BOC launches Mega Wasi Season 2 with total prizes of Rs. 84 m

Published : 1:48 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,242 views  |  

The Bank of Ceylon, Sri Lanka’s No. 1 bank is renowned for inculcating the savings habit among Sri Lankans, by promoting and maintaining their savings. Further, the bank duly rewards such account holders who are indirectly partnering in national development. BOC Mega Wasi Season 2 is offering gifts worth Rs. 84 Million with more than 4,250 gifts to be offered through three lucky draws throughout the period. Account holders with a minimum balance of Rs. 10,000 for a continuous period of four months are qualified to enter the BOC Mega Wasi Season 2. Those who maintain Rs. 10,000 and multiples in their savings accounts (Normal Savings, Ran Kekulu, 14+, 18+, Kantha Ran Ginum, Senior Citizens, Ran... 

Reduction in Statutory Reserve Requirement turns bond markets bullish

Published : 1:47 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  567 views  |  

By Wealth Trust Securities The reduction in the Statu-tory Reserve Requirement (SRR) for all commercial banks in Sri Lanka by 200 basis points yesterday saw bond markets turn bullish as yields dipped across the board considerably. The reduction in the SRR rate is expected to add around Rs. 50 to Rs. 60 billion into money markets from the 1 July 2013 onwards. The reduction in secondary market bond yields was further supported by the drop in weighted averages (WAvg) at yesterday’s weekly Treasury bill auction. The 364-day bill reflected the sharpest decline of 19 basis points (bp) to 10.66% while the 182-day bill dipped by 10 basis points to 9.70%. However the 91-day bill WAvg continued to hold... 

The real lessons of Rajaratnam’s downfall

Published : 1:45 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  524 views  |  

The story of Raj Rajaratnam is much more than a simple case of money and greed, says Anita Raghavan, veteran financial journalist and author of the new book ‘The Billionaire’s Apprentice.’ Following are excerpts of the interview the Reuters TV program ‘The Exchange’ with Rob Cox did with Anita Raghavan:   Q: About Raj Rajaratnam – tell me what he did wrong. We know that he is the Galleon Group founder. He seems to be the building character in the book? A: Raj is this street fighting brash who is a hedge fund trader. He grew the Galleon hedge fund group from nothing to a seven billion dollar behemoth. Along the way, he basically took a few liberties that got some insider secrets... 

StanChart says on track to meet full year earnings forecasts

Published : 1:42 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  196 views  |  

REUTERS: Standard Chartered said on Wednesday it was comfortable with analysts’ forecasts for its full year operating profit, after growth accelerated in the second quarter. Chief Executive Peter Sands said the bank had performed well despite persistent global economic turbulence, with second quarter growth up on the previous quarter and the same period the year before. “Growth has remained resilient across our footprint markets of Asia, Africa and the Middle East with high levels of client activity. We continue to see good momentum across a wide range of products and services,” Chief Executive Peter Sands said. Analysts expect the bank to make pre-tax profit of about $ 8 billion this year,... 

Reliance Cap partners with Japan firms for bank foray

Published : 1:41 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  207 views  |  

REUTERS: Reliance Capital said on Wednesday it would apply for a licence to enter mainstream banking in the country, in partnership with Japan’s Sumitomo Mitsui Trust Bank and Nippon Life Insurance of Japan. The two Japanese firms plan to own between 4% and 5% stakes each in the proposed bank, while Reliance Capital will be the promoter, said the company, controlled by billionaire Anil Ambani. The Reserve Bank of India issued guidelines in February allowing any type of company to set up a bank, seeking to improve access to banking services.  Read More →

Association of Professional Bankers heads to Jaffna

Published : 12:02 am  June 26, 2013  |  Category: Financial Services  |  Leave a Comment  |  2,034 views  |  

Established in 1988, the Association of Professional Bankers, Sri Lanka has been the most representative organisation of banking professionals in the island and has functioned as a forum that brings the bankers together. This year the association celebrates its 25th anniversary and has planned a series of events to mark its silver jubilee. The association is taking its activities to the north for the first time to give an opportunity for the bankers in north a forum to get together. The activities are scheduled to be held on Friday 28 June 2013 which would commence with a special pooja at the famous Nallur Kovil at 7:45 a.m. to invoke blessings for the association and the society. The association... 

Amana Bank offers extended banking hours

Published : 12:00 am  June 26, 2013  |  Category: Financial Services  |  Leave a Comment  |  814 views  |  

Having launched the convenience of Saturday banking services for its valued customers in June 2012, Amana Bank has introduced another customer value addition with the launch of extended banking hours in selected ‘high traffic’ branches. This timely introduction would allow customers of the bank to carry out their day-to-day transactions at selected branches beyond normal banking hours. Amana Bank’s Main Branch in Colpetty as well as the bank’s branches in Dehiwala, Kandy and Kattankudy will be open for business up to 4 p.m. on weekdays, while the Pettah branch will be open till 6 p.m. with effect from June 2013. Speaking on this initiative Amana Bank’s Chief Operating Officer Mohamed... 

Sampath Bank offers credit card cinema incentive

Published : 12:00 am  June 26, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,211 views  |  

Cardholder movie for free An exclusive offer is now on for Sampath Credit Card holders for a waiver on the purchase of movie tickets at Majestic Cinema. The offer  that would earn Sampath Credit Card holders free movie tickets to view two fabulous movies ‘Fast and Furious 6’ and ‘World War Z’  at the Ultra and Platinum 3D cinema theatres at Majestic City Cineplex, Colombo 04 on 29 and 30 June and  6 and 7 July, 2013. Sampath Credit Cardholders will be charged only for one ticket when you reserve for two or more. They could call on the dedicated number to make their reservations and payments using the Sampath Credit Card and collect the tickets at the counter dedicated exclusively... 

Upward trend in secondary bond market yields persist amidst thin volumes

Published : 10:38 am  June 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  672 views  |  

By Wealth Trust Securities The upward trend of bond yields in the secondary market continued yesterday as well, with the two liquid five year maturities (i.e. 01.04.2018 & 15.08.18) hitting a six month high of 11.70% on the back of thin volumes. However buying interest at these levels curtailed further upward movement as yields dipped once again to close the day marginally lower at levels of 11.61/64 and 11.66/70 respectively. This was further backed by the success of the Sri Lanka Development Bond (SLDB) auction where an amount of US $ 254 million was accepted against its initial offered amount of US $ 75 at very competitive weighted averages in comparison to its previous issues. In the... 

HNB finances 15% of mega Broadlands Hydro-Power Project

Published : 12:04 am  June 25, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,438 views  |  

To add 35 MW to the national gridContinuing its pivotal role in funding Sri Lanka’s vital infrastructure development, Hatton National Bank (HNB) recently tied up with the Ceylon Electricity Board (CEB) to partly finance the ambitious Broadlands Hydro-Power Project, which will add 35 megawatts (MW) to the national grid.  Read More →

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