Category: Banking and Finance
Sri Lanka’s DFCC’s Acuity Stake Disposal Yields Limited Capital Boost
Sri Lankan DFCC Bank PLC’s (DFCC, A(lka)/Stable) divestment of its 50% stake in Acuity Partners (Pvt) Limited (APL) is unlikely to result in a material improvement in its regulatory capital ratios or have any impact on its national rating, says Fitch Ratings. We expect the transaction, valued at LKR6.5 billion, to improve DFCC’s capital buffers […]
British High Commissioner welcomes appointment of new UK Trade Envoy for Sri Lanka
Lord John Hannett of Everton OBE has been appointed as the new United Kingdom’s Trade Envoy for Sri Lanka. Lord Hannett will support the UK’s trade and investment promotion objectives by engaging with senior Sri Lankan and UK stakeholders to promote market access and create opportunities for UK businesses to deliver mutual economic growth for […]
Rothschild Estate: Preserving Sri Lanka’s legacy through innovation and excellence
In the world of tea, James Taylor often takes center stage as the pioneer credited with establishing Sri Lanka’s tea industry during British colonial rule at Loolecondera estate. However, a lesser-known fact is that one of the very first experiments in adapting tea to Sri Lankan soil actually commenced at Rothschild Estate by Maurice and […]
‘ Ratings, Affirms 8 Following National Scale Recalibration
Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri Lankan non-bank financial institutions (NBFIs) and affirmed the ratings of eight. This comes after the agency’s Sri Lankan National Rating scale was recalibrated to reflect changes in relative creditworthiness among the country’s issuers following the upgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating […]
‘ National Ratings and Affirms Five after Scale Recalibration
Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign upgrade and recalibration of the agency’s Sri Lankan national rating scale. At the same time, Fitch has affirmed the National Long-Term Ratings of five Sri Lankan banks. The recalibration reflects changes in the relative creditworthiness of Sri Lankan […]
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Fitch Ratings has upgraded Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘CCC+’ from ‘CCC-‘. The ratings do not have an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. Fitch has also upgraded BOC’s Viability Rating (VR) to ‘ccc+’ from ‘ccc-‘, affirmed […]
JAAF partners with GTEX to drive textile innovation and competitiveness in Sri Lanka
Sri Lanka took another significant step toward textile circularity with a four-day program under the GTEX Phase II initiative, organized by the International Trade Centre (ITC) and funded by the Swiss State Secretariat for Economic Affairs (SECO). The event, which combined a two-day training-of-trainers session with a workshop on Circular Economy Business Models for the […]
Opinion: Embracing change, charting a brighter future for Sri Lanka’s plantation industry
By Sunil Poholiyadde, Chairman of the Planters’ Association of Ceylon For 170 years, Sri Lanka’s plantation industry has stood the test of time. Despite continuous upheavals, it has managed to adapt and endure. Over this period, the ownership structure of the industry underwent significant changes—from 124 years of British colonial ownership to the post-independence era […]
Ambeon Holdings PLC Increases Stake in Seylan Bank and Strengthens Financial Services Footprint
Ambeon Holdings PLC, a diversified conglomerate with a strong presence across multiple sectors, continues to strengthen its position in Sri Lanka’s financial services industry through strategic investments. Recently, the company increased its stake in Seylan Bank PLC by 0.98%, bringing its total holding to 8.61% of the bank’s ordinary voting shares. This move underscores Ambeon’s […]
””’; Removes RWN on VR
Fitch Ratings has upgraded Bank of Ceylon’s (BOC) Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CC’. At the same time, the Rating Watch Negative (RWN) on the Viability Rating (VR) has been removed and the VR upgraded to ‘ccc-‘ from ‘cc’. Fitch has also affirmed the Short-Term IDR at ‘C’ and the […]
” Rating; Outlook Stable
Fitch Ratings has assigned Sri Lanka-based Senfin Asset Management (Private) Limited a first-time National Long-Term Rating of ‘BBB-(lka)’ with a Stable Outlook. Senfin is a 100%-owned subsidiary of a mid-sized finance and leasing company, Senkadagala Finance PLC (SFCL, BBB(lka)/Stable). The company manages unit trusts and provides discretionary portfolio services for institutional and high-net-worth investors. It […]
ComBank Digital soars past 1.5 million registered users in a landmark moment
The Commercial Bank of Ceylon has achieved another milestone in its digital revolution, with ‘ComBank Digital’ – the Bank’s omni-channel digital banking platform – surpassing 1.5 million registered users. Announcing the landmark, the Bank said the award-winning platform continues to lead digital transformation in Sri Lanka’s banking sector as the most widely used digital channel […]