Sri Lanka Insurance Galgamuwa branch relocated

Published : 12:54 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  822 views  |  

Sri Lanka Insurance relocated its Galgamuwa branch at No. 121, Main Street, in Galgamuwa recently to cater to the needs of the people of the area. The new office was opened by Sri Lanka Insurance’s Chief Officer (Administration) Viyani Gunathilake in presence of the senior management  Read More →


People’s Insurance wins global gold award for very first annual report

Published : 12:52 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  657 views  |  

People’s Insurance Limited (PIL) was recognised for their very first annual report at recently concluded Vision Awards 2012 annual report competition. The company was awarded a Gold Award for excellence within its industry on the development of the organisation’s annual report for the past fiscal year, recognised for developing one of the Top 10 Sri Lankan Annual Reports of 2012 and also received ‘Regional Top 50 Honours’. Organised by the League of American Communication Professionals (LACP) in Florida USA, this is a much coveted global annual report competition. People’s Insurance released its first annual report for 2012 together with its first financial statements which were prepared... 


Primary market yields continue its downward slope

Published : 12:51 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  687 views  |  

By Wealth Trust Securities Despite all bids for the benchmark 91 day and 182 day Treasury bills been rejected for the first time in 33 and 16 weeks respectively at the weekly Treasury bill auction held yesterday, the total offered amount of Rs.10 Bn was mostly subscribed due to the demand for the 364 day maturity. The weighted average of the 364 day maturity decreased by a further three basis points to 10.56% in comparison with the previous week. In line with the outcome of the auction, buying pressure on secondary market bills centering on the 182 day and 364 day maturities was evident as it was seen changing hands within the range of 9.65% to 9.80% and 10.50% to 10.55% respectively. In addition,... 


Fitch affirms Pradeshiya Sanwardhana Bank at ‘BBB+’/Stable

Published : 12:48 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  599 views  |  

Fitch Ratings Lanka has affirmed Pradeshiya Sanwardhana Bank’s (PSB) National Long Term rating at ‘BBB+(lka)’. The Outlook is Stable. Key Rating Drivers PSB’s rating reflects Fitch’s expectation of state support, if needed, to the bank given the state’s 100% effective ownership and PSB’s role in supporting economic policy on rural development. However, the potential for state support is lower than larger state-owned banks in Sri Lanka due to its lower systemic importance. Rating Sensitivities A change in Fitch’s expectation of state support to PSB through greater systemic importance could result in a positive rating action. A downgrade of Sri Lanka’s ‘BB-’ rating or a change... 


Rupee gains

Published : 12:47 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  290 views  |  

Reuters: The rupee edged up for a second day on Wednesday due to dollar sales by banks and as foreign investors bought Government securities, currency dealers said. The rupee closed at 131.50/60, firmer from Tuesday’s close of 131.60/65. It hit a 10-month high of 131.60/70 on Friday. “We have seen some flows into the Treasury bonds and banks also sold dollars due to the tight rupee liquidity,” said a currency dealer. Dealers expect the rupee to move in a range of 131.50 to 132 in the short term and said the currency would continue to depreciate unless the central bank takes some monetary tightening measures. The rupee has fallen 4% since 7 June as foreign investors pulled out of Sri Lanka’s... 


Bourse slips

Published : 12:47 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  257 views  |  

Reuters: Shares slipped in thin trade on Wednesday, retreating from their highest close in nearly three weeks hit in the previous session, after the Central Bank kept key policy rates steady while investors awaited more directions on the rupee and lending rates, brokers said. The main share index ended weaker 0.08% or 5.10 points, at 6,079.14, slipping from its highest close since 3 July. The Central Bank kept key monetary policy rates unchanged, as expected, saying inflation is expected to remain in single digits for the rest of the year supported by supply side improvements and an absence of demand-driven pressures. Foreign investors bought a net Rs. 106.8 million ($ 810,900) in shares, extending... 


HNB Assurance rolls out MotorGuard ‘Eco Insurance’

Published : 12:47 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  906 views  |  

Innovative solutions at a competitive and affordable easy premium for all hybrid vehicle users   HNB Assurance has ventured into green insurance for eco-friendly cars for all hybrid users and is giving the best deal that the industry has to offer. Hybrid vehicles run on electricity or a combination of electricity and hydrogen-based fuel. Both represent low-cost methods of transportation while also reducing the amount of the driver’s carbon footprint on the earth. Hybrid cars are constantly being enhanced and redesigned with even more emphasis on reducing pollution and waste. As a result, these cars often require less maintenance than normal vehicles. Owners of hybrid vehicles are doing... 


Common ATM connects 900 ATMs islandwide

Published : 12:46 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  742 views  |  

Cabraal urges LankaClear to connect all 3000 ATMs in the country by end next year By Cheranka Mendis National payment infrastructure provider LankaClear on Tuesday launched the Common ATM Switch (CAS) under the brand name ‘LankaPay’ connecting some 900 ATMs islandwide belonging to Bank of Ceylon (BOC) and People’s Bank. With the first phase of the Common Card and Payment Switch (CCAPS) implemented by LankaClear under the approval of CBSL, the CAS is likely to connect all commercial banks in the country in the foreseeable future. Under the current system launched the day before, cardholders of BOC and People’s Bank will be able to use ATMs from either of the banks for speedy, convenient,... 


Ethical hackers for local banks?

Published : 12:44 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  271 views  |  

It is now the era of robbing banks with a plastic card having discarded the gun, BOC Chairman President’s Counsel Rasik Zarook said. Noting that the fear of technology creates misconception, Zarook requested permission from the Governor on Tuesday to employ ethical hackers for the bank. “Governor, I seek your permission today to employ some ethical hackers in our banks, so that we can employ them full time to hack our systems.” This is in order to note what exactly the shortcomings are, he said. “A lot of banks abroad do that and I think people who hack are highly paid, more so than the bankers; because today banks are not robbed by guns but by plastic cards.”  Read More →


Mercantile Investment and Finance ends FY13 on strong note; envisions greater success

Published : 12:44 am  July 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,504 views  |  

Having made significant progress, especially in 2012/13, Mercantile Investment and Finance Plc is gearing itself to be a leading financial services institution. Despite being in a highly competitive sector, the company was able to raise business volumes substantially. Mercantile Investments reached a deposit base of over Rs. 8 billion during the period under review. Through efficient streamlining of credit processes and measures taken to improve quality, the loan book has grown up to Rs. 14 billion. The non-performing lending ratio of MI therefore stood at a very low figure of 3.1 %. It has also recorded a gross profit of Rs. 732 million for 2012/2013. “Our vision is to be a leading financial... 


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