Category: Banking and Finance
‘s private sector credit growth picks up in December
Jan 30, 2020 (LBO) – Growth of credit extended to the private sector has picked up in December 2019, on a year-on-year basis, following a continued slowdown since December 2018. Driven by domestic credit expansion, broad money growth (year-on-year) also picked up in December 2019, the Central Bank data showed. However, the absolute expansion in […]
Sri Lanka SME credit support scheme has limited effect on banks: Fitch Ratings
Jan 29, 2020 (LBO) – A scheme for Sri Lankan banks to provide special credit support to SMEs this year should not have a material effect on banks’ credit profiles, Fitch Ratings says. “We believe that the scheme will prolong the resolution of non-performing loans only until end-2020, and delay capital repayments this year, but […]
SL presents USD16Bn opportunity for pvt sector to invest in sustainable development: SC Bank
Jan 29, 2020 (LBO) – Opportunity2030: The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total. The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and […]
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]
‘s National Rating at AA+; withdraws rating
Jan 27, 2020 (LBO) – Fitch Ratings has affirmed and withdrawn Sri Lanka-based National Savings Bank’s (NSB) National Long-Term Rating of ‘AA+(lka)’ with a Negative Outlook. Fitch has chosen to withdraw the rating for commercial reasons. KEY RATING DRIVERS NSB’s National Long-Term Rating reflects Fitch’s expectation of extraordinary state support stemming from its policy mandate […]
”; Outlook negative
Jan 24, 2020 (LBO) – Fitch Ratings has affirmed Sir Lanka Telecom PLC’s (SLT) National Long-Term Rating at ‘AA+(Ika)’. The outlook is negative, the rating agency said in a statement. We have also affirmed the National Ratings on SLT’s outstanding senior unsecured debentures at ‘AA+(lka)’. The Negative Outlook on SLT’s rating reflects the Outlook on […]
Fitch revises outlook on 5 banks to negative; downgrades PLC; affirms HNB
Jan 22, 2020 (LBO) – Fitch Ratings has revised the Outlook to Negative from Stable on the Long-Term Issuer Default Ratings (IDR) and National Long-Term Ratings of the following Sri Lanka-based banks and has affirmed their ratings: Bank of Ceylon (BOC), National Savings Bank (NSB) and DFCC Bank PLC (DFCC) Fitch has also revised the […]
Commercial Bank celebrates 100 years of banking in Sri Lanka
Jan 21, 2020 (LBO) – The dreams of the future and the history of the past were interwoven when more than 4,000 staff members from all over Sri Lanka came together in Colombo in January to celebrate the 100th anniversary of the Bank and its forerunners. The staff gathering that united employees of the country’s […]
Masatsugu Asakawa assumes office as President of Asian Development Bank today
“I am honored to assume the role of ADB President and to begin working in close cooperation with our 68 member countries. ADB has been a trusted partner of the region for more than half a century, supporting strong growth that has improved the lives of people across Asia and the Pacific. I will strive […]
Milford Ceylon buys 19-pct of Softlogic Life
Jan 17, 2020 (LBO) – Milford Ceylon Pvt Ltd., a Mauritius-based fund yesterday bought a 19 percent stake in Softlogic Life Insurance PLC for Rs.2.6 billion. Shares amounting to 71.25 million shares was acquired at 37.00 rupees each, the company said in a stock exchange filing, Thursday. The seller was DEG or State Street Munich […]
S&P revises Sri Lanka’s outlook to negative; ratings affirmed at ’B/B’
Jan 16, 2020 (LBO) – Ratings agency Standard & Poor’s said it revised its outlook on Sri Lanka’s credit rating to negative from stable, citing increased risks from a deteriorating fiscal position. “Sri Lanka’s fiscal position deteriorated following the Easter Sunday attacks,” S&P said. “Although a recovery is expected, we expect a widening of the […]
Central Bank issues circular to banks about new credit support scheme for SMEs
Jan 14, 2020 (LBO) – Sri Lanka’s Central Bank says that based on the discussions they had with banks, it is observed that the proposed credit support scheme may not cause an undue level of stress or threaten the stability of the banking system. Issuing a circular, the Central Bank said that all parties have […]