Category: Banking and Finance

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 […]

Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn rnMooted under the 2002 budget, the […]

Sri Lankas top accounting body will discuss ways to reposition the country at its annual conference in May.Under the theme of lquote Repositioning Sri Lanka Globally endash Leading a Paradigm Change, the two-day CIMA conference starting May 29, will bring together over 400 participants. rn rnThe ceremonial inauguration will take place on May 29 at […]

Parliament on Wednesday passed amendments to the state pension funds, paving the way for a new contributory style retirement scheme for public sector employees.The Employees Provident Fund Act was amended to allow a new pension scheme for public sector employees to start off from January 1.rn rnUnder the amendments, new recruits to the public cadre […]

The Sampath Bank led consortia is expected to infuse Rs. 700 mn into the under capitalised Union Bank.Union Bank shareholders gave their approval to raise the authorise capital by another billion rupees to Rs. 2 bn, issue special class of shares and increase the size of its board.rn rnSampath Bank and the Chinkara group are […]

The government plans to shortly amend laws to allow consolidation in the banking sector as well as laws to form a debt recovery agency.The Banking Act is being amended to include provisions for takeovers and mergers.rn rnldblquote The amendments are before the Finance Minister now and we expect them (laws) to go to parliament sometime […]

DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec.31, 2002.Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn rnThe development financial institutions bottomline was benefited largely […]

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will kick off on endash site investigations of Pramuka Savings & Development Banks accounts later this week, Lanka Business Online learns.Though both Central Bank and SLAASMB have regulatory oversight over accounts of commercial banks, there is no formal mechanism for sharing information or conducting joint […]

A top sub-continental bank is counting on increased trade in the region to drive its operations. Indian Bank says the current Free Trade Agreement between India and Sri Lanka could give a boost to the demand for trade related services.rn rnldblquote We would like to educate our clients on Sri Lanka- that things are improving […]

The government is trying to bring in new laws to empower a new company that will take over dud loans of the State banks.The Memorandum of Articles has already been drafted for the setting up of a limited liability company to manage bad loans.rn rnThe asset management company is awaiting government approval before it is […]