Category: Banking and Finance
Commercial Bank Dispenses Rs 21.54 billion in first 14 days of April
The Commercial Bank of Ceylon smashed itsrecords for cash dispensed via the Bank’s automated teller machine (ATM) network over a 14 day period this ‘Avurudu’ season, dispensing a jaw-dropping Rs 21.54 billion between 1stand 14thApril. On four of these 14 days, the 625-terminal network dispensed more than Rs 2 billion a day, with the peak […]
Sri Lanka Megapolis official resigns over Panama Papers scandal
Apr 12, 2016 (LBO) – Megapolis and Western Development Ministry today said Ministry Consultant Vidya Amarapala had decided to resign from his post to facilitate inquiry into the Panama Papers leaks. “The attention of the Megapolis and Western Development Ministry has been drawn to the listing of the name of Ministry Consultant Vidya Amarapala in the […]
Sri Lanka’s Janashakthi Insurance appoints Husein Esufally as Chairman
Apr 08, 2016 (LBO) – Sri Lanka’s Janashakthi Insurance announced the appointment of Husein Esufally, as the new Chairman of its Board, following the retirement of W. T. Ellawala, a statemet said. Esufally, prior to the appointment, held the position of Deputy Chairman of the Board of Janashakthi Insurance and its subsidiary Janashakthi General Insurance. […]
Sri Lanka’s SAGT bags 4th place in world terminal productivity rankings
Mar 31, 2016 (LBO) – Sri Lanka’s first private container terminal operator South Asia Gateway Terminals has been ranked as the 4th in the world for Terminal Productivity and number 1 in South Asia by the Journal of Commerce, USA. The Ports Authority said SAGT’s berth productivity performance of 113 container moves per hour and an […]
Cost Management Maturity Model introduced to Sri Lanka
Mar 30, 2016 (LBO) – The first ever ‘Total Cost Management Maturity Model’ practice has been introduced to Sri Lanka by the Confederation of Indian Industry’s Total Cost Management (TCM) division. The signing of the MOU between Institute of Certified Management Accountants of Sri Lanka (CMA) and TCM was held recently at a cost accountants’ […]
ADB announces loan auction for Sri Lankan SME sector
Mar 28, 2016 (LBO) – Asian Development Bank announced the first auction of a 12.5 million US dollar tranche of re-finance funds for Sri Lankan banks to provide loans for small and medium enterprises in Colombo, Monday. “This is the first time ADB is disbursing funds in this manner where funds will be allocated through […]
Sri Lanka’s Singer Finance to raise Rs1.5bn in listed debt
Mar 28, 2016 (LBO) – Singer Finance, a fully owned subsidiary of Singer said it is planning to raise as much as 1.5 billion rupees from a sale of debentures which will be quoted on the Colombo Stock Exchange. The finance company said in a stock exchange filing that it wanted to sell 10 million debentures […]
Fitch affirms and withdraws HSBC Sri Lanka Branch at AAA
Mar 24, 2016 (LBO) – Fitch Ratings Lanka has affirmed and simultaneously withdrawn the rating of HSBC Sri Lanka Branch’s (HSBCSL) National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook due to commercial reasons. Fitch said in a statement that HSBCSL’s rating is at the highest end of the National Rating scale and reflects the credit profile and financial strength […]
IFC, Canada to invest USD15 mn in Richard Pieris for green retail growth
Mar 23, 2016 (LBO) — IFC, a member of the World Bank Group, together with the IFC-Canada Climate Change Program will invest 15 million dollars in Sri Lankan retail chain Richard Pieris Distributors Limited to help the company expand its retail network, support job creation, and develop local supply chains, a statement said. Funding will […]
Investment Summit: Course adjustment on Bank consolidation, says CB Governor
Singapore, Mar 18, 2016 (LBO) – The path towards Sri Lanka’s bank conslidation is being reviewed, and a course correction is taking place, Central Bank Governor Arjuna Mahendran told the Sri Lanka Investment Summit, organized by FinanceAsia, this week. “The principle concern of the current government is that that consolidation was predicated too much on […]
71 Commercial Bank branches to be kept open on Good Friday
For the second time this month, the Commercial Bank of Ceylonwill keep71 branches open for business on a Public and Bank holiday, this time on 25th March, which is Good Friday. The Bank has announced that its30 Supermarket Banking Centres and 25 ‘365-day’ branches will work their customary hours on that day, while another 16 […]
Sri Lankan bank teller stops international hackers
Singapore, Mar 16, 2016 (LBO) – A Sri Lankan bank teller has stopped international hackers from laundering 20 million dollars stolen from the New York Federal Reserve, Central Bank Governor Arjuna Mahendran told an audience in Singapore on Tuesday. This is testament to the best practices followed by the island’s bankers, he said explaining the […]