Category: Banking and Finance
Fitch Ratings to review Sri Lanka national ratings assigned to tier 2 debt
Mar 11, 2020 (LBO) – Fitch Ratings will review the National Ratings assigned to the issues of Tier 2 debt of Sri Lankan banks and non-bank financial institutions (NBFIs) following the publication of its updated Bank Rating Criteria on 28 February 2020. Fitch’s ratings approach for the ratings of subordinated debt of NBFIs follows the […]
Sri Lanka stocks close down
Mar 11, 2020 (LBO) – Following global markets, the Colombo Bourse took an expected beating Tuesday with both indices tumbling heavily during the initial ten minutes of trading. With the S&P SL20 index succumbing to a 5% drop at the initial hour, a trading halt was imposed for half an hour. Although, the initial panic […]
Women in the workforce and why it matters for Sri Lanka: World Bank
To mark this year’s International Women’s day, we’re discussing how Sri Lanka can benefit from more women joining the workforce and what can be done to improve their job prospects and remain at work. World Bank Country Director for Maldives, Nepal and Sri Lanka Dr. Idah Pswarayi-Riddihough was featured in a “Spotlight Series” interview with […]
COVID-19 Outbreak to have significant economic impact on developing Asia: ADB
Mar 10, 2020 (LBO) – The ongoing novel coronavirus (COVID-19) outbreak will have a significant impact on developing Asian economies through numerous channels, including sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects, according to a new analysis by the Asian Development Bank (ADB). The […]
COVID-19 outbreak likely to affect Sri Lanka’s economic performance : Central Bank
Mar 05, 2020 (LBO) – The exact impact on the Sri Lankan Economy would depend on the extent of the global spread of the COVID-19 outbreak, its persistence and policy responses of major economies and trading partners, the Central Bank said. “Sri Lanka’s economic links with China could be directly affected as significant volumes of […]
Policy interest rates of Central Bank of Sri Lanka to remain unchanged
Mar 05, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 04 March 2020, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 6.50 percent and 7.50 percent, respectively, and […]
Sri Lanka Finance companies face added regulatory pressure
Mar 03, 2020 (LBO) – Sri Lanka’s finance and leasing sector will face added pressure for consolidation as deadlines for the implementation of tougher capitalisation requirements approach in 2021, says Fitch Ratings. We view further consolidation of the sector as positive for financial sector stability in Sri Lanka, but the process could be impeded by […]
Securities and Exchange Commission DG removed with immediate effect
Mar 02, 2020 (LBO) – Securities and Exchange Commission (SEC) Director General (DG) Vajira Wijegunawardane, appointed in 2015 with an overall service to the SEC for 13 years has been removed from the post with immediate effect. The decision to remove Wijegunawardane was by the Commissioners of the SEC SEC Director Litigation Chinthaka Mendis has […]
Simplified payment solution for SMEs in Sri Lanka : Seylan Bank
Interview with Chaminda Senewiratne, head of digital banking, Seylan Bank ……. Could you briefly explain what “Seylan merchant portal” is? “Seylan merchant portal” is a Seylan Bank developed easy plug and play online payment gateway for small and mid-level business owners. The portal allows merchants to collect online payments through their website allowing them to […]
HNB posts group PAT of Rs. 15Bn
Feb 26, 2020 (LBO) – HNB PLC weathered external headwinds in 2019 to post 15 billion rupees in Group Profit After Taxes (PAT) and 14 billion rupees in Bank PAT and remains the best capitalized bank in the sector. HNB Chairman Dinesh Weerakkody stated that “the year that preceded us has been extremely challenging with […]
HNB clinches top spot on Business Today rankings
HNB PLC secured the No. 1 ranking on the prestigious ‘Business Today Top 30’, further consolidating on a remarkable reputation for excellence and a legacy of innovation in the Sri Lankan banking industry. The award was presented to HNB Chairman, Dinesh Weerakkody and HNB Managing Director/CEO, Jonathan Alles by Chief Guest at the Business Today […]
New ADB head pledges to support development in public and private sectors
Feb 25, 2020 (LBO) – The new Asian Development Bank (ADB) Country Director in Sri Lanka, Chen Chen, assumed office in Colombo Monday. “I am honored to assume the role of Country Director at ADB’s Sri Lanka Resident Mission. I have had the opportunity of managing ADB’s transport sector portfolio in Sri Lanka in the […]