Category: Banking and Finance
” launches Equity Fund & Money Market Fund
Jun 17, 2020 (LBO) – Softlogic Invest, the Asset Management arm of Softlogic Capital, recently launched two unit trusts or mutual funds – Softlogic Equity Fund and Softlogic Money Market Fund after obtaining the license from the Securities Exchange Commission of Sri Lanka (SEC). Capitalizing on the existing expertise coming in via the Softlogic financial […]
State Banks must play their bounden role in economic revival: President
Jun 16, 2020 (LBO) – The State Banks should make their bounden contribution to rebuild the economy which is in a perilous state due to COVID – 19 pandemic. It is the responsibility of State Banks to put in place the mechanism to implement the policies of a government. Taking forward the strategy of maintaining […]
Housing for middle and low income families a priority: President
Jun 12, 2020 (LBO) – President Gotabaya Rajapaksa instructed the officials of the State Development and Construction Corporation to pay attention to the construction of housing schemes for middle and low income families. President gave this directive at a meeting to review the progress of the State Development and Construction Corporation held at the Presidential […]
Nations Trust Bank offers easy access to your statements
Jun 10, 2020 (LBO) – Nations Trust Bank achieved another “first” in the industry by introducing “Nations Online Statement Platform”. Customers of Nations Trust Bank can now log in from anywhere at their convenience, using their registered mobile number and access their bank statements and transaction histories. Nations Direct, the suite of digital banking services […]
Roadmap to post-COVID-19 economic recovery
Jun 08, 2020 (LBO) – What is Sri Lanka’s strategy to help the country’s economy recover? What should our policy priorities be, both medium and long term, to enable a post-pandemic rebound? Join The Chamber Academy’s discussion on the Roadmap to Post-COVID-19 Economic Recovery, and engage with economic experts on 12 Friday, from 11-12:30pm. The […]
Standard Chartered supports MAS Intimates’ combat against COVID-19
Jun 08, 2020 (LBO) – Standard Chartered announced today that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the Bank’s USD1 billion COVID-19 financing commitment. The Bank extended a USD11 million loan to Sri Lanka-based MAS Intimates to facilitate the purchase of […]
First phase of compensation payment for The Finance Company depositors
Jun 04, 2020 (LBO) – The Central Bank has taken steps to pay compensations up to 600,000 rupees to all insured depositors of The Finance Company (TFC) as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme. The Central Bank said in a statement that the balance amount if any will be […]
Sri Lanka export earning drop 42.3-pct in Mar 2020
Jun 02, 2020 (LBO) – The deficit in the trade account narrowed in March 2020 to US dollars 549 million, from US dollars 592 million in March 2019, as the decline in imports in value terms exceeded the decline in exports, the Central Bank said. However, on a cumulative basis, the trade deficit widened to […]
How can we adjust our capitalist system to face post COVID-19 challenges?
An article by Tharaka Balasuriya With the chaos resulting from Covid 19, many have questioned the effectiveness of the neoliberal economic model. A debate about the negative impacts of the open economic system has been on going in Sri Lanka ever since the introduction of free market reforms in 1977. Although successive governments have experimented […]
ComBank raises another Rs.10Bn to support COVID-19 affected SME exporters
Jun 01, 2020 (LBO) – The Commercial Bank of Ceylon has announced the commitment of approximately Rs 10 billion to a Bank-funded COVID-19 Support Loan Scheme to assist affected SME enterprises. This assistance would be in addition to the working capital loans scheme implemented under a credit line provided by the Central Bank of Sri […]
Commercial Credit appoints D Soosaipillai as new Chairman
May 26, 2020 (LBO) – D Soosaipillai, a pioneer in the leasing and financial services industry both in Sri Lanka and overseas was recently appointed as the new Chairman of Commercial Credit. He succeeds Cecil Perera, a finance industry veteran and senior attorney-at-law who chaired the Board before him and retired after the regulatory 9 […]
Central Bank cancels finance business licence of The Finance Company
May 22, 2020 (LBO) – Sri Lanka’s Central Bank has decided to cancel the finance business licence issued to The Finance Company (TFC), in terms of the FBA with effect from today. Accordingly, TFC is not permitted to engage in Finance Business under the Finance Business Act No.42 of 2011 (FBA) with effect from such […]