Category: Industry

Feb 04 (LVP) – Five moneychangers have lost their license after they failed to comply with new capital requirements set by the regulator. Moneychangers operate as a supplement to commercial banks, and can buy foreign exchange from the public in return for domestic currency. Most operate in Colombo’s Fort area. Sri Lanka’s Central Bank, which […]

Feb.03 (LBO) — Sri Lanka Friday announced plans to issue US0 million-worth of sovereign bonds with the first US million tranche going on sale next Monday, officials said.Treasury Secretary P B Jayasundera said the securities dubbed, “Sri Lanka Nation Building Bonds,” give expatriate countrymen a chance to take part in the island’s development activities. “We […]

Feb. 3 (LBO) – Sri Lanka will shortly start selling a billion dollars in government bonds with the help of Citibank, Treasury Secretary P B Jayasundara said Friday.“Citibank has been appointed and we will finalise the process within the next two weeks,” Jayasundara told reporters. Jayasundara said the structure of the billion-dollar issue is being […]

Feb 03 (LBO) – Sri Lanka’s DFCC Bank is in line to pick up over €70million worth of concessionary funding lines this year, as it looks for ways to expand its loan book, a top official said Thursday. Germany’s flagship public development bank Kreditanstalt für Wideraufbau (KfW), is leading the way, with a €5.45 million […]

Feb.01 (LBO) – Fitch Ratings assigned a ‘BB+ (sri)’ national rating to the Implied Long-term Unsecured Senior Debt of Union Bank of Colombo on Wednesday. The rating points to possible credit risks developing, particularly as a result of adverse economic change over time. Fitch however, said business or financial alternatives may be available to meet […]

Feb. 02 (LBO) – Citibank is likely to get the mandate to raise a billion dollars for the Sri Lanka government through sovereign bonds this year, Lanka Business Online learns.The seven year bonds, would carry a six-month floating rate, based on the London Inter Bank Offered Rate (LIBOR). Last December, Citibank raised US$ 100 million […]

Feb. 01 (LBO) – Aviva, UK’s largest insurance giant’s, picked up controlling stake in Eagle Insurance Ltd for £15 million or Rs. 2.7 billion, the firm said Wednesday. At present ranked the world’s sixth largest insurance group based on gross worldwide premiums, Aviva said 51 percent also came with a partnership with Eagle’s parent NDB […]

Feb. 01 (LBO) – Sri Lanka plans to issue a US$ 25 million sovereign bond to expatriate countrymen this week, to fund the island’s rebuilding efforts, officials said Wednesday. The small issue will not use the country’s credit rating as a marketing tool, but the government is keen to accept any extra bids over an […]

Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the business, industry officials said.Jan. 31 (LBO) ? Sri Lanka’s leasing industry is asking authorities to allow them to raise public deposits in return for infusing higher capital into the […]