Category: Banking and Finance

Pakistani based Union Bank Ltd plans to pump in over Rs. 250 mn to its newly acquired Sri Lankan operation.The bank made its maiden foray into the international markets, by recently acquiring Mashreq Banks Sri Lankan operation.rn rnldblquote We believe the growing bilateral trade between the two countries as well as Sri Lankas expanding economic […]

State run Bank of Ceylon is talking to a potential investor to sell off a bulk of its Pakistani branch operations.Sources said Dawood Bank Ltd has agreed to take up 85 percent of the Bank of Ceylons US$ 17.3 mn paid up capital.

The Peoples Bank board has agreed to sell its 62 percent stake in its venture capital arm to the Janashakthi Group for Rs. 165 mn.The deal to formalise Peoples Venture Investment Co.is due to be wrapped up in the next few weeks. rn rnThe Janashakthi Group presently control the balance 38 percent, through its investments […]

Private sector credit demand has been on an upward trajectory this year, with the Central Bank expecting year-end growth to hit 16 percent.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbank on Friday cut its key short-term interest rates by 75 basis points, tornprovide better lending opportunities to the private sector.rn The overnight repurchase rate or the reversernrepo, was cut […]

Peoples Leasing Company (PLC) is looking to strengthen its top position in the leasing market, with an ambitious plan to penetrate deeper into the growing operating lease segment.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Inrnthe absence of cheap pools of funds to draw on, the leasing giant is alsorntapping the local capital markets to borrow against their cashflows, usingrnsecuritised […]

Peoples Bank is talking to investors to sell off two of its subsidiaries, as part of its ongoing restructuring programme.Sri Lankas largest state-bank has opted to move out of Peoples Merchant Bank (PMB) and Peoples Venture Investment Co.(PVIC).rn rnTop officials say a serious buyer for its merchant banking business has not been identified yet.rn rnThe […]

The two state pension funds, the EPF and the ETF are going to be merged next year in a bid to draw on synergies between the two.A consultant is expected to be appointed by the end of this month to look at how best to merge the funds that together will manage over Rs.320 bn.rn […]

A consortium of state institutions led by the Bank of Ceylon (BoC) has expressed interest in taking over undercapitalised Peoples Bank. The National Savings Bank (NSB) and the Employees Trust Fund (ETF) together with BoC have expressed interest in Peoples Bank according to highly placed sources.rn rnConglomerate John Keells Holdings is also said to be […]

MERC Bank is hoping to expand its loan book by leveraging on DFCC Banks balance sheet.DFCC Bank, which acquired a 90 percent slice in the trouble MERC Bank for Rs.600 mn, says they can recoup their investment within the next 18 months.rn rnldblquote We are looking at MERC increasing its loan book by about three […]

NDB Banks post tax profits surged 46 percent for the first six months of 2003 and said it was on target to merge with National Development Bank (NDB) by the end of this year.rnrnrnrnrnrnFinancial Highlights for the six months ending June 30rnrnrnrnrn The long-awaited mergerrnwith its parent NDB is now awaiting a firm nod from […]

Nations Trust Bank has secured a SL A- national rating from Fitch Ratings Lanka for its long-term unsecured senior debt.SL A- long-term rating denotes a low expectation of credit risk.The capacity for timely payment of financial commitments is considered strong. rn rnThis capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic […]

rnrnrnrnrnrnNew Page 1rnrnrnrnrn Sources said Bank of Ceylon,rnNSB, Commercial Bank and John Keells Holdings are keen to invest.rn The government is currentlyrnlooking at disposing its entire stake in Peoples Bank as a single unit, asrnagainst the earlier decision of splitting it into three units.rn However, Peoples Banksrnheavy Non-Performing Loans (NPL) portfolio would be transferred into […]