Category: Banking and Finance
Union Bank explores strategic options for subsidiary, UB Finance
Sep 03, 2019 (LBO) – Sri Lanka’s Union Bank said that it was in discussions with identified investor/s to explore strategic options for its subsidiary, UB Finance Company Limited (UBF). “We wish to inform you that the bank has engaged itself in discussions with identified investor/s to explore strategic options for its subsidiary,” it said […]
Fitch affirms rating of some Sri Lanka banks
Sep 03, 2019 (LBO) – Fitch Ratings has affirmed the long-term issuer default ratings (IDR) of the following Sri Lanka-based banks: National Savings Bank (NSB) at ‘B’; outlook stable Bank of Ceylon (BOC) at ‘B’; outlook stable Fitch has also affirmed the national long-term ratings of the following banks: NSB at ‘AA+(lka)’; outlook stable BOC […]
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Aug 30, 2019 (LBO) – Moody’s Investors Service says in a new report that its negative outlook for Sri Lanka’s banking system is driven by weak operating conditions and deteriorating asset quality, as a slow recovery in the tourism and related sectors are resulting in subdued economic growth. “Tourist arrivals declined sharply following the Easter […]
Central Bank to announce timeline for banks to reduce market lending rates
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank with the expectation of reducing all market lending rates in line with the reduction already observed in deposit interest rates, will announce specific timelines and measures shortly in consultation with relevant stakeholders. The Central Bank said that it will monitor the developments in market lending rates […]
‘s Basel III sub-debt final A+(lka)
Aug 22, 2019 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’. The rating agency said the final rating is the same as the expected rating assigned on 5 March 2019 and follows the receipt of documents conforming to […]
ComBank improves Q2 earnings despite challenges
The Commercial Bank Group has reported operating profit before impairment charges and taxes of Rs 19.476 billion for the first half of 2019, a 9.45% increase over same period of 2018. Sri Lanka’s benchmark private bank, the Commercial Bank of Ceylon PLC, its subsidiaries and associates recorded gross income of Rs 73.587 billion for the […]
Arpico Finance partners with mCash to offer digitalized payments
The revolutionary mobile money platform, mCash, which is transforming the country’s electronic payments landscape, has partnered with Arpico Finance PLC to offer customers the facility to make payments via mCash. As a result of this partnership, Arpico Finance Company PLC customers can make their finance and leasing payments via mCash with much more convenience. Customers […]
Ceylon Chamber announces Sri Lanka investment and business conclave 2019
The Ceylon Chamber of Commerce in association with the Ministry of Development Strategies and International Trade, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Industry and Commerce, Board of Investment of Sri Lanka, the Department of Commerce and the Sri Lanka Export Development Board will be organizing Sri Lanka Investment and Business Conclave 2019 […]
‘s insurance industry records 5.7-pct growth in Q1 of 2019
Aug 06, 2019 (LBO) – The insurance industry reported a growth of 5.70 percent in terms of overall gross written premium (GWP), during the first quarter of 2019, recording an increase of 2,504 million rupees when compared to the same period in the year 2018, the Insurance Regulatory Commission of Sri Lanka said in a […]
Market Research Society of Sri Lanka to introduce new socio-economic measure
Aug 05, 2019 (LBO) – The Market Research Society of Sri Lanka will be introducing its new SEC (socio-economic) measure, which takes into account a 3rd dimension, which is a lifestyle indicator. The new SEC classification will be launched at the event organised on 13th of August 2019 at JAIC Hilton, Colombo targeting the business […]
Sri Lankan financial services company implements cloud-based digital strategy
Aug 05, 2019 (LBO) – With operations supported by a range of Microsoft solutions, Capital Alliance Group (CAL) recently featured in a Microsoft client case study (published on their website) highlighting how customers at CAL benefit from a reliable and trusted service, while employees enjoy a highly collaborative and connected workplace with the support of […]
CA Sri Lanka forum highlights need for accountants to lead in eradicating corruption
Aug 02, 2019 (LBO) – The increasingly important role professional accountants including Chartered Accountants can play in eradicating corruption and the culture of impunity was highlighted at a forum jointly organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and South Asian Federation of Accountants (SAFA). Delivering the welcome address, President […]