Category: Banking and Finance

The government plans to offer subsidies to promote low and middle-income houses through the November budget.rn rnState pension funds are talking to specialised housing banks like State Mortgage and Investment Bank and Housing Development Finance Corp. to lend around Rs. 150 mn at concessionary terms. rn rnSources said the Employees Provident Fund plans to lend […]

State pension funds are eyeing long term housing bank debenture issues in an attempt to correct their assets and liability mismatch.rn rnState controlled Employees Provident and the Trust quote s fund managers are in discussions with three housing banks to purchase their debentures.rn rnState Mortgage and Investment Bank, Housing Development Finance Corporation and NDB Housing […]

Peoples Leasing on Wednesday raised Rs.250 mn by securitising part of its Rs.4 bn lease portfolio.rnrnStructured by Capital Alliance, the four-year note was snapped up by top private sector institutions, Peoples Leasing, CEO D P Kumarage told Lanka Business Online.rn rnWhile the funds will go somewhat towards easing the company quote s maturity mismatch, Kumarage […]

Ceylinco Securities & Financial Services says it plans to get into the investment-banking sector.rn rnCurrently handling all types of investment related work, the firm says it has applied to the Central Bank for a specialized banking licence.rn rnWith eight branches strategically located islandwide, Ceylinco Securities provides a range of services including, stock broking (through Ceylinco […]

UK based Logica Ltd. has won an international competitive bid, to implement a Real Time Gross Settlement (RTGS) and a Scripless Securities Settlement system for the Central Bank.rnrnThe mammoth 9 million dollar deal will be funded through an existing 30 million dollar World Bank loan awarded for Central Bank reforms.rn rnBacked by nearly 25 years […]

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 […]

The bank has also awarded local IT firm, DMS Oracle, the mandate to automate its General Ledger system.rn rnCentral Bank quote s Assistant to the Governor, Dr. Rani Jayamaha told Lanka Business Online that both IT systems will be funded through an existing US$ 30.3 mn World Bank loan awarded for Central Bank reforms.rn rnBacked […]

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 […]

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 […]