Category: Banking and Finance

The bank needs Rs. 13.5 bn to cover Rs. 6 bn past losses and bring its Tier I capital in line with local standards.rn rnGiven the relatively weaker balance sheet of Peoples quote Bank, senior officials mapping the bank quote s restructuring strategy believe it would be easier to interest a local consortium than a […]

HNB securities issued unsecured subordinated debt to its owners the HNB group to carry out the recapitalization. rnCEO Rienzi Wijetileke told Lanka Business report that the money was injected in June after the primary dealer suffered heavy losses in its portfolio. rnHNB securities, a fully own subsidiary of the HNB group turned around posting a […]

Monies for the fund will come on quarterly basis from a 0.2 percent cess on Life Funds and 0.4 percent cess on premium incomes of the General Funds, Insurance Board of Sri Lanka Director General, Dr.Dayanath Jayasuriya said Friday. rnrnPremium incomes for 2001 stood at Rs. 16,858 mn or a 1.2 percent of GDP. Premiums […]

Up to 90 percent of SLIC is up for grabs with the government keen to get a reputed investor to manage the life and general insurance giant. rnThe Potential investors would get management control with a possible option to buy the ten percent stake held by the employees. rnThe formal sale process is expected to […]

Janashakthi, which originally bought 51 percent NIC acquired the balance 39 percent held by the Treasury this week for 287 million. rnldblquote We have been working on the merger ever since we have bought the shares, dblquote the Chairman of the company Chandra Schaffter says. rnldblquote We have also bought the shares of the staff, […]

Ministry efforts to set up an office of pension reform are already moving ahead, with a tripartite advisory committee to address all stakeholder issues.rn rnThe joint structure of government, employers and worker unions will thrash out concerns regarding retirement benefits and what is seen as a changing government role in the country quote s retirement […]

Around 17 prospective investors have expressed interest to take a controlling stake in state insurance giant Sri Lanka Insurance Corp (SLIC).rn rnUp to 90 percent of SLIC is up for grabs and the government is keen to get a reputed investor to manage the life and general insurance business. rnrnPotential investors would get the management […]

Deutsche Bank Tuesday reported a 59 percent drop in post tax profits after shedding its personal banking portfolio.

The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year. rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and […]

However, the bank quote s net profits picked up 34 percent to Rs. 174.67 mn in 2002, as against Rs. 129.98 mn in the corresponding period, HNB said Wednesday. rnrnSri Lanka quote s largest private bank saw its group revenues fall 7 percent to Rs. 5.66 bn from Rs. 5.94 bn during the period under […]

The Ceylinco group plans to channel an Indian line of credit to the rural sector.

The beleaguered industry is going through a rough patch with illiquid capital markets and volatile interest rates, leaving it with less room to manoeuvre funds. rnrnldblquote Our marketing campaigns are not strong enough, neither to we have the capacity to deploy qualified personnel outside Colombo. So this may be a route which we should look […]