Category: Banking and Finance

Sri Lanka Insurance Corp. (SLIC) unionised workforce plans to strike a pact to prevent employees being retrenched after the corporation in privatized this year.rn rnThe move comes after SLIC quote s 3,000 odd workforce got jittery after the government announced plans to divest up to 90 percent of the insurance giant. rnrnChairman Chrisantha Perera told […]

Customers who maintain a balance of at least Rs.5 mn or US$ 50,000 in current or savings accounts, foreign currency accounts or deposits are eligible to become Priority Banking customers and receive numerous privileges offered at the Priority Banking Centre at No 1 Union Place, in addition to all the normal facilities available at their […]

Instead, corporations should take an immediate stock of the current position, update arrears up to 2000 and submit details to the parliament quote s library by Dec.31, 2002, Treasury Secretary Charitha Ratwatte said Monday. rnrnFrom 2002 onwards, all state institutions should table their annual accounts before parliament not later than Dec. 31, 2001, he said. […]

CEO Amitha Gooneratne told Lanka Business Online that the bank has already floated the idea with the Central Bank, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission. rnrnldblquote They [the regulators] accepted the concept, but we need to get formal board and shareholders approval through an EGM before we proceed, dblquote Gooneratne […]

Hatton National Bank (HNB) will issue Sri Lanka quote s first ten-year private sector debt instrument as part of its Rs. 2bn unsecured debenture.

Sri Lanka Insurance Corp. quote s (SLIC) controlling stake in Commercial Bank may come up for grabs when the insurance giant is sold off this year.rn rnSLIC currently owns 29.91 percent in Commercial Bank, which is worth around Rs. 659 mn as at Dec. 31, 2001. The DFCC Bank is the next highest shareholder of […]

Insurance industry has been lobbying for this facility for many years, due to the dearth of long-term investible products and fluctuating local interest rates. rnrnldblquote Until the capital account is fully liberalised, we can only help out individual companies, provided they lobby their case effectively, dblquote Exchange Controller, H A G Hettiarachchi told participants at […]

Sri Lanka Insurance Corp. quote s privatisation kicked off today with the government calling for expressions of interest from local and overseas investors.rn rnPotential investors would get the management control and ownership of a stakes up to 90 percent of SLIC, with a possible option to buy the employees 10 percent shares. rnThe closing date […]

SL AAendash long-term rating denotes a very low expectation of credit risk.The rating indicates a very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events, FRL said in a release on Monday. rn rnBOC quote s rating reflects its pre-eminent position as the largest bank in Sri […]

Housing Development Finance Corp., the state owned housing giant, is looking to raise Rs. 600 mn through a private placement later this year.rnrnCabinet approval has also come through to give HDFC lquote banking status quote enabling it to mobilise public deposits, CEO C A Sarathchandra told Lanka Business Online.rn rnThe housing giant is banking on […]

The agency is to be given strong debt recovery powers to clean up banks quote balance sheets jointly with the private sector, Prime Minister Ranil Wickremasinghe said. rnrnBad debts currently account for 18 percent of the banking sector quote s total loans, with only one out of six major banks meeting Central Bank quote s […]

The Ceylon Chamber of Commerce has urged the Government to make exits for failed companies easier whilst making useful recommendations on the new Company Law as well stressing the need for proper dealing of bankruptcies.