Category: Banking and Finance
Trade Finance and Investments amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), a financial service providerhas been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 […]
Commercial Bank’s ePassbook surpasses 1 million customer registrations
New app downloads of Commercial Bank of Ceylon’s ePassbook has increased by 150,000 in just six months after self-registration was permitted via a recent upgrade, Sri Lanka’s largest private bank reports. The first digital passbook in Sri Lanka’s and South Asia’s banking industry, ComBank ePassbook has users in more than 100 countries who now log […]
Rated Sri Lankan corporates less exposed to sovereign than banks: Fitch Ratings
Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity, and limited exposure to government. On the other hand, local financial institutions’ ratings are usually constrained by the […]
Sampath Bank report slight decline in profits for 2020
Financial Performance for the Year 2020 Sampath Bank recorded a decline in Profit After Tax (PAT), from Rs 11.1 Bn in 2019 to Rs 8 Bn for the year 2020. Despite this being a 28% decline, it is nonetheless a noteworthy result against the backdrop of the COVID-19 induced economic slowdown locally and globally. Meanwhile, […]
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Fitch Ratings has assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘A(EXP)(lka)’. The notes will total LKR7 billion, mature in 10 years and include a non-viability clause. The bank plans to use the proceeds to refinance the debentures maturing in 2021, to […]
Sampath Bank partners with John Keells Properties’ TRI-ZEN on Home Financing Solutions
Sampath Bank entered into a strategic alliance with TRI-ZEN, a premium smart living project being developed in Union Place, Colombo by John Keells Properties in partnership with Indra Traders that shares the Bank’s penchant for innovation. Building on its longstanding relationship with the John Keells Group and Indra Traders, Sampath Bank seeks to partner with […]
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Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed LKR6 billion Basel III-compliant subordinated unsecured debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’. The proposed debentures will mature in seven years and will be listed on the Colombo Stock Exchange. The bank expects the proposed subordinated debentures to qualify as Basel III-compliant regulatory Tier […]
Sampath Bank to raise Rs. 6Bn in listed debentures
Sri Lanka’s Sampath Bank plans to raise as much as 6 billion rupees from a sale of Basel III compliant debentures which will be quoted on the Colombo Stock Exchange. The bank said in a stock exchange filing that they intend to sell 50 million Tier 2, listed, unsecured, subordinated debentures at 100 rupees each […]
BOI, CSE & CCC to organize first-ever virtual investor forum to attract foreign investment
The Board of Investment of Sri Lanka (BOI), Colombo Stock Exchange (CSE) and Ceylon Chamber of Commerce (CCC) are set to organize a first-of-its-kind virtual investment forum to collectively promote direct and equity investment opportunities in Sri Lanka on 6th 7th and 8th April 2021. The event is expected to attract investment interest from around […]
What Investors Want To Know: Impact Of Sri Lanka National Scale Recalibration On Bank Ratings
Following Fitch Ratings’ downgrade of Sri Lanka’s sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020, the Sri Lankan National Rating scale was recalibrated to reflect changes in the relative creditworthiness among Sri Lankan issuers. The recalibration of the Sri Lankan National Rating scale resulted in the revision of some ratings due to changes […]
‘ ratings on recalibration; 2 downgrades
Fitch Ratings has revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating to ‘CCC’ from ‘B-‘/Negative on 27 November 2020. Fitch typically […]
Samp Bank partner with Central Bank to promoting QR payments
Sampath Bank PLC joined hands with the Central Bank of Sri Lanka (CBSL) yet again to raise awareness and increase acceptance and usage of LANKAQR, the common Quick Response (QR) code standard for the country that was introduced in 2020. Encouraging consumers to adopt LANKAQR for their day to day transactions, Sampath Bank held a […]