Category: Banking and Finance

Commercial Bank plans to tap the market for Rs. 4 bn with the backing of an issue rating from Fitch.The bank already has an AA+ rating for its senior debt.rn rnCommercial Bank says the issue rating which could be a notch lower than its senior debt rating will be made public.rn rnldblquote Whatever the rating, […]

Peoples Bank is waiting for a fresh lquote letter of comfort from the Treasury to sign off its 2002 financial statements.The Treasury last issued the letter on April 3 2002, but subsequently withdrew it, with the hope of finding fresh investors for Peoples Bank.rn rnThe bank has halved its Rs. 6 bn negative networth, after […]

A top IFC official who is on a routine visit to Sri Lanka, signed the deal this evening.rn rnUnder the agreement, IFCs will be represented on Commercial Banks board by a single board seat.rn rnCommercial Bank will also buy back 5 percent of its shares held by SLIC to start an employee share trust.rn rnBoth […]

Citibank NA Sri Lanka branch topped the honours list by securing a SL AAA (Triple A) national rating from Fitch Ratings Lank for its implied unsecured senior debt.This is the first time a local bank has secured a Triple A rating from Fitch Ratings Lanka (FRL).rn rnldblquote A Triple A rating means we are resilient […]

Commercial Bank of Ceylon Ltd on Wednesday notched a 25 percent profit growth and said it was taking a bold step to move towards triple bottomline reporting.Sri Lankas most profitable private bank said its turnover topped Rs. 8.1 bn, and post tax profits clocked in Rs. 1.3 bn during the period under review.rn rnldblquote We […]

Pramuka Bank Stakeholders Association is urging Central Bank to quickly give the information required by Janashakthi Capital for their restructure proposal, before the firm loses interest.ldblquote The more the Central Bank delays, the more difficult it will be to do anything, dblquote says Stakeholders Association President Sunimal Dabrera. ldblquote These people may also lose interest. […]

Ceylinco Life, Sri Lankas largest private insurer, has ended the year with a record Rs 2.360 bn in premium income.Figures released this week show that the company continued to outperform its closest rival by more than Rs.500 mn in terms of premium income, the firm said in a release on Monday.rn rnThe firms Life Fund […]

Indias Life Insurance Corp. plans to set up an ombudsman to settle life insurance disputes as part of its efforts to encourage Sri Lankans to take up insurance policies.The Indian life insurance giant officially opened its doors for business over the weekend through its local unit LIC Corp. (Lanka) Ltd. rn rnThe local arm is […]

The government is expected to dispose 20 percent of its ownership held in Commercial Bank through Sri Lanka Insurance Corp. by end next week.Treasury approval has come through for Commercial Bank to buy back 5 percent and the International Finance Corp.s to take up 15 percent of this parcel at Rs. 165 per share.rn rnSEC […]

Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence. HDFC is looking for at least Rs. 650 mn in fresh equity through a private placement to be raised within the next two months. rn rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised […]

Lawyers for Pramuka depositors argued before the Court of Appeal that the Monetary Board had no authority to liquidate Pramuka Bank.The petitioners argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board […]

Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.The shares owned by Sri Lanka Insurance Corp., will be used to fund an employee share trust for the banks staff.rn rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares […]