Category: Banking and Finance
Sampath and NDB Bank underwrite Sarvodaya Development Finance IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on 23rd November and will comprise an initial issue of 22,727,273 shares raising LKR 500 Mn followed by a green shoe issue of a further 22,727,273 shares for an additional LKR 500 Mn. Two of Sri Lanka’s most prominent banks, […]
Cost efficiencies drive 9-month growth for ComBank
The Commercial Bank of Ceylon Group has achieved characteristically equitable growth for the nine months ending 30th September 2021, despite a slowing down in some key contributors in the third quarter of the year. The Group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and an […]
Sampath Bank Maintains its Sustainable Growth Trajectory
Sampath Bank produced strong results for the nine months ended 30th September 2021, despite the challenges caused by prolonged impact of the COVID -19 pandemic. Due to the strategic initiatives and target orienting business plans, the Bank was able to steer through volatile economic conditions created by the pandemic to record a sizable 76.4% improvement […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]
World Bank VP reaffirms support for investments in people and resilient recovery
World Bank Vice President for South Asia, Hartwig Schafer, today concluded a six-day visit to Sri Lanka, reiterating the World Bank’s commitment to support Sri Lanka’s inclusive and resilient recovery from the COVID-19 pandemic and emphasizing the importance of investing in human capital. During meetings with the President of Sri Lanka, H.E. Gotabaya Rajapaksa; Prime […]
SL, WB partner for safe, climate-resilient transport connectivity and strong agricultural supply chains
The Government of Sri Lanka and the World Bank signed a $500 million financing agreement to provide safe, efficient and climate resilient connectivity to strengthen agricultural supply chains through the Inclusive Connectivity and Development Project. This project is expected to benefit around 16 million people living in rural communities in selected districts of Sri Lanka. Sajith […]
Standard Chartered Sri Lanka globally recognised for gender equality with EDGE Certification
Standard Chartered Sri Lanka has been certified at the second highest level of the three-tiered Economic Dividends for Gender Equality (EDGE) Certification – “Move: Showcasing Progress”, marking a first for Sri Lanka. The Bank’s EDGE Certification, the process of which was supported by the International Finance Corporation (IFC) under the IFC-DFAT Women in Work programme, […]
‘s Bank; legal orders delay LC payment, says bank
The Economic and Commercial Counselor of the Embassy of the People’s Republic of China in Sri Lanka has blacklisted the People’s Bank for not effecting the payments in lieu of a Letter of Credit issued by the bank. Releasing a statement, the bank, however, said that they are bound by an enjoining order issued by […]
Lanka Credit and Business Finance Limited IPO oversubscribed
Lanka Credit and Business Finance Limited (LCBF) initial public offering (IPO) for a total issue of 125,000,000 ordinary voting shares at an issue price of 4.00 rupees to raise 500 million rupees has been successfully oversubscribed on the opening day, the Colombo Stock exchange said. NDB Investment Bank as the sole financial advisor and […]
SL welcomes French FDI in development project tourism and hospitality sectors
State Minister of Regional Cooperation Tharaka Balasuriya, Chairman BOI Sanjaya Mohottala, had several high-level discussions in Paris, France from 05-11 October 2021. These bilateral meetings were organized in Paris with leading private sector companies, finance institutions and government agencies, with the BOI Chairman joining a delegation that comprised State Minister of Regional Cooperation Tharaka Balasuriya, […]
Eran queries purpose of maintaining COPE if it cannot take actions
SJB MP Eran Wickremaratne speaking on the debate on COPE report in Parliament expressing his dismay said it was unfortunate that the COPE committee appointed by Parliament to investigate embezzlement of hundreds of thousands of rupees in Sri Lankan state institutions had not even the power to prosecute thieves and fraudsters. He said the country […]