Category: Banking and Finance
Mark Surgenor appointed Chief Executive Officer for HSBC Sri Lanka
Mark Surgenor has been appointed as Chief Executive Officer of HSBC Sri Lanka and the Maldives from 1 December 2021. He succeeds Mark Prothero, who retired from HSBC at the end of August. Prior to this new appointment, Mark Surgenor was HSBC’s Group Head of Wealth Management, Wealth & Personal Banking. In that role, Mark […]
“Dark future looming as foreign reserve drop to USD 1.5Bn, lowest in history” Eran
The opposition alleged in Parliament that foreign reserves have dropped to US 1.5 billion dollars which included the gold reserves of US 300 million dollars. The Govt. did not refute the opposition claim that the available cash reserve was only USD 1.5 billion less than one month’s import payment, lowest in history. He told a […]
Sarvodaya Development Finance IPO oversubscribed on opening day
Sarvodaya Development Finance’s (SDF) Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day, the company secretary said issuing a statement within two hours of the opening. Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary voting shares at a […]
Alliance Finance raises Rs1Bn in subordinate debt to strengthen tier II capital
Alliance Finance Co PLC (AFC) has successfully raised LKR 1 billion in Tier II capital, with the aim of strengthening the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka. The Tier II Subordinated Debt has a tenure of 5 years […]
Commercial Bank wins ‘Best Corporate Citizen Sustainability Award 2021’ for first time
Commercial Bank of Ceylon PLC won the coveted ‘Best Corporate Citizen Sustainability Award 2021’ at an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber, to recognize sustainable champions of the local corporate world. Citizens Development Business Finance PLC and CBL Investments Limited (CBL Group) were adjudged the first and […]
Flexicare unveils export-oriented medical devices manufacturing facility at Bandaragama
Flexicare Lanka – a fully owned subsidiary of Flexicare Group, U.K. – recently inaugurated its state-of-the-art manufacturing facility in Bandaragama which is expected to revolutionise medical products manufacturing in Sri Lanka.With a total investment of over USD 15 million, the new innovative medical devices manufacturing plant begins its first phase of operations in the country […]
Sampath and NDB Bank underwrite Sarvodaya Development Finance IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on 23rd November and will comprise an initial issue of 22,727,273 shares raising LKR 500 Mn followed by a green shoe issue of a further 22,727,273 shares for an additional LKR 500 Mn. Two of Sri Lanka’s most prominent banks, […]
Cost efficiencies drive 9-month growth for ComBank
The Commercial Bank of Ceylon Group has achieved characteristically equitable growth for the nine months ending 30th September 2021, despite a slowing down in some key contributors in the third quarter of the year. The Group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and an […]
Sampath Bank Maintains its Sustainable Growth Trajectory
Sampath Bank produced strong results for the nine months ended 30th September 2021, despite the challenges caused by prolonged impact of the COVID -19 pandemic. Due to the strategic initiatives and target orienting business plans, the Bank was able to steer through volatile economic conditions created by the pandemic to record a sizable 76.4% improvement […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]
World Bank VP reaffirms support for investments in people and resilient recovery
World Bank Vice President for South Asia, Hartwig Schafer, today concluded a six-day visit to Sri Lanka, reiterating the World Bank’s commitment to support Sri Lanka’s inclusive and resilient recovery from the COVID-19 pandemic and emphasizing the importance of investing in human capital. During meetings with the President of Sri Lanka, H.E. Gotabaya Rajapaksa; Prime […]