Category: Banking and Finance
Collapse of rupee and yahapalana govt.’s economic mismanagement: MR
Sept 26, 2018 (LBO) – The Rupee has depreciated steadily against the US Dollar ever since the yahapalana government came into power – a trend which has now accelerated alarmingly. The value of the US Dollar which was Rs. 131 at the end of 2014 when I left office is now over Rs.170 and continuing […]
“Sri Lanka Socio-Economic Data – 2018”, now available
Sept 24, 2018 (LBO) – “Sri Lanka Socio-Economic Data – 2018”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 41st volume of the series. This easy- to- carry data folder contains information categorized under 14 topics, namely, Country Profile; […]
‘s rupee hits record lows as Central Bank hold rates
Sept 21, 2018 (LBO) – Sri Lanka’s rupee hit an all time low of 168.65/169.00 to the US dollar at the close of day Thursday down from 167.10 the day before as the Central Bank of Sri Lanka held rates. Sri Lanka’s Minister of Finance Mangala Samaraweera releasing a statement said that Sri Lanka has been […]
NTB empowers Sri Lankan expats to become entrepreneurs through workshops in South Korea
(PRESS RELEASE) – South Korea is home to a vibrant community of Sri Lankan expatriates striving to build a better future for their families in Sri Lanka by taking advantage of opportunities in major cities like Gimhae. This results in a large volume of remittances from South Korea to Sri Lanka, which Nations Trust Bank facilitates […]
‘s CAL facilitates first cross-border share transaction by local investment bank
Sept 19, 2018 (LBO) – Capital Alliance (CAL), recently performed Sri Lanka’s first ever transaction of overseas stocks, a statement said. CAL partnered with Lanka Bangla Securities, a licensed stockbroker on the Dhaka Stock Exchange in Bangladesh to conclude this investment. “CAL has supported investors on the CSE for many years, but the liberalization of […]
Janashakthi PLC acquires 31-pct stake in Dunamis Capital
Sept 13, 2018 (LBO) – Janashakthi PLC acquired 31.14 percent in Dunamis Capital PLC, Dunamis Capital said in a stock exchange filing. Accordingly, a total of 38,294,562 ordinary shares in Dunamis Capital has been purchased at a price of 36.60 rupees per share. Janashakthi PLC now owns a total of 50,595,736 shares in Dunamis representing […]
‘s tyre and service centre in Sri Lanka
Sept 12, 2018 (LBO) – Tyre & Service Centre (T&S) is the latest offering in Sri Lanka from MRF – one of the leading global brands.This outlet provides fully-fledged tyre services such as wheel alignment, wheel balancing and automatic tyre fitment using the latest imported machinery. In addition,tubeless tyre repair is also offered at the […]
Ishara Nanayakkara resigns from Seylan Bank Board
September 5, 2018 (LBO) – Controlling shareholder of listed Sri Lankan financial giant LOLC, Ishara Nanayakkara has resigned from the Board of Directors of Seylan Bank. Reasons given for the resignation, coming 3 months before his tenure was to expire, were increased business commitments and responsibilities.Nanayakkara is a material shareholder of the bank through LOLC […]
‘s says Sri Lankan banking system outlook is negative
Sept 05, 2018 (LBO) – Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk […]
Former Combank CEO Jegan Durairatnam joins DFCC as an Independent Non-Executive Director
August 31, 2018 (LBO) – Former CEO of Commercial Bank (COMB) Jegan Durairatnam has been appointed to the Board of Directors of DFCC. He joins the board as an independent non-executive Director. Duriaratnam spent 36 years at Commercial Bank rising to the level of CEO. Commercial Bank is the largest private sector bank in Sri […]
Ashok Pathirage buying controversial NDB shares after 1 year hiatus
August 28, 2018 (LBO) – Softlogic Chairman and CEO Ashok Pathirage has started buying NDB shares in the open market according to a Colombo Stock Exchange disclosure. His last purchases of stock in the bank were approximately one year ago at significantly higher prices. These new purchases amount to a few million rupees worth of […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]