Category: Banking and Finance

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 […]

Eagle Insurance, which is offering online insurance cover for international trade says the new service will speed up transactions.

The US$ 50,000 grant, extended through the Asian Development Bank (ADB), will finance a study to set up an autonomous authority to streamline revenue collection and tax administration.rn rnInefficiencies in revenue collection, as well as widespread tax evasion are an established fact, with state revenues on the decline in the past few years.rn rnThe national […]

Managing Director Nihal Jayawardene says the company was studying the proposals and would consider accepting one of them shortly.rn rnMeanwhile, reliable sources say the bank is holding an accumulated loss of Rs. 260 million with an average monthly loss of over Rs.5 million. rn rnAt Rs. 260 million, the bank quote s accumulated loss has […]

Central Bank is seeking more flexibility to cut commercial bank quote s statutory reserve ratios in the future and also pay interest on reserves if it reaches extraordinary levels.rn rnIn a soon to be introduced amendment to the Monetary Law Act, the current floor levels for reserves will be taken off giving Central Bank discretion […]

Former CEO Hydery Rehmanjee presently serving on the director board was reappointed to the seat, a company release says.rn rnWikramanayake joined UAL as Deputy CEO in April 1999 when he returned to the country after a 19 year stint in a Bermuda based international bank. A year later he succeeded Rehmanjee to the chair. rn