Category: Banking and Finance

To develop its long term lending portfolio, Hatton National Bank (HNB)will raise up to Rs. 2 bn through a 5 year debenture issue.Housing and real-estate will be among the key areas the Bank will focus on building with the fresh funds.rn rnThe issue will also bridge the shortfall created in retiring its previous debenture that […]

Shareholders of the troubled MERC Bank have agreed to sell up to 90 percent of the company to DFCC Bank for just under Rs. 60 mn.MERCs shareholders will sell their Rs.10 share for Rs. 2.65, effectively pocketing Rs. 59.6 mn in the process.rn rnEconomic Reforms Minister, Milinda Moragodas family is currently the largest shareholder commanding […]

The Mahapola Trust Fund could pursue legal action against the Presidents Fund to recover over Rs. 1 billion due since 1997. Mahapola Trust officials claim the delay in payment has cost them an estimated Rs.200 million in interest income. rn rnReturns from the Trust, funds monthly allowances to over 7000 students, this number now expected […]

Investigations into accounting irregularities at Pramuka Bank are gathering pace with the Sri Lanka Accounting Standards Monitoring Board and the CID intensifying their activities.SLAASMB and the CID visited the bank today and questioned senior officials.rn rnSleuths are said to have gathered information about the so-called parallel ledger that was operated after balance sheet date to […]

DFCC bank plans to offer more commercial banking products to its customers once it acquires a small commercial bank.DFCC says they will not merge operations with troubled Merc Bank when they take up a significant controlling stake in it within days. rn rnAlthough DFCC does not plan to merge the Merc Bank business with its […]

The market raced past the 1000 point mark on Friday in a frenzy of largely local interest, in levels last seen eight years ago.rnrn The All Share Index climbed to 1001.61 towards the end of trade today, closing at 995, while the blue chip Milanka index rose 23 points to end the day at 1913.1.rn […]

National Wealth Corporation, the governments new wealth management agency, is offering its expertise to government institutions, private firms and high networth individuals.The corporation, established as a wholly owned subsidiary of the Mahapola Trust Fund (MTF), will also seek private equity later on, to strengthen its operations. rn rnldblquote What we intend to do is to […]

A top HSBC executive says the banks operations in emerging markets like Sri Lanka play an important role in adding value to their global network.While some foreign banks have shut down their operations in the island HSBC is counting on the country becoming an Asian economic powerhouse.rn rnldblquote Sri Lanka could explode one day and […]

Union Assurance Ltd said Thursday its consolidated net income grew by a healthy 24.4 percent to Rs. 20.7 mn in the first quarter ended March 31, 2003, compared with the same period in 2002. The firms premium income (Life and General Insurance) also increased by 9.4 percent during the period, from Rs.559.5 mn to Rs.612.3 […]

DFCC Bank has completed due diligence work on MERC Bank and is in the process of firming up the financial bid.Financial analysts expect DFCC to inject up to Rs.400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.rn rnDFCC CEO Nihal Fonseka told Lanka Business Online that an announcement […]

Hatton National Bank, the largest private sector commercial bank, is talking to potential foreign investors to take a 30 percent stake in its insurance subsidiary.HNB Assurance, started off business in November 2001.With a Rs. 250 mn paid up capital, HNB Assurance offers life and general insurance facilities including motor, fire, marine and miscellaneous sectors like […]

The Seylan Merchant Bank (SMB) Group has reported a net income growth of 28 percent to Rs. 123.5 mn in the first quarter of 2003. Pre and post tax profit growth however, was a marginal 1.05 percent from Rs. 570,000 to Rs. 576,000.rn rnGroup results, meanwhile, show that pre tax profits grew 167.3 per cent […]