Category: Banking and Finance

Peoples Leasing is planning to securitise a further Rs. 500 mn of its bus lease portfolio to ease its maturity mismatch.The new issue comes after the company successfully placed Rs.500 mn last month. rn rnPeoples Leasing has become one of the top five players in the local leasing industry within a short period of six […]

A deal finalised on Wednesday will transfer Rohan Pereras 54 percent holding in Pramuka Merchant to a four-man consortium.The paperwork is being processed, say the new shareholders, who plan to hold an emergency meeting in early February.rn rnSources estimate that the consortium put in over Rs. 5 million for the stake and expect a name […]

Local regulators are taking a hard look at a rise timber investment companies to prevent the public from depositing funds in unlicenced institutions.The move comes after Central Bank on Tuesday for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnAmong the warning list were a few companies that […]

The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec.31, 2002.With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday.rn rnDuring the […]

Sri Lankas only two lottery firms are sprucing up their act as the private sector readies to take up the gamble. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs. 6.2 billion at the end […]

The Central Bank on Tuesday announced a list of firms that were mobilizing public funds without Monetary Boards consent.Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnThe warning list includes: Common Investment Finance Co; D J Finance Co; Economic & Rural Resource […]

State run Peoples Bank is looking at alternative options if its proposed capital raising exercise fails to attract the necessary funds.The bank needs Rs. 13.5 bn to cover past losses of around Rs.6 bn and bring its Tier I capital in line with local standards.rn rnTalks with the IMF and World Bank teams last week […]

The government is building barriers between politicians and state banks to prevent directed lending that eventually goes bad, a top official said.ldblquote Weve tried hard, as a matter of policy, to build a wall between independent autonomous boards of management of government banks and politicians, dblquote Treasury Secretary Charitha Ratwatte said at an International micro-finance […]

Commercial Bank on Friday said it is raising Rs. 4 bn to meet general business expansion and redeem its Rs.500 mn debenture, which matures this year.Three billion rupees will be raised through five-year subordinated, unsecured, redeemable debentures, which carries an option of a fixed or floating interest rate.rn rnThe floating rate issue is priced at […]

Pramuka Banks Directors on Friday filed a writ application at the Appeals Court to overturn Monetary Boards decision to liquidate the bank.The move comes as Central Bank informed Janashakthi Capital to send a list of financial details they require of Pramuka Bank.rn rnOn behalf of Pramukas shareholders, Janashakthi Capital on Monday sought Central Banks approval […]

Distressed depositors of Pramuka Bank on Thursday secured a stay order to stop Central Bank from liquidating the failed savings and development bank.Thursdays court ruling prevents monetary authorities from going ahead with liquidation procedures until February 21.rn rnDepositors claim that Central Bank cancelled Pramukas licence without taking the interest of depositors or creditors.rn rnThe petitioners […]

State run Peoples Bank plans to use its extensive pawning network as broader base to popularise micro finance activities throughout the country.With technical help from the German Technical Cooperations Rural Banking Innovations Project, the bank has todate lent over Rs. 350 mn since 1998. This makes it one of the largest public banking institutions in […]