Category: Banking and Finance

The Employees Trust Fund is knocking on regulators doors to expand its investment reach, as the local capital markets offer limited scope.The Rs. 40 bn state Fund, saw its revenues hit Rs.5 bn in 2002, for the first time since its inception in 1981.rn rnRevenue growth largely came from capital market gains (Rs. 73.2 mn), […]

Sri Lankas largest private insurer, Ceylinco Insurance Co. is looking overseas with plans to add a few branches to its existing operations.Talks are under way to open up branches in Burma, Pakistan and Uganda in the coming months, Chairman Deshamanya, Lalith Kotelawala told journalists.rn rnThe company currently has operations in Nepal (joint venture with Sagarmatha […]

The Asian Development Bank has selected Sri Lanka as one of the test beds, for a survey on economic data gathering based on purchasing power equivalence.The project is part of the global International Comparison Programme (ICP) to calculate purchasing power parities (PPP) of countries.rn rnThis will allow comparisons between countries of the levels of economic […]

Three and four-year bond yields plunged around 30 basis points today as dealers scrambled to grab the bonds.The weighted average yield of the 3 year bond fell 28 basis points to 10.06 %, while the 4 year bond yield fell 31 basis points to 10.07%.rn rnThe two one and a half billion medium term bond […]

Interest for a stake in the lotteries business has dwindled to one bidder, from nearly 40 contenders vying for the gamble at the start of the process in December 2002. Leading bluechip firms, game operators (casinos and bookkeepers) and international lottery managers were among the firms interested, PERC officials said in an earlier in January […]

State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn rnThe company earmarked for […]

Savings giant NSB got a top SL AAA credit rating from Fitch Ratings Lanka. The rating denotes the highest credit quality and maximum safety.rn rnThe national savings bank becomes only the second bank in the country after Citibank, to get the top credit ranking.rn rnNearly 80 percent of the deposits at the national savings bank […]

National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]

Sate insurance giant Sri Lanka Insurance Corp. (SLIC) posted a provisional Rs. 753 mn profit for 2002, despite rising reinsurance premiums.Net earnings in 2001 were Rs. 1.16 bn, an unusual year when it booked heavy investment income of Rs. 700 mn. rn rnThe company earmarked for privatisation next month said its premium income grew by […]

The Asian Development Bank (ADB) is giving US$ 150,000 by way of technical assistance to carry out a survey on Sri Lankas business climate.ADB on Wednesday said the study would look at Sri Lankas investment climate and productivity aims to foster private sector development that contributes to long-term poverty reduction.rn rnThe survey will look at […]

The International Finance Corp (IFC) has offered a US$ 10 mn term loan facility to strengthen Commercial Banks lending portfolio.ldblquote We are finalising the terms and conditions, and the funds will go towards our medium-term dollar loans and other foreign currency lending facilities, dblquote Commercial Banks DGM, Ranjith Samaranayake told LBO. rn rnSri Lankas largest […]

Capitalising on recent budget initiatives, Nextventures Ltd, is seeking Rs. 300 mn through a private placement to start a new fund.Nextventures Fund One (Pvt) Ltd is a close-ended fund with a five-year life period.rn rnThe fund will mainly invest in lquote knowledge and technology based companies like software, e-commerce, networking, wireless, Internet infrastructure and so […]