Category: Banking and Finance

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 […]

Media institutions who carry advertisements for financial institutions that promise unrealistic returns may be liable for damages if they later fail to deliver, a top legal expert warned.Government advisor and member of the Financial Sector Reform Committee Dr.Wickrema Weerasuriya warned that print and electronic media could be sued under common law if they continue to […]

The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn rnThe consortium is made up of the Distilleries […]

Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs.600 mn more than the original assessment of […]

Seylan Bank plans to raise about a billion rupees in this year through a combination of equity and debt to boost its capital adequacy.The bank said Monday it is issuing quoted non-voting shares at a premium, but stopped short from disclosing the price or quantum.rn rnThe new shares on offer will be subject to regulatory […]

Plans to ease Colombos mega traffic jams are finally getting off the ground with the Urban Development Authority scouting for investors to set up a mass rapid transit system. The mass transport system will stretch along Galle Road and reach the airport and the outskirts of Colombo city.rn rnAt least four firms have so far […]

Bank of Ceylon said Monday its profits crossed the billion rupee mark in 2002, despite a slight drop in its turnover.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn rn Financial highlights: rn rn rn Bank rn Group rn rn rn rn 2002 rn (Rs. mn) rn 2001 rn