Banking and Finance

Smooth Landing

Mar. 07 (LBO) – Sri Lanka's Distilleries Group said Tuesday that they have picked up the controlling stake in the island's pioneering unit trust …

Buckled

Mar. 07 (LBO) -- The monetary board of Sri Lanka's central bank is now short of one member as a procedural snag has held up the appointment of a replacement. …

High Jump

Mar.06 (LBO) – Sri Lanka’s Hatton National Bank said Monday that it posted a 134 percent growth in post tax profits for the full-year ended …

Hedging Risks

Mar. 06 (LBO) – Commercial Bank of Ceylon has sought expertise of a foreign actuarial to structure a pension buyback scheme for employees, officials said …

Looking Abroad

Feb. 28 (LBO) – Sri Lanka's Sanasa Development Bank is looking for foreign money to bring its capital up to the new Central Bank core capital …

Piggy Bank

Feb. 28 (LBO) – Sri Lanka is set to launch a new development bank in April to promote future reconstruction and development work, a top official said …

Higher Rent

Sri Lanka’s housing finance giant HDFC Bank reported a sharp drop in profits and profitability for the last quarter of 2005, on higher staff and interest …

Ice Breaker

Feb 23 (LBO) - The Commercial High Court on Thursday rapped NDB Bank's top brass over allegations of mismanagement, asking for cause as to why they should not …

Rural Cover

Jan 23 (LBO) – The Asian Development Bank will help take insurance products to poor households in Sri Lanka, through a US$ 600,000 technical assistance …

State Birth

The Sri Lankan government is planning a Rs. 2.2 billion capital injection into the failed Pramuka Bank, in hopes of reviving it as a state-owned bank. Money …

Digging Deep

Feb. 17 (LBO) – Sri Lanka’s Seylan Bank Friday announced plans to boost capital by a billion rupees through a rights issue. The bank plans to issue …

Trend Setter

Feb. 16 (LBO) – Sri Lanka's Ceylinco Insurance Co. Ltd. said Thursday that they retained their market leadership in the insurance sector last year, with …

Climbing Up

Feb. 16 (LBO) – State owned People's Bank is hoping for a credit upgrade in the near future, a top official said. General Manager Asoka de Silva says a …

Lead Runner

Feb. 15 (LBO) – Deutsche Bank's Colombo branch has retained the top spot for custodian services among four key foreign banks operating in Sri Lanka, …

Healthy Eagle

Jan 15 (LBO) - Eagle Insurance notched up a 103 percent growth in net profits to Rs. 515 million for 2005, buoyed by rapid growth in its life and non-life …

Capital Gains

Feb 13 (LBO) – Sri Lanka’s NDB Bank Monday said group net profit for the fourth quarter ended Dec. 31, 2005 was Rs. 462.8 million over Rs. 30.7 …

Public Pension

Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known …

Colombo’s Cleanup

Feb 08 (LBO) - The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the …

Out of the house

Feb 07 (LBO) – The State Mortgage and Investment Bank (SMIB) plans to change their governing act to get more freedom to lend and change its name as part …

Trimmed Changers

Feb 04 (LVP) - Five moneychangers have lost their license after they failed to comply with new capital requirements set by the regulator. Moneychangers operate …