Category: Banking and Finance

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, […]

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 […]

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+ […]