Category: Banking and Finance

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 […]

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.

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 […]

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 […]

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 […]

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 […]

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 […]