Category: Banking and Finance
ComBank launches Sri Lanka’s first ‘WhatsApp Banking’ facility
A simple “Hi” is all it now takes to access services at the Commercial Bank of Ceylon. Demonstrating its innovative use of new-age communications, the country’s largest private bank has pioneered a ground-breaking product on the world’s most widely-used messaging platform WhatsApp to become the first Sri Lankan bank to offer Banking Services on the […]
Sarvodaya Development Finance records a profit growth of 147-pct in 2019-20
Jun 30, 2020 (LBO) – Sarvodaya Development Finance (SDF), the financial services arm of the Sarvodaya Movement, sailed through the turbulent 2019-20 financial year to report a record profit growth. The finance company, which funds the charitable and social development activities of the Sarvodaya Movement across rural Sri Lanka, recorded one of its best years […]
HNB records 15-pct YoY growth in digital remittances during COVID lockdown
Jun 29, 2020 (LBO) – Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown. The bank recorded a 15% Year-on-Year (YoY) increase in digital remittances and a 10% YoY increase in cardless withdrawals across its extensive ATM network […]
Second stage of compensation payments to The Finance Company depositors
Jun 26, 2020 (LBO) – Sri Lanka’s Central Bank has taken measures to commence the second stage of the compensation payments to the depositors of The Finance Company PLC (TFC) with effect from 02.07.2020. In terms of this compensation mechanism Rs.600,000/- is paid per depositor basis. Accordingly, such payments will be taken place at 63 […]
Bank of Ceylon disburses loan facilities over Rs. 4bn thus far
Jun 26, 2020 (LBO) – As the Sri Lankan business community struggles to recover from the devastating effects of the COVID-19 economic impact, the country’s premier state-owned bank, Bank of Ceylon, has reached a milestone in providing the community with a lifeline of recovery. “Businesses affected by the pandemic have been granted a moratorium for […]
SL Treasury, Central Bank should consider credit guarantees for Covid-19 distressed bank loans
By the Advocata Fellows: Liquidity injections will impact forex market and debt repayments Even though Sri Lanka’s economy has opened up, businesses are still recovering from the dual shock of the locally imposed curfew as well as the global fallback from the coronavirus. A vast majority of Sri Lankan businesses are in need of support […]
ComBank further slashes lending rates
Jun 26, 2020 (LBO) – The Commercial Bank of Ceylon has announced a further lending rate cut, slashing rates by up to 2 percent on all categories of loans in a continuing effort to bolster businesses affected by the COVID-19 pandemic by providing affordable access to desperately-needed funds. The Bank took steps to reduce lending […]
” offers special low-interest business loans
Jun 25, 2020 (LBO) – Sampath Bank has rolled out a host of special business loans and gold loans under its Revive Sri Lanka initiative at a low-interest rate of 9% p.a. Sampath Bank is now offering special low-interest Sampath Diriya loans of Rs.10 million up to Rs. 100 million at 9% p.a. under the […]
SL should aim for V-shaped economic recovery post COVID 19 : Cabraal
Jun 25, 2020 (LBO) – Ajith Nivard Cabraal, advisor to the Prime Minister on Economic Affairs says that Sri Lanka should aim for V-shaped economic recovery and aspire for high growth in the immediate future. Elaborating further on the topic Cabraal told Lanka Business Online exclusively. ……..
Sri Lanka tourism post COVID-19 – way forward
Jun 24, 2020 (LBO) – Following Sri Lanka’s successful containment of COVID-19, Sri Lanka Tourism has been collaboratively exploring avenues of re-positioning Sri Lanka as the world’s number one destination with an excellent health care system, by introducing extensive health and safety protocols to ensure a ‘Safe and Secure’ traveller experience. Through an extensive consultative […]
Nations Trust Bank launches Rs.7Bn “Nations Diriya” fund to support economic revival
Jun 24, 2020 (LBO) – Nations Trust Bank announced the launch of 7 Billion rupees internally generated funds dedicated to extending financial support to key industries, enabling them to recommence their businesses and in turn boost the national economy. With the “Nations Diriya” support fund, the Bank will reach out to exporters under “Nations Apanayana […]
John Keells Holdings secures USD 175 mn long-term financing facility from IFC
Jun 23, 2020 (LBO) – Sri Lanka’s diversified John Keells Holdings on Tuesday entered into a long-term financing agreement with the International Finance Corporation (IFC) for US Dollars 175 million to support funding of the Company’s investment pipeline. The company said in a stock exchange filing that this facility is IFC’s largest investment to-date in […]