Category: Banking and Finance
BoardPAC chosen by Bangladesh’s City Bank to debut corporate governance solution
The award-winning Sri Lanka-developed corporate governance solution BoardPAC has been selected by The City Bank, a leading commercial bank in Bangladesh,as its paperless board meeting & corporate governance solution. The City Bank will be the first bank in Bangladesh to adopt a paperless board communications platform powered by RobiAxiata, a leading mobile phone company in […]
Commercial Bank Q1 profit before tax up 28-pct to Rs 4.6bn
Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 5.377 billion for the three months ending 31st March 2016, commencing the year with a robust 27.89% growth, made possible by notable improvements in business volumes and reduced growth in charges. Sri Lanka’s largest private bank’s profit before tax for the […]
Regulator asks Goldman, three other banks for information on shell companies
May 12, 2016 (LBO) – A top U.S. regulator has asked Goldman Sachs and three foreign banks about their possible involvement with shell companies, sources say. The New York Department of Financial Services had requested information from 13 other banks last month after the release of the Panama Papers, a CNBC report said. The DFS […]
Sri Lanka to reform Bankruptcy laws
May 11, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve amending the Companies Act No. 7 of 2007 for introduction of new laws in institutional bankruptcy that suit present day needs. “It has been witnessed that provisions of the Insolvency Ordinance No 24 of 1884 are not sufficient in dealing with issues related […]
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By Arosha Jayasundera According to the Hakett Group, USA, there is a strong correlation between consistent use of business best practices and the ability to operate at lower cost and deliver greater value. In fact, World Class Organizations are notable by their high level of “Efficiency” and “Effectiveness.” These are not measures that can be […]
Sri Lanka’s HNB net up 73-pct in March 2016 quarter
May 10, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 73 percent to 3.3 billion rupees in the March 2016 quarter amid strong income growth, interim accounts showed. The group reported basic earnings of 8.42 rupees per share for the quarter, up from 4.91 rupees per share from a year earlier. […]
Sri Lanka to build LNG power plant in Kerawalapitiya: Power Ministry
May 06, 2016 (LBO) – Sri Lanka will build a new 300MW Liquefied Natural Gas (LNG) power plant in Kerawalapitiya adjoining the existing power plant there, the Ministry of Power and Renewable Energy said. “The plant will be built on a 10 acre land in Kerawalapitiya utilizing LNG which minimizes environmental pollution,” the ministry said […]
Com Bank inks deal with Bank Muscut Oman for money transfers
May 03, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has formalised its tie-up with the Bank Muscat Oman to facilitate remittances to Sri Lanka. Commercial Bank said that remittances will be facilitated through the Bank Muscut’s new mobile banking app, with the signing of an agreement in Muscat. The mobile app makes it […]
Sri Lanka reaches USD1.5Bln support deal with IMF
Apr 29, 2016 (LBO) – Sri Lanka has reached a technical agreement with the International Monetary Fund for 1.5 billion dollars, a statement said. The loan program will need approval by the IMF’s executive board, which is due to consider it in early June. Once approved it is “expected to catalyze an additional 650 million […]
BOI signs 19 agreements worth Rs.319Mn in March 2016
Apr 28, 2016 (LBO) – Sri Lanka’s Board of Investment signed a total of 19 new investment agreements in varied sectors in March 2016, the investment agency said in a statement. The agreements signed are valued of 139 million US dollars and are expected to generate 3100 direct new employment opportunities. As per the BOI […]
BOC confirms its place as No.1 Brand in Sri Lanka
The Authentic Sri Lankan banking leader, BOC once again was bestowed as the No.1 Brand among all the brands in Sri Lanka for the 8th consecutive year by the renowned Brand Finance Lanka through an independent and stringent analysis. Brand Finance Lanka is partnered with the Brand Finance UK with its global network spread in […]
BOC ATMs dispensed record Rs30bn during Avurudu season
The Bank of Ceylon, Leader in the Sri Lankan Banking Industry has set a bench mark of dispensing a record breaking Rs.30.72 Billion from its ATMs during Avurudu season. The Bank has made every possible arrangement to provide the utmost convenient and easy access to cash for its customers during this festive season. Bank has […]