Category: Banking and Finance

Pramuka Banks key shareholders on Monday evening gave the Janashakthi Group the mandate to look at the possibility of resurrecting the troubled development and savings bank.Janashakthi is currently the largest Pramuka shareholder controlling 13.5 percent in the name of the National Insurance Corporation (NIC), and Acland Holdings Ltd.rn rnJanashakthi Capital, who will handle Pramukas affairs, […]

Two local investor groups are talking to Peoples Bank to give it a badly needed equity injection while the government is seeking donor assistance for further reforms of the bank.The bank, which had its capital wiped out due to bad lending practices in the past, has been looking for up to thirteen billion rupees in […]

Pramuka Employees are accusing the banks auditors KPMG of certifying accounts, which were not true and fair when there were massive accounting frauds. They are particularly concerned about the illegal provident fund.ldblquote The audited accounts pertaining to Pramuka Bank have not portrayed a true and fair view of its state of affairs, dblquote says Sunimal […]

Pramuka Employees picketing in front of the audit firm, KPMG Ford Rhodes and Thornton, alleged that the audit firm had failed to detect massive accounting frauds at the bank.ldblquote The Audited accounts pertaining to Pramuka Bank had not portrayed a true and fair view of its state of affaires, dblquote Pramuka Employees Association President Sunimal […]

The Ceylon Chamber of Commerces Import Section is lobbying with fiscal authorities to ensure commercial banks reduce their lending rates in line with Central Banks recent rate cut.The Treasury and the CentralBank in its persistent efforts to reduce lending rates to the Business Sector, has on many occasions during the last year reduced theReserve Requirement, […]

Standard Chartered Bank is coming out with lquote Select, a new wealth management product, to manage upper middle class segments personal banking needs.The bank is also betting on an upsurge in credit demand to fuel its consumer and retail banking operations this year.rn rnStandard Chartered just concluded a merger with ANZ Grindlays Bank to become […]

The government has shelved plans to privatise the state owned Development Lotteries Board following opposition from President Chandrika Kumaratunga.ldblquote The privatisation process has been put off, instead we are hoping to re-organise Development Lotteries Board by introducing innovative products to popularise lotteries in Sri Lanka, dblquote Chairman, J K Fernando told journalists on Monday.rn rnHowever, […]

A team from the IMF is expected soon to start final negotiations on a structural adjustment loan expected by March this year.The International Monetary Fund team will arrive on January 20, to negotiate the final terms of a long-term loan.The IMF board could approve the loan in March if the terms are finalized during the […]

The new contributory pension fund for public servants has not got parliamentary approval as unions opposing the deal have sought legal action.The present Employees Provident Fund Act will be amended to include the new Public Service Provident Fund.rn rnThe new pension scheme will kick in from January 1, 2003, with new recruits to the public […]

HSBC added another trophy to its acquisition collection by taking over the sole agent for Diners Club credit cards in Sri Lanka and the Maldives.Diners Club is the worlds first credit card.The Citigroup of the USA currently handles its operations. A high-end American credit card, Diners Club is used mainly as a corporate entertainment card.rn […]

Union Bank hopes to issue preference shares to a consortium of new investors, as part of its efforts to re-capitalise.The consortium led by Sampath Bank plans to inject Rs. 600 mn to prop up Union Banks balance sheet.rn rnSampath will inject Rs. 150 mn, with the balance split between National Savings Bank and Singapore based […]

Vanik Inc., which has delayed payment on its listed debentures, says it is hoping to pay interest as soon as some planned debt collections come in.Vanik has also come up with a new restructuring plan, which they are hoping to present to their bankers.rn rnThe plan involves waiving off accumulated interest and releasing some of […]