Category: Banking and Finance

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 […]

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 […]

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 […]

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 […]