Category: Banking and Finance
Mastercard Offers Greater Value for Premium Cardholders in Sri Lanka
Mastercard unveiled an enhanced suite of benefits and privileges exclusively for World and Platinum Mastercard consumer credit cardholders in Sri Lanka.Based on the company’s experiences from around the world as well as its understanding of the local market, the benefits program has been realigned with the evolving lifestyles and spending priorities of the growing number […]
Fitch downgrades Melsta Regal Finance; affirms 9 Sri Lankan Finance Companies
July 17, 2018 (LBO) – Fitch Ratings Lanka has downgraded Melsta Regal Finance’s National Long-Term Rating to ‘B(lka)’ from ‘A+(lka)’ and removed the Rating Watch Evolving while assigning a Stable Outlook. The agency has also affirmed the ratings of the following nine finance companies: – Central Finance Company PLC (CF) – LB Finance PLC (LB) […]
Arpico Finance, Associated Motor Finance merger to be completed by Nov 2019
July 12, 2018 (LBO) – Process of amalgamating Associated Motor Finance (AMF) with Arpico Finance Company (AFC) which commenced in August 2017 is expected to be completed with their legal merger by November 2019. Associated Motor Finance said in a stock exchange filing that they are not able to inform the shareholders as to the […]
Central Bank instructs SFSP to pay 10-pct of deposit liabilities from today
July 10, 2018 (LBO) – Monetary Board of the Central Bank has instructed Swarnamahal Financial Services PLC (SFSP) to pay urgently 10 percent of deposit liabilities commencing from today, considering the requests of the depositors.Central Bank said the details of the payment plan will be informed to depositors by Swarnamahal Financial Services PLC shortly. Central Bank […]
‘s Basel III sub debt final AA-(lka)
July 03, 2018 (LBO) – Fitch Ratings has assigned Commercial Bank proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 14 February 2018 and follows the receipt of documents conforming to information already received. The debentures, totaling 10 billion rupees, have […]
S Renganathan appointed Managing Director & CEO of Commercial Bank
July 02, 2018 (LBO) – Commercial Bank has appointed Sivakrishnarajah Renganathan as the new Managing Director and Chief Executive Officer of the bank since Jegan Durairatnam is retiring from the post at the end of this month. A career banker who has served Commercial Bank throughout the entirety of his 37-year working career, Renganathan has […]
Noteworthy asset quality deterioration in Sri Lankan finance companies
June 28, 2018 (LBO) – ICRA Lanka, a group company of Moody’s Investors Service is cognisant of the asset quality deterioration in licensed finance companies in Sri Lanka, during the financial year ended March 31, 2018. “As per our analysis about 100bps increase (5.82% in March 2018 vis-s-vis 4.89% in March 2017) in gross NPA (non-performing […]
Fitch affirms five small & mid-sized Sri Lankan banks; revises Amana outlook
June 28, 2018 (LBO) – Fitch Ratings Lanka has revised the outlook on Amana Bank to Positive from stable and has affirmed its National Long-Term Rating at ‘BB(lka)’. The agency has also affirmed the National Long-Term Rating of Union Bank of Colombo with a positive outlook and the National Long-Term Ratings of Nations Trust Bank, Pan […]
Vallibel Finance crosses Rs.1Bn mark for net profits
Jun 26, 2018 (LBO) – Vallibel Finance PLC crossed the one billion rupee net profit mark with the company announcing its income statement for the financial year ended on 31 March, 2018, recording growth across key indicators including income and profitability. Gross income for the financial year grew 35 percent over the previous year to reach 6.9 […]
Enterprise Sri Lanka to strengthen local entrepreneurs: President
Jun 25, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena says as we introduce Credit Programmes for entrepreneurs, a joint programme implemented by all the relevant institutions is also needed in a similar manner, to offer a good market and reasonable price for their produce as well as measures to prevent importation of those products […]
Kim Jong Un finds Singapore clean and beautiful, impressed by its economic development
BY ALVIN CHENG-HIN LIM On June 12, 2018, the US and North Korean leaders Donald Trump and Kim Jong-un held a summiton Sentosa island in Singapore in which they committed to establishing a “new relationship” between their countries “in accordance with the desire of the peoples of the two countries for peace and prosperity,” and […]
Fitch-rated finance Cos unlikely to face immediate rating action despite new Regs
Jun 14, 2018 (LBO) – Fitch Ratings says finance companies rated by them are unlikely to face immediate rating action, as they believe all have adequate capital to meet the thresholds that will apply from 1 July 2018. Even after taking account of potential RWA changes, based on the current asset mix – and most […]