Category: Banking and Finance
Fitch Ratings doubles stake in Sri Lanka unit
Apr 05, 2018 (LBO) – Fitch Ratings has doubled its stake in itch Ratings Lanka Ltd. ,to approximately 89 percent through its acquisition of the equity interest of several shareholders. the Company said in a statement. “We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of […]
Sri Lanka CB cuts policy rate ceiling by 25bps
Apr 04, 2018 (LB0) – Sri Lanka’s central bank has decided to reduce the Standing Lending Facility Rate (SLFR), which is the upper bound of the policy interest rate corridor of the Central Bank, by 25 basis points, a statement said. The Monetary Board was of the view that the favourable developments in the economy […]
CB requests CIFL depositors to submit their details of deposits
Mar 26, 2018 (LBO) – Sri Lanka’s Central Bank has requested all CIFL depositors to submit the details of deposits that they have placed with the finance firm and loans obtained from them in a bid to consider the repayment of insured deposits. Central Bank said the purpose of this is to obtain the details […]
Sampath Bank and Ustocktrade LK link to simplify investment in foreign securities
Mar 26, 2018 (LBO) – Sampath Bank PLC has entered into a Memorandum of Understanding (MoU) with Ustocktrade LK (Private) Ltd (ULPL) to enable investors pay conveniently when trading in securities listed on stock exchanges across the United States of America (USA) through the Ustocktrade app. Under this agreement, Sampath Bank Personal Foreign Currency (PFC) accountholders […]
IFC to loan USD 15Mn to Senkadagala Finance
Mar 23, 2018 (LBO) – Sri Lanka’s Senkadagala Finance will get loan of up to US15 million dollars from the International Finance Corporation (IFC), a statement said.“The signed agreement with IFC for the loan would be in Sri Lankan rupees,” the Finace Company said in a stock exchange filing, Thursday.The loan would focus on lending to […]
Multi Finance PLC enables sustainable transactions with “Each One Plant One” campaign
With a proud heritage of over 4 decades in business, Multi Finance PLC has been a source of strength to businesses, and entrepreneurs in the urban rural and SME markets, playing a pivotal role in contributing to the growth of the Sri Lankan economy. Governed by the Central Bank and listed in the Colombo […]
National Financial Inclusion Strategy of Sri Lanka by mid-2019
Mar 21, 2018 (LBO) – Sri Lanka’s Central Bank expects to implement the National Financial Inclusion Strategy of Sri Lanka by mid-2019, Dr. Indrajit Coomaraswamy said in Colombo, Tuesday. “For successful implementation of this process high level political commitment is required,” the Central Bank Governor said. “Most of all, active participation and commitment of all stakeholders who […]
HSBC’s flagship Premier Centre in Colombo re-opens after extensive renovation
HSBC’s flagship Premier Centre strategically located at No 31, Flower Road, Colombo 7 was re-opened after a full renovation by Betty Miao, Head of Retail Banking & Wealth Management International, Asia Pacific together with Mark Prothero, CEO HSBC Sri Lanka and Maldives, Joanna Kalenska, Head of Marketing for International Markets, Rudra Basu, Head of Regional […]
Central Bank cancels CIFL license; legal action against responsible parties
Mar 05, 2018 (LBO) – Monetary Board of the Central Bank has decided to cancel the licence issued to CIFL under the Finance Business Act with effect from today. Director of the Department of Supervision of Non- Bank Financial Institutions of the Central Bank has also decided to cancel the Certificate of Registration as a […]
Not expecting rise in domestic interest rates: CB
Mar 05, 2018 (LBO) – Sri Lanka’s Central Bank responding to misleading news reports said it is not expecting a rise in domestic interest rates in the period ahead. “Based on its current projections, an increase in market interest rate is not expected in the near term,” the bank said issuing a statement regarding false […]
‘s Basel III sub debt final A(lka)
Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Negative) proposed Basel III compliant subordinated debentures a National Long-Term Rating of ‘A(lka) ‘. The notes will total LKR7.5 billion, mature in five years and carry fixed coupons. The notes include a non-viability clause and will qualify as regulatory Tier II capital for the bank. The bank plans […]
Sri Lanka’s economic outlook, investment opportunities positive: Eran
Feb 28, 2018 (LBO) – Sri Lanka government has formulated a three-year Economic Delivery Programme to increase per capita income to US 5000 dollars, create one million new jobs, and increase FDI to US 5 billion dollars per year said the Minister of State for Finance Eran Wickramaratne. He made these comments addressing a gathering of […]