Category: Banking and Finance

Pramuka Depositors have protested to the Monetary Board that no genuine effort is being made to restructure the failed bank and demanded that immediate positive action be taken.Depositors writing through their attorney said Central Bank is still not giving sufficient information to come up with a new restructuring proposal.rn rn”I am instructed to state that […]

Conglomerate John Keells is talking to potential partners to join their bid for an equity stake and management of Peoples Bank.John Keells Holdings Chairman Vivendra Lintotawela told LBR they are talking to a few international players about joining them as a technical partner.rn rnThe foreign partner could also take an equity stake according to the […]

Sri Lankas second rating agency, Lanka Ratings is expecting to start operations in late October.Ceylinco Group owns a controlling 51% stake in the company, which is a joint venture with Rating Agency Malaysia (RAM).rn rnRAM officials say a number of safeguards are in place to ensure that rating decisions are independent.rn rnldblquote The shareholders have […]

The Ceylinco Consolidated Group on Friday signed up with Rating Agency Malaysia Berhad or RAM, to launch Sri Lankas second credit rating agency.rnrnLanka Ratings Ltd will be jointly owned by Key Ratings Ltd (51 percent) and RAM 49 percent.rn rnThe company has an initial share capital of Rs. 35 mn.rn rnldblquote The joint venture will […]

Union Assurance Ltd has posted a mammoth 227 percent growth in net profits for the first six months ending June 2003.Post tax profits for the period rose to Rs. 61.4 mn as against Rs. 18.8 mn in 2002.rn rnConsolidated Revenue grew 16.3 percent to Rs. 1.07 bn during the period under review.rn rnUALs total investment […]

Hatton National Bank is expanding its treasury operations with plans to start a fund management unit on the cards.Chairman, Chrishantha Cooray says the asset management company will be formed under aegis of HNB Securities Ltd.rn rnHNB Securities currently handles the banks primary dealer operations. rn rnldblquote We want to grow the fund management business slowly […]

The countrys top business chamber is trying to raise private sector investments to support the governments development vision.Ceylon Chamber says their annual convention in October will focus on the governments Regaining Sri Lanka vision, which seeks to create two million jobs over the next few years.rn rnThe Chamber hopes that investments by the private sector, […]

Seylan Merchant Bank Limited (SMB) has reported satisfactory growth in its financial results for the first half of 2003.In results released this week, SMB reported a consolidated pre-tax profit of Rs 16.7 million, a growth of 148 per cent over the Rs 6.7 million profits reported in the corresponding period of 2002.rn rnSMB also reported […]

Fast emerging as a serious player in the local banking segment, Nations Trust Bank on Tuesday launched its own credit card, to add muscle to its growing personal banking business.Nations Trust Bank (NTB) entered into an exclusive agreement with the American Express Bank to re-launch the American Express Card (AMEX) in Sri Lankan rupees. AMEX […]

Readywear Industries and subsidiary United Motors drove into the leasing sector on Monday looking for a three per cent market share by March 2004. Orient Financial Services Corporation Limited will initially limit services to leasing and hiring facilities, later expanding to offer other options available with a fully fledged leasing company.rn rnStarting off with an […]

The Commercial Bank of Ceylon Ltd., reported a group pre-tax profit of Rs. 936.9 million for the first half of 2003, an increase of Rs 101.6 million or 12.15 per cent over the corresponding period last year.The Bank said this pre-tax profit was arrived at after making a loan loss provision of Rs. 302.2 million, […]

The private sector financing arm of the World Bank says it will stand by to support the Peoples Bank, when the government privatises the state banking giant.The International Finance Corporation Representative Sanjiva Senanayake says IFC is ready to work with the private sector partner that wins Peoples Bank.rn rnIFC says it is willing to work […]