Category: Banking and Finance
NTB launch Open API Banking
Apr 25, 2018 (LBO) – Sri Lanka’s Nations Trust Bank has launched a API Banking Platform enabling clients to integrate the bank’s services directly into their own systems and workflows. An API or Application Programming Interface is simply a set of clearly defined rules of communication that allow client’s systems to efficiently communicate with the Bank’s […]
Cargills Bank gathers momentum in 2017
(PRESS RELEASE) – In its third year of operations, Cargills Bank achieved a satisfactory profit before tax of Rs. 621Mn, which included a substantial one-off gain of Rs. 410 Mn. The Bank’s Net Interest Income grew 55% to reach Rs. 1.48 Bn, whilst Net Fee and Commission Income increased by 43% to Rs. 114Mn during […]
Sri Lanka Govt to ensure continued progress of financial inclusion: Fin Min
Apr 18, 2018 (LBO) – Minister of Finance Mangala Samaraweera says it is important for the Sri Lankan financial system to have robust access and engagement with the global financial architecture. The challenge for countries like Sri Lanka is how to ensure continued progress of financial inclusion, he said. “One negative fall-out is “de-risking”, the scenario […]
DFCC relaunches their credit cards
DFCC Bank relaunched their Credit Card range at a special event on 28 March at the Cinnamon Grand, Colombo amidst a large gathering of clients, prominent personalities, Directors, CEOs, top Executives and Business Leaders of the industry.Adding a nice twist to the event, a fashion show was staged depicting the variety of cards the Bank […]
Sri Lanka Central Bank issues warning on virtual currencies
Apr 17, 2018 (LBO) – The Central Bank has warned the pubic about the use of “virtual currencies”, commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. “It is hereby notified to the public that CBSL has not given licence or […]
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 […]