Category: Banking and Finance

Peoples Leasing Company is scouting for a strategic partner as its parent company is keen to reduce its holding in the company.Formed as a fully owned subsidiary of Peoples Bank in 1995, PLC was initially intended to help the banks customers.rn rnIn 2001, Peoples Bank infused a further Rs. 40 mn into the company to […]

Pramuka Banks crisis deepened this week with courts issuing orders on the senior management not to leave the country.But Pramuka Chief Rohan Perera has already left the country.rn rnMeanwhile employee shareholders who formed a Stakeholders Association would be meeting again this week. rn rnThe bribery commission began its investigations into the alleged kickbacks to public […]

The government is fast putting together a regulatory framework to facilitate competition.At the same time the private sector together with trade chambers have also been asking for opening up of sectors, which have been government monopolies before.rn rnHowever competition has been slow to arrive in some industries which have been thrown wide open. rn rnCommerce […]

In line with the best international practice Central Bank will focus on the core objectives of economic and price stability and ensuring the stability of the financial system, dropping a number of subsidiary objectives that tended to distract the Bank in the past.rn rnIn the conduct of monetary policy itself the Central Bank has given […]

The government has put off Sri Lanka Insurance Corp.quote s privatization for the fourth time till early next year.rn rnThe Public Enterprise Reform Commission on Wednesday wrote to the three shortlisted bidders giving them more time to submit fresh technical and financial bids till January 21, 2003.rn rnThe competitive sales process for the 90 percent […]

Pramuka Bank Employees Union called for the banks top management to step down immediately while also forming a stakeholders association to safeguard their interest.Union President Sunimal Dabrera told members on Monday that the Monetary Board and the Central Bank should exercise its powers under the Banking Act to remove Pramuka Savings & Development Banks senior […]

A new law aims to hold ministers responsible for meeting performance targets while keeping spending under control.rn rnThe proposed Economic Management Law will require ministers to submit annual and quarterly accounts on time. Violators of the law will have their funding cut in the latest government effort to curtail spending and hold legislators responsible for […]

In another development Pramuka founder Rohan Perera stepped down as chairman during the week and Udaya Nanayakkara took over as Chairman on Wednesday.rn rnThe Criminal Investigation Department visited the bank on Thursday.rn rnThe Central Bank, which suspended Pramuka bank operations, has so far not indicated what it wants to do.rn rnBut analysts say depositors may […]

HSBC became the only foreign bank to have its own primary dealer operation when the bank invested Rs.150 mn to start one.rn rnBank officials say starting a primary dealer was logical as the bank otherwise had to go through other dealers to access the primary market.rn rnHSBC also says the license will help them offer […]

The Central Bank has reported Pramuka Bank quote s alleged financial irregularities to the CID, Bribery Commission and Labour Dept., while the Attorney General quote s Dept filed charges against the bank quote s key officials on Friday.rn rnActing on the tip of alleged fraudulent activities, the Criminal Investigation Dept. swooped down on Pramuka Savings […]

Sri Lanka quote s smaller banks are intensifying their efforts to attract investors following the Pramuka affair.rn rnNon endash performing loans are affecting smaller banks more than the bigger banks.rn rnMarket speculation was high on Thursday that Sampath Bank may be involved in a possible deal to strengthen Union Bank.rn rnThe exact role to be […]

Pramuka Savings & Development Bank plans to set up a special internal audit team, after its Chairman Rohan Perera stepped down following a Board Meeting late Tuesday.rn rnThe board has appointed existing Director Udaya Nanayakkara as Chairman, but it is not clear whether Mr. Perera remains as President and CEO of the bank troubled bank.rn […]