Category: Banking and Finance
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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 […]
CBSL instructs banks to defer payment of cash dividends until financial statements are finalized
The Monetary Board of the Central Bank having considered the possible adverse impact on liquidity and other key performance indicators of licensed commercial banks and licensed specialised banks have issued directions on restrictions on discretionary payments of licensed banks. Accordingly, these directions shall be applicable to every licensed bank incorporated or established in Sri Lanka […]
Prime Finance raises Rs. 527mn via rights issue to meet core capital requirements
Prime Finance PLC, a member of the Prime Group, announced that it raised capital of Rs. 526.68 million following the successful conclusion of its fully subscribed Rights Issue in December 2020. Prime Finance PLC is a Licensed Finance Company by the Monetary Board of Central Bank of Sri Lanka (CBSL) which provides personal and business […]
‘s Bank
People’s Bank wishes to place on record the following with regard to certain opinions expressed or reported recently on media; People’s Bank, as a state owned entity and a bank that possesses the largest customer base and branch network in Sri Lanka, enjoys an unparalleled position of stability and security. As a result of the […]
‘ ratings on national rating scale revision
Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Fitch typically does not assign Outlooks or apply […]
Softlogic Finance issues clarification regarding punitive action by CBSL
The Central Bank of Sri Lanka recently issued a statement on penalties imposed against several financial institutions, including Softlogic Finance PLC for non-compliance with regulatory requirements during the second half of 2020. Softlogic Finance wishes to clarify that the fine imposed by the Financial Intelligence Unit (FIU) of the Central Bank was due to a […]
CBSL permits Swarnamahal Financial Services to resume business for a limited purpose
Jan 12, 2021 (LBO) – The Central Bank has made an order permitting Swarnamahal Financial Services PLC to resume business notionally for a limited purpose and limited time subject to several strict conditions, in the public interest and in the interests of the depositors of the Company. The business will be resumed for a limited […]