Category: Banking and Finance

Seylan Banks Group profits have shot up more than 50 percent, for the period ending March 31, 2002.rnrnrnrnrnrnNew Page 1rnrnrnrnrn rn First quarter Group profits for the periodrnending March 31, 2002rn rn rn rn rn rn rn rn rn

Commercial Bank and DFCC plan to put in a strong bid for a majority stake in Eagle Insurance after losing a battle to get control of SLIC.Zurich Financial Services together with NDB, holds a majority stake in the company.rn rnHowever, Zurich announced its intentions of exiting the local market, after the company hit a bad […]

The tourism sector is high on the list of investment possibilities of a visiting International Finance Corporation team. IFC is the private sector investment arm of the World Bank.To date it has an exposure of over US$ 100 mn, mainly in financial markets and infrastructure projects in Sri Lanka.rn rnOf the total, almost 30 percent […]

The International Finance Corp. (IFC) is looking at further investments in Sri Lankas housing market, as part of its future investment strategy.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn IFC currently has a 15rnpercent stake in NDB Housing, a joint venture between the National DevelopmentrnBank and Housing Development & Finance Corp. of India.rn ldblquote We have been asked by therngovernment […]

The DFCC-Commercial Bank consortium plan to hold their stakes in Eagle Insurance through a holding company, in the event their bid succeeds.Both banks put a joint bid for Eagle Insurance, after its parent company, Zurich Financial Services (ZFS) said it was pulling out of Sri Lanka. rn rnldblquote If we get it, we are looking […]

Commercial Bank of Ceylon Ltd., Sri Lankas largest privately listed bank, says its business volumes have grown by nearly 30 percent during the first quarter of this year, despite falling interest rates.rnrnrnrnrnrnNew Page 1rnrnrnrnrnThe bank saidrnWednesday that its net profits rose 9 percent to Rs. 343 mn for the first threernmonths to March 31, 2003, […]

The government has restarted the derailed pension reforms programme, by appointing Channa de Silva to set up the unit for an interim period.De Silvas mandate includes scouting for a CEO to head the Office of Pension Reforms and implement recommendations set out by the Superannuation Reforms Taskforce.rn rnThe mandate for the Pension Office, covers an […]

Capitalising on the ongoing peace dividends, the government is once again talking of seeking a sovereign rating for Sri Lanka, with plans to issue the mandate as early as July this year.The government has been keen on a sovereign rating on many occasions, but has backed down due to the problem of timing.rn rnThe tentative […]

DFCC Bank is tipped to inject around Rs. 400 mn in fresh capital for a 76 percent slice in the cash starved MERC Bank.DFCC Bank on Monday said it was conducting a due diligence study on the small privately held MERC Bank, with the intension of acquiring it.rn rnMERC Bank started off with a Rs. […]

DFCC Bank said Monday it is talks with key institutions to acquire a commercial bank and an insurance company.A due diligence study on MERC Bank has got under way and DFCC is keen to acquire the small privately held commercial bank, subject to regulatory and other approvals.rn rnMERC Bank also has a foreign exchange licence. […]

HSBC, trustees to the Vaniks capital guaranteed debentures says investors will be repaid on April 29.Capital guarantors to the debenture USAID and Peoples Bank met their obligation of Rs.200 million by April 25.rn rnHSBC says Rs. 2.3mn in interest received for the money under its custody upto April 28 will also be distributed among the […]

The exercise to divest governments ownership in Peoples Bank is due to kick off in Sept and end in March next year. As part of its commitments to get the IMFs US$ 567 mn concessionary aid package, the government has pledged to commercialise the bank as a single entity or separated into viable sub-units through […]