Category: Banking and Finance

Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd.(ZNFL) in Sri Lanka. rn rnldblquote […]

National Development Bank on Tuesday sold off 53 percent of its 66 percent stake in Mercantile Leasing Ltd to a consortium for Rs. 239 mn.Savings giant, National Savings Bank bought 19.5 percent while a consortium led by M M Udeshi picked up the balance 29 percent stake.NDB will still control a 10 percent slice.rn rnThe […]

A new agency to manage government wealth plans to seek private sector expertise and capital to manage government funds.The National Wealth Management Corporation will soon ask for a license from the Central Bank to deal in the primary market for government debt.rn rnThe corporation established as a wholly owned subsidiary of the Mahapola Trust Fund […]

The National Savings bank will meet treasury officials soon about making an equity injection to the under capitalised Union Bank.NSB together with Sampath Bank and Chinkara Group of Singapore is considering an investment in Union Bank, which will then be managed by a special committee.rn rnNSB is looking at a Rs. 100 mn investment in […]

The government officially signed off its investments in the insurance business by disposing 90 percent of Sri Lanka Insurance Corp. to the consortium led by the Distilleries Co Group.PERC Director General, Deepal Gunaratne said Faiz Mohideen, Acting Treasury Secretary and Harry Jayawardene signed off the deal on behalf of both parties on Friday.rn rnThe Distilleries […]

Commercial Bank on Friday secured an issue rating from Fitch Ratings Lanka (FRL) for its upcoming debenture and preference share issue.The banks Rs. 3 bn debenture issue got a SL AA rating, while the Rs. 1 bn preference share issue will carry a SL AA- national rating.rn rnCommercial Banks senior debt carries a SL AA+ […]

Commercial Bank said Thursday it was raising a billion rupees through a five-year preference share issue to strengthen its shareholder funds.The bank said 50 mn cumulative, redeemable, preference share will be issued at Rs.10 with the option of raising a further 50 mn on the same terms, in the event of an over subscription.rn rnThe […]

The century old local operation of HSBC, has stepped up its distribution channels to tap medium size firms and consumer banking operations.As competition heats up and margins shrink, the bank has lined up a range of products and services lquote to share the wallet size of its core customers.rn rnA state of the art customer […]

Hatton National Bank has become stricter in classifying its non endash performing loans, adding Rs 9 bn to the category.rnrnrnrnrnrnNew Page 1rnrnrnrnrn GrossrnNPLs climbed to a massive Rs. 14.3 bn up from just Rs 5.1 bn reported lastrnyear.rn In arncurious move, part of the classification came as a lquote correction to the 2001rnaccounts, which were […]

National Savings Bank is asking for a foreign currency banking licence (FCBU) to tap migrant workers and expatriate Sri Lankans.rnrnrnrnrnrnNew Page 2rnrnrnrnrn Thernstate savings giant estimates that local banks cover only 40 percent of the FCBUrnoperations.rn ldblquote Wernare expecting Central Banks approval as we feel we can offer a gamut ofrnproducts ranging from savings, deposits, […]

New owners plan to list Sri Lanka Insurance Corporation next year after restructuring the company.A consortium led by Distilleries Company and Aitken Spence offered over Rs.6 bn for the state insurance giant in the largest privatisation by the UNF government.rn rnThe new owners say they will sell a stake through an IPO next year to […]

Friendly services and cost management strategies will bring UK based health insurer, Western Provident Associations (WPA) back office operations to Sri Lanka. The Sri Lankan office will be the second offshore service centre for the insurer after its Bangalore, India outfit. rn rnDirector Best Practices, Adrian Schuler says the firm is looking at a 30-40 […]