Category: Banking and Finance
Chinese payment solution ‘WeChat Pay’ acceptance launched by Commercial Bank
Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’ – one of the leading mobile payment solutions in China, consequent to a partnership between the Commercial Bank of Ceylon PLC and Tenpay Payment Technology Ltd. This mobile app solution is brought to […]
Financial sector regulators sign MoU for consolidated risk-based supervision
Jan 04, 2019 (LBO) – The Central Bank of Sri Lanka (CBSL) entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 31 December 2018 at CBSL, to conduct effective consolidated risk-based supervision and for CBSL to be the […]
‘s Basel III sub debt BBB+(lka)(EXP)
Jan 04, 2019 (LBO) – Fitch Ratings has assigned Seylan Bank’s proposed Basel III compliant subordinated debentures an expected National Long-Term Rating of ‘BBB+(lka)(EXP)’. The notes, which will total 5 billion rupees and mature in five years, include a non-viability clause and will qualify as regulatory Tier II capital for the bank. Seylan plans to […]
LRT project to kick start in 2019 : Cabinet nod for Japanese aid of USD1850Mn
Jan 04, 2019 (LBO) – Sri Lanka’s Finance Ministry says that cabinet approval has been received to go ahead with US 1850 million dollar loan agreement with the Japan International Cooperation Agency (JICA) to commence initial work on the islands much anticipated LRT project. The ministry said that the loan, will be disbursed in six stages and […]
MBSL announces changes in MIDCAP with year-end index rebalance
In a pioneering move, Merchant Bank of Sri Lanka & Finance PLC (MBSL) constructed a Stock market Index: the “MBSL MIDCAP Index”, which measures the aggregate price level and price movements of medium-sized companies listed on the Colombo Stock Exchange (CSE). The index which came into operation in the Year 1999 is revised annually and […]
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Jan 02, 2019 (LBO) – Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) proposed Basel III compliant subordinated debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’. The notes, which will total LKR7 billion and mature in five years, include a non-viability clause and will qualify as regulatory Tier II capital for the bank. The bank […]
Sri Lanka’s Commercial Bank to raise Rs15bn through listed debenture
Dec 20, 2018 (LBO) – Sri Lanka’s listed Commercial Bank plans to raise as much as 15 billion rupees from an issue of debentures which will be quoted on the Colombo Stock Exchange. The bank said in a stock exchange filing that they seek to issue 75 million debentures at 100 rupees each with a […]
Gihan Cooray appointed Chairman of Nations Trust Bank
Dec 13, 2018 (LBO) – Nations Trust Bank PLC has announced the appointment of Gihan Cooray as Chairman of the Board of Directors, with effect from December 1st 2018. Cooray takes over as Chairman following the retirement of Krishan Balendra who stepped down after having served the stipulated maximum 9 year tenure as a Director […]
Sampath Bank Ranked One of Country’s Top Ten Corporate Citizens
(PRESS RELEASE) Also Wins Category Award for Governance at Best Corporate Citizen Sustainability Award 2018 Sampath Bank was recognized as one of Sri Lanka’s Top Ten Corporate Citizens of the year at the Best Corporate Citizen Sustainability Award 2018 held at the Cinnamon Grand, Colombo recently. The Bank was also adjudged the joint winner of […]
‘s macro economic conditions stable, Fiscal discipline required: CB Gov
Dec 06, 2018 (LBO) – Central Bank Governor Dr. Indrajit Coomaraswamy says that the islands debt situation is manageable and that no major destruction to the on- going economy development activities are foreseen, even though international rating agencies have downgraded Sri Lanka. “We are not going to crash, it can be managed through maintaining financial discipline,” […]
Fitch downgrades Sri Lanka financial institutions on sovereign downgrade
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook […]
Sri Lanka Insurance gets new Chief and board
Nov 30, 2018 (LBO) – A new Chairman and board of Directors has been appointed to the Sri Lanka Insurance corporation with effect form 29 November 2018.Dr. K.A.S. Keeragala, a Special Grade Officer of the Sri Lanka Administrative Service with over 33 years of experience in the government service has been appointed the Executive Chairman.He also possesses excellent […]