Category: Banking and Finance

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 […]

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 […]

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 […]

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 […]

Businessmen Rajah Mahendra Nanayakkara and his company Ishara Traders has acquired controlling stake of Lanka Orix Leasing Co.(LOLC) at the close of a voluntary offer.rn rnRegistrars to the offer SSP Corporate Services said Nanayakkara has bought up a further 23.35 percent from Powick Finance Ltd.at Rs. 52 per share. Ishara Traders now control a little […]

The Seylan Merchant Bank (SMB) Group has reported a healthy growth in profits for the nine months ending September 30, 2002, compared to the corresponding period of last year. rnrnIn results released this week, the SMB group reported a pre-tax profit of Rs 7.1 million, a growth of 116 percent compared to the loss of […]

State-run Bank of Ceylon has opted to wind up two of its less profitable overseas branches as part of a strategy to concentrate on core business.rn rnOperations in Kathmandu were closed down recently, while the Karachchi office will cease early next year, top officials said.rn rnHowever, Bank of Ceylon will continue its presence in the […]

The Technical Evaluation Committee under the cabinet appointed tender board quote s supervision has begun evaluating final bids for the Sri Lanka Insurance Corp.sale, PERC said Monday.rn rnThe government plans to dispose 90 percent of its stake in the insurance giant later this month.rn rnThe competitive sales process for SLIC began in July, but the […]