Category: Banking and Finance

Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Deputy Finance Minister Bandula Gunewardene said.rn rnldblquote They will not be questioned about the source of funds or face prosecution for not declaring the assets earlier, dblquote Minister Gunewardene told members of the […]

Standard Chartered Bank Thursday launched a new relationship-banking product to serve its mid-level customers.The bank said its lquote SelectBanking product will take relationship banking and personalised services to new levels.rn rnUnder SelectBanking, customers get a dedicated relationship manager and a special counter to fast track banking services.rn rnSpecially branded cheque books and ATM cards ensure […]

Business Development Services or BDS are support services offered for SMEs, providing start-up, non-financial assistance. rn rnOver the last 25 years the BDS market expanded rapidly reaching double-digit growth in the 90s, driven largely by the commercial sector.rn rnldblquote The 80s was the decade of the government sector providers, in the 90s it was the […]

Government savings giant NSB is in the final stages of getting a credit rating from Fitch Ratings Lanka.National Savings bank with public deposits of over Rs.130 bn is expected to publicly announce the senior debt rating once it is assigned.rn rnThe Banks General Manager Eastman Narangoda told LBR that the rating audit has already been […]

The Seylan Merchant Bank (SMB) Group has posted a 122 percent growth in profits after reporting a loss in 2001.The Groups pre-tax profits rose to Rs.11.3 mn for the period ending Dec.31, 2002 from a Rs. 51.7 mn loss in 2001. rn rnThe Banks pre-tax profit grew 104 percent to Rs. 2.2 mn from a […]

Life Insurance Corp. of India has secured regulatory approval to start a life insurance unit in Sri Lanka.Teaming up with the Bartleets Group, LIC has invested Rs.100 mn to purely cater to the local life insurance business.rn rnLIC controls 75 percent of The Life Insurance Co (Lanka) Ltd with Bartleets owning the balance.rn rnCEO R […]

Just before the national lottery is slated to move into private hands the lotteries board is unveiling a new code of behaviour. Officials say the board is going to launch a media campaign warning people against dicing with their last penny.rn rnThe National lotteries board will also stop its agents from selling lotteries to minors.rn […]

The Central Bank on Thursday responded to the public debate on Pramuka Savings & Development Banks crisis, by saying it will reveal all as the weeks go on.In a lengthy six-page statement, the monetary authorities gave a brief description of its actions since Pramukas licence was cancelled in December 18, 2002.rn rnDespite several warning letters, […]

DFCC Bank on Thursday secured a SL AA national rating from Fitch Ratings for its implied long-term unsecured senior debt. SL AA long-term rating denotes a very low expectation of credit risk. The rating indicates a very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events, Fitch […]

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 […]