Category: Banking and Finance
AIA receives shareholder approval for proposal to delist from CSE
Apr 03, 2019 (LBO) – Publicly listed company AIA Insurance Lanka announced that it will delist the Company’s shares from the official list of the Colombo Stock Exchange in compliance with applicable regulations and procedures.The proposal to delist was approved by the requisite shareholder majority at the Extraordinary General Meeting held on 27 March 2019. The […]
Fitch rates Commercial Bank of Ceylon Basel III sub debt AA-(lka)(EXP)
Apr 02, 2019 (LBO) – Fitch Ratings has assigned Commercial Bank of Ceylon’s proposed Basel III-compliant subordinated unsecured debentures an expected National Long-Term Rating of AA-(lka)(EXP). The debentures will total up to 15 billion rupees, with maturities of five and 10 years, and carry fixed coupons. The debentures will qualify as Basel III-compliant regulatory Tier 2 […]
Vikas Arora assumes role of Sri Lanka’s Chief Country Officer of Deutsche Bank
Apr 02, 2019 (LBO) – Vikas Arora has assumed the role of Sri Lanka’s Chief Country Officer and General Manager of Deutsche Bank AG Colombo Branch effective 1 April 2019, in addition to his role as Head of Global Transaction Banking and Head of Global Subsidiary Coverage for Sri Lanka. The bank said in a […]
Rs.79,000 million loans disbursed under Enterprise SL Program
Apr 01, 2019 (LBO) – Sri Lanka’s Finance Ministry said it had disbursed 79 billion rupees to 46,673 persons under the Enterprise Sri Lanka loan scheme so far. The loan programme was launched in on June 21, 2018. The ministry says 20,286 loans had been given for housing under a scheme called ‘Sonduru Piyasa’ and […]
Bogawantalawa Tea set to become world’s first climate positive plantation company
Mar 28, 2019 9LBO) – After becoming the first company in the world to secure uncompensated carbon neutral certification for its tea growing, manufacturing and marketing processes, Bogawantalawa Tea Estates PLC (BTE) is now setting its sights on even loftier environmental goals. For the producer of some of the country’s finest tea, this means a […]
Commercial Bank wins 19th global finance ‘Best Bank in Sri Lanka’ award
(PRESS RELEASE) The Commercial Bank of Ceylon has been adjudged Sri Lanka’s Best Bank in 2019 by the USA-based Global Finance magazine, giving the Bank its 19th such accolade from this entity alone. Global Finance’s just released list of ‘Best Banks in Asia Pacific 2019’ names Commercial Bank in a pantheon of banking giants of […]
‘s EXIM Bank for Central Expressway
Mar 22, 2019 (LBO) – The Export- Import Bank of China (EXIM Bank) has agreed to provide a concessional loan amounting to US 989 million dollars covering 85 percent of the contract price, for the Central Expressway Project – Section 1 from Kadawatha to Meerigama. The loan is the single largest loan approved by the […]
Sri Lankan Banks manage capital impact of SLFRS 9
Mar 22, 2019 (LBO) – Sri Lankan banks have been able to manage the capital impact of first-time adoption of SLFRS 9 accounting standards, in line with our expectations, due to capital infusions ahead of full implementation of Basel III, satisfactory profitability buffers and the four-year phasing-in period, Fitch Ratings says. Sri Lanka adopted SLFRS 9 […]
Dispute avoidance in construction contracts a must in developing countries
Mar 22, 2019 (LBO) – Standing dispute adjudication boards in construction projects should seriously practice their role in dispute avoidance in contracts,Malith Mendis, country representative of the Dispute Resolution Board Foundation said. They should encourage open communication between the parties at meetings and should request that senior off-site personnel from both the employer and the contractor […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
Opinion: Evolving trends in banking that enhances customer experience
Mar 19, 2019 (LBO) – Envisioning the future of banking convenience Seylan Bank’s Deputy General Manager- Retail Banking, Tilan Wijeyesekera discusses the evolving trends in banking that enhances customer experience Tilan currently leads Retail Credit, Digital Banking, Personal loans, Housing loans, Card centre, Marketing, Sales, Pawning, Service quality and Call Centre and Bancassurance departments at Seylan […]
President to launch National Action Plan for combating bribery and corruption today
Mar 18, 2019 (LBO) – Sri Lanka’s President Maithripala Sirisena will launch a National Action Plan for combating bribery and corruption, Monday. Four handbooks will also be released alongside the launch which will explore the factors that would shape the course of combating bribery and corruption in the nation. The handbooks are: draft proposal on gift […]