Category: Banking and Finance

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, […]

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 […]

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 […]

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 […]

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 […]