Category: Banking and Finance
Seylan secures a USD 15 mln term facility from UAE
Nov 30, 2016 (LBO) – Seylan Bank has successfully raised a 5-year 15 million US dollar facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates, the bank said in a statement. Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE acted as the sole […]
‘s Comm Bank opens money transfer from Italy
Nov 28, 2016 (LBO) – Commex Sri Lanka, a fully-owned subsidiary of Commercial Bank of Ceylon, has inaugurated its money transfer operation in Italy, following the grant of a money transfer licence from the Bank of Italy. The bank said Commex Sri Lanka of Via Giacomo Leopardi, Rome, incorporated and registered in Italy under the […]
Pan Asia Bank CEO resigns and appointed NDB CEO
Nov 24, 2016 (LBO) – National Development Bank announced the appointment of P L D Neomal Seneviratne as the Chief Executive Officer/Director of the bank with effect from 1st January 2017. Seneviratne counts more than 26 years of experience in the Banking industry, of which the last 3 years were with Pan Asia Bank where […]
Fitch says capitalisation in banking sector needs to be shored up
Nov 24, 2016 (LBO) – Sri Lanka’s Fitch Ratings said that capitalisation in the banking sector needs to be shored up and certain regulatory forbearances have contributed to bank undercapitalisation. Releasing a statement the rating agency said they are of the view that the reported capital adequacy ratios of banks in Sri Lanka continue to […]
Seylan Bank adds Factoring to portfolio of services
Nov 21, 2016 (LBO) – Seylan Bank says it has added Factoring to its portfolio of services offering a wider choice of working capital financing options. This service is available for any type of business ranging from SMEs, corporate as well as start-ups, the bank said in a statement. Factoring allows generating cash flow without […]
Commercial Bank’s 9-month post-tax profit crosses Rs 10 billion
(Press Release) Loan book upby Rs 66.4 billionto Rs. 574.5 billion Deposits grow by Rs 86.4 billion to Rs 710.5 billio Assets reach Rs 953.3 billion, up Rs 73.5 billion in 9 months Commercial Bank of Ceylon PLC has reaffirmed its status as one of the strongest-performing entities in Sri Lanka’s financial sector with […]
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(PRESS RELEASE) – Fitch Ratings-Colombo-10 November 2016: Fitch Ratings has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long- Term Rating at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS SCBSL’s rating reflects the credit profile and financial strength of Standard Chartered Bank (SCB: A+/Stable). The rating is linked with SCB’s Issuer Default Rating […]
President assures CB bond issue investigation free from political interference
Nov 04, 2016 (LBO) – Sri Lanka’s president assured that the investigation into Central Bank bond issue will be free from political interference and that there will an independent, impartial judicial process. The investigation into the Central Bank bond issue should be free from political interference, President Maithripala Sirisena said, adding that the investigation regarding […]
Japan looks at SME business opportunities in Sri Lanka
Nov 02, 2016 (LBO) – Representatives from the World Business Society of Tokyo Small and Medium Enterprise Consultant Association (WBS) are currently visiting Sri Lanka to evaluate investment opportunities, the Board of Investment of Sri Lanka (BOI) said. The visiting delegation consisted of representatives of 19 Japanese enterprises who will act as consultants. They will […]
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Oct 31, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) hike 15 percent from 11 percent will make the island credit positive as it will facilitate fiscal consolidation by strengthening low revenue-to GDP ratio, Moody’s Investors Service said. “The government originally implemented the VAT hike in May, but retracted it in July after a […]
Sri Lanka’s Fin Min to release Rs4bn for Golden Key depositors
Oct 27, 2016 (LBO) –Sri Lanka’s cabinet has approved a proposal to release an advance of 4.05 billion rupees to the Central Bank in order to pay the eligible depositors of Golden Key Credit Card Company. According to the repayment plan for the security deposit holders of Golden Key approved by the Supreme Court, the […]
Sri Lanka’s Commercial Bank listed debenture oversubscribed
Oct 24, 2016 (LBO) – Sri Lanka’s Commercial Bank said a listed debt offer for seven billion rupees had been oversubscribed Monday and is closing on the same day. The bank offered 50 million debentures at 100 rupees each with an option to issue 20 million further. Fitch Ratings Lanka assigned the Basel II-compliant subordinated […]