Category: Banking and Finance

National Development Bank plans to use a share swap to execute its impending merger with its commercial banking arm NDB Bank.rn rnIn an announcement to the Colombo Stock Exchange, NDB says shareholders of NDB Bank will be given shares in NDB, in exchange for the transfer of NDB Bank quote s net assets to NDB.rn […]

The new US dollar cheque and draft clearing system kicked off Tuesday with transactions amounting to US$ 251,139 being processed on the opening day.rn rnThe new dollar clearing system, a first for the local banking sector, speeds up realisation of dollar cheques/drafts, eliminating what is ordinarily a three-week delay.rn rnUnder the current arrangement, lead times […]

Peoples Bank will use the grant to hire a consultant to draft the information memorandum to raise badly needed capital.rn rnThe State-owned giant has negative net assets to the tune of RS. 6 bn and is operating on a Letter of Comfort from the government.rn rnBank Chairman Lal Nanayakkara told Lanka Business Report that the […]

Local banking laws do not as yet have provision let alone regulations for specialised commercial banking, with long delayed amendments still in the pipeline.rn rnBut as success stories show, Islamic banking is becoming big business even in Sri Lanka and the call for regulation may not be far off the mark. rn rnldblquote We are […]

Currently, clearing dollar drafts, dollar cheques etc drawn on local banks, takes a few weeks to clear.rn rnThe delays are longer if an outstation bank presents the foreign currency drafts/cheques to the clearing house.rn rnLankaClear quote s Chief Executive, L J Wickremasinghe says the new facility will kick in from October from their offices at […]

Those selected are believed to be Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance and CT Smith Stockbrokers representing a consortium, sources close to the deal said Wednesday.rn rnThose selected will have to carry out an extensive due diligence exercise before they submit financial bids.rn rnEarlier 18 parties had […]

Upcoming leasing specialists, Allied Finance has raised around Rs. 100 mn by securitising part of its Rs. 600 mn leasing portfolio. rn rnSecuritisation pools together a group of receivables from financial assets. A trust certificate or a fixed income instrument is then issued to investors based on the strength of the cash flows. rn rnThe […]

FRL said the rating is for Singer quote s Rs.300 mn unsecured redeemable debenture programme commencing 2002-5.rn rnLast Wednesday, Singer said it was raising Rs. 300 mn via a three-year debenture to retire high costs of short-term debt.rn rnSL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial […]

Fledgling financial powerhouse, the Janashakthi Group added another trophy to its growing portfolio by taking over the assets of Mutual Finance and Investments Ltd.rn rnRe-christened as Janashakthi Finance and Investment, the Janashakthi Group forked out around Rs. 7.6 mn to acquire the relatively dormant finance company.rn rnWhile approving the formal takeover, the Central Bank as […]

Submissions for technical proposals closed on Tuesday evening, but only six parties had responded for the third stage, sources close to the deal said Wednesday.rn rnThe six parties are believed to be, Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance Insurance and CT Smith Stockbrokers representing a consortium.rn rnEarlier […]

Hundreds of Employees Trust Fund (ETF) members come to its offices at Narahenpita to collect their dues. And the queue is always long. They are however easy customers to please.rn rnUnlike bank customers, they can quote t shift their money even if they are unhappy about the returns or level of service. rn rnAnd in […]

The package could be followed by a grant up to US$ 20 million to set up the authority somewhere next year.rn rnGovernment revenue collections consistently fall short of targets due to problems with tax collection.rn rnThe ADB says the Revenue Authority, a merged entity between Inland Revenue, customs, and excise departments, would be better equipped […]