Category: Banking and Finance
‘s Central Bank amends annual license fee of banks
The Monetary Board requests every licensed commercial bank and licensed specialised bank to pay the licence fee in respect of the calendar year 2022 to the Central Bank on or before 31 January 2022, based on the total assets of such bank as at the end of 2021, as set out in the table below. […]
” on sovereign downgrade; affirms Local-Currency IDR
Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. Fitch has also downgraded BOC’s Viability Rating (VR) to ‘cc’, from ‘ccc’, and has affirmed […]
Central Bank requests banks to suspend parate execution & forced repossession of leased assets
Sri Lanka’s Central Bank with a view to meeting the challenges faced by businesses and individuals due to the ongoing COVID-19 pandemic, requests banks to suspend all types of recovery actions, including parate execution and forced repossession of leased assets. In a circular to all licensed commercial banks and licensed specialised banks, the Central Bank […]
SLTC divests from Sri Lanka Telecom in management buy-out
A management buy-out backed by Tempest two (Pvt) Ltd is gearing to acquire SLT Campus (Pvt) Ltd (popularly known as Sri Lanka Technological Campus) from Sri Lanka Telecom PLC in order to launch SLTC towards its ultimate objective of being Sri Lanka’s first and most recognized research-oriented university. Having been initiated and funded by SLT, […]
Finance Minister Basil Rajapaksa concludes successful visit to New Delhi
At the invitation of the Indian Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, Minister of Finance of Sri Lanka Basil Rajapaksa concluded a successful two-day official visit to New Delhi recently. This was the first overseas visit of Finance Minister Basil Rajapaksa since he assumed office in July this year. During the two-day official […]
BOI enterprises export revenues, record 2019 values: Double digit growth recorded in seven sectors
Accounting for 65% of all national exports and 85% of all national industrial exports, the Board of Investment today announced that total export earnings recorded as at date for the year, from enterprises under its purview, have surpassed export revenues with the corresponding year-to-date value achieved in 2019. The year 2019 is regarded as the […]
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 […]