Financial Services

KPMG hosts 18th Audit Committee Forum

Views - 140 Friday, 8 February 2019 00:00

A seasoned audit committee chair once remarked that every new appointee to the board should do time on the audit committee, as it provides such a comprehensive and all-encompassing view of the business and the challenges and risks faced by the compa

Bank of China’s $300 m loan to Sri Lanka faces delay: Govt. officials

Views - 141 Thursday, 7 February 2019 01:06

REUTERS: A $300 million loan offered by Bank of China to Sri Lanka is facing delays, Government officials familiar with the negotiation told Reuters. The Indian Ocean island nation, a key battleground in the tussle for influence in South Asia betwee

364 day bill weighted average remains unchanged

Views - 71 Thursday, 7 February 2019 01:06

The 364 day bill weighted average was seen holding steady at 10.69% at its weekly Treasury bill auction conducted yesterday following six consecutive weeks of decreases. Similarly, the 182 day bill weighted average remained steady at 9.87%, which was

Acting Chairman for BOC, People’s Bank

Views - 74 Thursday, 7 February 2019 01:05

The Finance Ministry yesterday announced that Senior Deputy Secretary to Treasury A.R. Desapriya has been appointed as Acting Chairman of the Bank of Ceylon and Deputy Treasury Secretary A.M.P.M.B. Atapattu has been appointed as Acting Chairman of Pe

HNB announces landmark partnership with CyberSource

Views - 439 Thursday, 7 February 2019 00:58

HNB yesterday announced a landmark new partnership with Visa to launch its globally-renowned integrated ecommerce payment management service, CyberSource, across the bank’s entire merchant network. Through the new partnership, HNB will offer its me

DFCC Bank launches value-added corporate credit card in partnership with Visa

Views - 113 Thursday, 7 February 2019 00:53

DFCC Bank in partnership with Visa hosted its corporate clientele at the launch of its DFCC Visa corporate credit card on 23 January at the Hilton Colombo. The exciting launch was celebrated in the presence of almost 200 attendees, consisting of the

Central Bank on ensuring safety of payment card transactions

Views - 119 Thursday, 7 February 2019 00:51

Central Bank yesterday issued the following statement on ensuring safety of payment card transactions: Payment cards provide customers the convenience of withdrawing cash through Automated Teller Machine (ATM) network and transacting through merchant

KPMG Academy organises seminar on Trust Law on 13 February

Views - 69 Thursday, 7 February 2019 00:51

The Trust Amendment Act No. 6 of 2018 provides a definition for “express trust”. It means a trust that is created by the author of the trust generally in the form of an instrument in writing with certainty indicating the intention of the trust, b

Bank of Ceylon wins ‘Best Presented Annual Report’ at SAARC Anniversary Awardsby SAFA

Views - 19 Thursday, 7 February 2019 00:48

The Bank of Ceylon’s ‘ABC of BOC’ Annual Report for 2017 was recognised as the Winner of the Best Presented Annual Report Award in the Public Sector Banking Institution Category at the South Asian Federation Accountants (SAFA) Awards Ceremony h

Seylan Trade Services launches Priority Counter for trade clients

Views - 26 Thursday, 7 February 2019 00:46

Enhancing its services to offer a comprehensive banking experience, Seylan Bank Trade Services has pioneered the concept of priority banking by establishing a Priority Counter for its trade clients. Offered to selected clients based on the volumes r

Bond yields remain mostly unchanged ahead of weekly bill auction

Views - 82 Wednesday, 6 February 2019 00:00

The secondary bond market yields remained mostly unchanged yesterday on the back of moderate volumes changing hands, ahead of today’s weekly Treasury bill auction. Trades were witnessed on the maturities of two 2021s (i.e. 01.08.21 and 15.12.21),

People’s Bank celebrates independence with gifts for children born during the week

Views - 23 Wednesday, 6 February 2019 00:00

Commemorating the country’s 71st National Day, the head office and all People’s Bank branches organised Independence Day celebrations island wide. The National Day celebration at the People’s Bank head office was held under the patronage of Peo

NDB Wealth marks Independence Day 2019

Views - 94 Wednesday, 6 February 2019 00:00

Expert financial planner NDB Wealth marked Sri Lanka’s 71st Independence Day on 4 February 2019. “To mark Sri Lanka’s 71st Independence Day, take some very good advice that has withstood the test of time from famed military strategist and autho

Rupee ends 1% weaker on importer dollar demand

Views - 77 Wednesday, 6 February 2019 00:00

Reuters: The rupee ended 1% weaker on Tuesday, due to dollar demand as importers purchased the greenback after the local currency gained nearly 3% last week. The rupee closed at 178.20/50 per dollar, compared with Friday’s close of 176.60/177.00,

CDB’s innovation mindset wins big at SLT ZERO ONE Awards

Views - 28 Wednesday, 6 February 2019 00:00

Asserting its presence as a leading disruptor in the financial industry with its pioneering technological innovations, Citizens Development Business Finance PLC (CDB) gained impressive kudos at the SLT Zero One Awards held recently, bagging the Best

Bond market turns bullish during the week

Views - 193 Tuesday, 5 February 2019 01:01

The secondary bond market turned bullish during the week ending 1 February as yields were seen deceasing on the back of continued foreign buying and renewed local buying interest, reversing an upward trend witnessed during the previous week.

SWIFT says helping Bangladesh Bank rebuild network after cyber heist

Views - 22 Tuesday, 5 February 2019 00:58

NEW DELHI (Reuters): International payments network SWIFT said on Saturday it had signed an agreement with Bangladesh’s Central Bank to help it rebuild its infrastructure after hackers used it to steal $81 million in 2016 in the world’s biggest c

Bangladesh sues Philippine bank over cyber heist at New York Fed

Views - 31 Tuesday, 5 February 2019 00:58

NEW YORK (Reuters): Bangladesh’s Central Bank last week sued a Philippine bank to recoup losses it suffered when unidentified hackers stole $ 81 million from its account at the Federal Reserve Bank of New York nearly three years ago. In a complaint

Asia stocks quiet, dollar firm after upbeat US job data

Views - 20 Tuesday, 5 February 2019 00:58

TOKYO (Reuters): Asia stocks hovered near four-month highs on Monday after a mixed performance on Wall Street at the close of last week, while the dollar firmed against the yen following strong US job and manufacturing data. MSCI’s broadest index o

Australia to overhaul regulators after landmark banking inquiry

Views - 79 Tuesday, 5 February 2019 00:58

Reuters: Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector designed to combat the excessive greed and unethical practices that have engulfed some of the country’s biggest financial inst

State Bank of India fixes glitch that may have exposed customer data

Views - 36 Tuesday, 5 February 2019 00:57

(Reuters): State Bank of India (SBI), the country’s largest lender, has fixed a glitch in its systems that may have exposed the financial information of millions of customers. “SBI would like to assure all its customers that their data is safe an

Royal Monetary Authority of Bhutan visits Sri Lanka for mutual knowledge share

Views - 129 Tuesday, 5 February 2019 00:55

A delegation from the Royal Monetary Authority of Bhutan (Central Bank of Bhutan) visited Lanka Financial Services Bureau Ltd. (LFSBL) in December 2018 for a ‘knowledge sharing’ session organised by the Payments and Settlements Department of the

Cryptocurrency thefts, scams hit $1.7 b in 2018

Views - 49 Friday, 1 February 2019 00:00

NEW YORK (Reuters): Cryptocurrencies stolen from exchanges and scammed from investors surged more than 400 percent in 2018 to around $1.7 billion, according to a report from US-based cyber security firm CipherTrace released on Tuesday. Of the $1.7 bi

Re-imagining the future of B2B payments

Views - 44 Friday, 1 February 2019 00:00

By Ankur Kanwar In recent years, retail customers have got their demands for a simple and seamless digital experience answered. From purchase to payments, there has been no short of innovation that makes the online retail consumers’ lives that much

Robust outcome at Bond auctions

Views - 102 Friday, 1 February 2019 00:00

By Wealth Trust Securities The two Treasury bond auctions conducted yesterday were seen recording impressive weighted averages. The 2 year and 6 month maturity of 01.08.2021 recorded a weighted average of 10.85% while the new 7 year and 11 month matu

ComBank named Sri Lanka’s ‘Most Innovative Customer Service Banking Brand’

Views - 41 Friday, 1 February 2019 00:00

The Commercial Bank of Ceylon has been adjudged the ‘Most Innovative Customer Service Banking Brand, Sri Lanka 2018’ by the UK-based ‘Global Brands’ – a magazine that provides reviews, opinions, news and polls on leading brands across the g

NDB NEOS revolutionises banking by integrating physical and digital

Views - 318 Friday, 1 February 2019 00:00

NDB becomes one of the first banks in Sri Lanka to revolutionise its banking journey with a digital transformation by migrating the bank’s customers to a digital, paperless platform to perform all activities in the branch. The bank’s first phygit

Siyapatha Finance appoints ex-Standard Chartered Banker to its Board

Views - 59 Friday, 1 February 2019 00:00

Siyapatha Finance PLC has announced the appointment of Jayantha Harischandra Gunawardena as an Independent, Non-Executive Director to its Board with effect from 29 January 2019. Gunawardena had a distinguished career at Standard Chartered Bank Colomb

Chula promoted to Executive Director on Softlogic Life Insurance Board

Views - 80 Friday, 1 February 2019 00:00

Softlogic Life Insurance PLC has announced the appointment of H. Chula Hettiarachchi as an Executive Director on its Board. Previously, he was the Chief Operating Officer and Principal Officer, whilst contributing extensively to the growth and develo

Former NTB COO Thilak joins SANASA Development Bank as CEO

Views - 1343 Friday, 1 February 2019 00:00

Veteran banker Thilak Piyadigama has been appointed as Chief Executive Officer/General Manager with effect from 1 March subject to the approval of the Central Bank of Sri Lanka. Piyadigama possess over 30 years of experience in the Banking and Techno

Today's Columnists

Discipline and the devil’s disciples

Monday, 18 February 2019

That coach who repeatedly slapped a boy under his care has generated a storm of controversy on social media. On one side are aunties, bleeding hearts, civil rights champions et al who are outraged or at the very least shocked or surprised. On the oth

SL growth profile: Arrest moving down the staircase immediately to avoid hard landing on the floor

Monday, 18 February 2019

Strong message in the Sri Lanka Development Update 2019 Sri Lanka Development Update for 2019 was released by the World Bank last week. This document contains a review by the bank’s residential staff of the present state of the country’s economy

Prudential banking and saga of MTD Walkers

Monday, 18 February 2019

The matters referred to in the article under this title published in the Daily FT (15 February) are spotlighted in more detail under this scrutiny. While the general attention of the public remains more focused on recently arrested underworld kingpin

Minister Wijeyadasa Rajapakshe’s empty rant

Monday, 18 February 2019

Minister Wijeyadasa Rajapakshe (WR) has joined President Sirisena’s reckless verbal onslaught on the Constitutional Council (CC) that was set up by the 19th Amendment (Daily Mirror 15 February). I use “verbal onslaught” intentionally since, as

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