Category: Banking and Finance

A new entrant to the primary market in Government securities wants to make investments in Government debt more attractive to retail investors.Capital Alliance, which got a Central Bank license as a Primary Dealer recently, plans to put out innovative products to allow investors to get over problems of high minimum investments in Government Debt.rn rnldblquote […]

Laws to give banks and finance companies more muscle to tackle bad debts have got regulatory approval and are before the Legal Draftsmen.Under the Amendments to the Debt Recovery Laws, finance companies registered with the Central Bank will be given similar parate rights as banks.rn rnParate Laws allow banks to auction properties mortgaged against loans […]

State housing finance giant HDFC, has sought a quotation on the Colombo Stock Exchange by way of an introduction.The Attorney Generals Dept. has recommended Housing Development & Finance Corp. or HDFC to get a listing, prior to raising fresh capital.rn rnA valuation by consultants E&Y two-years ago valued HDFCs Rs. 100 share at Rs. 640.rn […]

DFCC Bank plans to start due diligence work on MERC Bank next week and hope to finalise the transaction within two-months, a top official said Wednesday.DFCC said earlier it was in talks with MERC Bank, with the intension of acquiring it.rn rnldblquote Things are progressing. We have been open about our intensions to get a […]

Sampath said its was infusing Rs. 600 mn to Rs. 700 mn to bail out the troubled Union Bank.rn rnThe Sampath led consortium of investors also includes Chinkara Capital of Singapore. rn rnldblquote The recapitalisation/restructuring proposal when implemented, would result in a reconstitution of the appointment of an Advisory Board to oversee its operation, dblquote […]

The Asian Development Bank (ADB) on Monday approved a Technical Assistance grant of US$ 500,000 to prepare country driven private sector development strategies for emerging nations. Sri Lanka is among four countries to participate in the programme which seeks to increase the private sectors role in long term growth and poverty reduction.rn rnOther countries to […]

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 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 […]

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 […]

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, […]