international accounting body is calling for state regulation to improve corporate governance and best practices of local companies.Association of Chartered Certified Accountants (ACCA) say a proper regulatory framework resulting in better corporate governance would also enable the country to attract overseas investors.rn rnACCAs head of Risk Management Paul Moxey will be addressing these and […]

Peoples Bank plans to sell off its merchant banking unit through the governments privatisation arm endash the Public Enterprise Reform Commission.Chairman Lal Nanayakkara told Lanka Business Online that firm dates have not been set to dispose its 39 percent stake in Peoples Merchant Bank.But a decision has been taken to sell it off through PERC, […]

In a bid to lower lending rates further, the government is asking banks to publish a breakdown of their loan volumes by interest rates.ldblquote Commercial banks are being directed to publish a breakdown of their lending rates by the interest charged, dblquote Industries Policy Minister G L Pieris told a media briefing this week.rn rnldblquote […]

A top-level committee to evaluate the role of auditors has suggested that accounting firms not take up any non-audit services and also opt for compulsory rotation every three years.The committee comprising members from the Securities & Exchange Commission (SEC), Sri Lanka Accounting & Auditing Standards Monitoring Board, the Central Bank, the Auditor Generals Dept., bankers […]

State housing finance giant HDFC plans to start offering pawning services to allow customers to take out housing loans.Loans linked to its pawning schemes will be priced at 15 percent, significantly lower than the market average of 18 percent.rn rn”Customers will be only allowed to use the funds for housing loans and not for private […]

Mercantile Leasing Ltd has raised Rs. 102.2 mn from the market by securitising its future cash flows.The four-year paper was priced at two percent above the one-year treasury bill rate and snapped up by a fund management company.rn rnThe issue was structured and placed jointly by Capital Alliance Ltd and National Wealth Corp.rn rnDeutsche Bank […]