Financial Services

AIA Insurance appoints new CEO

Views - 99 Thursday, 30 May 2019 00:00

AIA Insurance Lanka yesterday announced the appointment of Nikhil Advani as its new Chief Executive Officer. The appointment will be effective 1 July subject to approval of the Insurance Regulatory Commission of Sri Lanka. Outgoing CEO Pankaj Banerje

364-day bill average decreases at a slower pace

Views - 77 Thursday, 30 May 2019 00:00

By Wealth Trust Securities The degree of decline on the 364-day bill weighted average was seen slowing considerably at yesterday’s weekly Treasury bill auction, recording its fifth consecutive week of declines. It registered a mere drop of 02 basis

Combating invisible financing for terrorism

Views - 760 Wednesday, 29 May 2019 00:48

CCTV footage played the key role in identifying the suicide bombers of the Easter Sunday attack.However, the ways and means of breeding such terrorism on Sri Lanka’s soil is still under investigation.In the aftermath of the Easter attack, there is

Dull sentiment continues ahead of weekly bills auction

Views - 61 Wednesday, 29 May 2019 00:47

By Wealth Trust Securities The secondary bond market remained rather dull yesterday with limited trades seen on the 2021s (i.e. 01.08.21, 15.10.21 and 15.12.21), 2022s (i.e. 15.03.22 and 01.07.22), 2023s (i.e. 15.05.23 and 15.07.23), 15.03.24, 15.01.

Sampath Bank empowers women entrepreneurs through Sampath Saviya program

Views - 46 Wednesday, 29 May 2019 00:45

First launched in 2013, the ‘Sampath Saviya’ program stands as the bank’s flagship entrepreneurship development initiative that aims to support the Government’s endeavour to develop the MSME sector as a key growth catalyst for the national ec

LB Finance relocates in Mathugama

Views - 53 Wednesday, 29 May 2019 00:44

LB Finance, Sri Lanka’s trail-blazer in innovative financial services, recently relocated the Mathugama branch at No. 96, Agalawattha Road, Mathugama, in a spacious building with the latest and modern facilities. The relocated Mathugama branch was

Stocks snap 2 days of falls; rupee edges lower

Views - 42 Wednesday, 29 May 2019 00:43

Reuters: Sri Lankan shares snapped two consecutive sessions of falls on Tuesday in high turnover, led by Hatton Plantations PLC, while the rupee closed slightly weaker. Traders said the Easter day bombings and aftermath violence, and worries over sl

ComBank slashes rates for ‘Biz Loans’ to encourage SME sector

Views - 52 Wednesday, 29 May 2019 00:43

Commercial Bank of Ceylon has announced a reduction of interest rates relating to its ‘Biz Loans’ with a view to further supporting the small and medium businesses of the country. The Bank said loans of up to Rs. 250 million are on offer from 13%

HNB partners with Brown & Co. for offers on agricultural equipment

Views - 153 Tuesday, 28 May 2019 00:56

Sri Lanka’s premier financial solutions provider HNB PLC announced a partnership with Brown & Company to offer exclusive leasing packages on agricultural vehicles especially for customers in the SME and MSME sectors. The partnership, which offers

Ceylinco Life policyholders go sightseeing around Sydney

Views - 24 Tuesday, 28 May 2019 00:56

Grand prize winners of Ceylinco Life’s 12th ‘Family Savari’ promotion were taken on a four-day tour around Sydney, Australia, recently, treating the group to the exciting sights of one of the world’s most-photographed cities. The all-expense

SL High Commission in Singapore facilitates investment promotion forum, ‘Invest Sri Lanka’  

Views - 92 Tuesday, 28 May 2019 00:56

High Commission of Sri Lanka in Singapore facilitated the investment promotion forum ‘Invest Sri Lanka’ organised by the Colombo Stock Exchange (CSE), Securities and Exchange Commission of Sri Lanka (SEC) at Hotel Ritz Carlton Millenia in Singapo

Nasdaq withdraws bid for Oslo Bors, handing prize to Euronext

Views - 21 Tuesday, 28 May 2019 00:55

OSLO (Reuters): Nasdaq withdrew its bid on Monday to takeover Norwegian stock market operator Oslo Bors VPS, leaving pan-European competitor Euronext as the sole bidder. Euronext secured approval this month from Norway’s Ministry of Finance for its

AIA Hong Kong opens Exit Offer Acceptance process

Views - 44 Tuesday, 28 May 2019 00:54

Publicly listed company AIA Insurance Lanka PLC announced that it will delist the company’s shares from the official list of the Colombo Stock Exchange (CSE) in compliance with applicable regulations and procedures, while at the same time reaffirmi

Bond market activity moderates

Views - 69 Tuesday, 28 May 2019 00:54

By Wealth Trust Securities Activity in the secondary bond market moderated yesterday as most market participants were seen on the sidelines. Limited trades of the 2022s (i.e. 01.07.22 and 01.10.22), 2023s (i.e. 15.05.23, 15.07.23 and 15.12.23), 15.03

Latest addition to banking literature in Sri Lanka by Ravi Molligoda

Views - 418 Tuesday, 28 May 2019 00:00

The latest addition to banking literature in Sri Lanka is the book titled ‘The Law Relating to Commercial Banks in Sri Lanka (Operations)’ authored by Ravi Molligoda, former AGM of People’s Bank, FCIB (LOND) and Attorney-at-Law. The book is in

17th Annual K. Sivagananathan Memorial Oration and Awards ceremony

Views - 31 Tuesday, 28 May 2019 00:00

The 17th Annual K. Sivagananathan Memorial Awards and Oration was held on Monday, 11 March at the BOC Auditorium in Fort amidst a large gathering. This Annual Memorial Oration and Awards ceremony is conducted jointly by the Association of Professio

Association of Professional Bankers Sri Lanka (APB)

Views - 65 Tuesday, 28 May 2019 00:00

In early 1988, a group of enthusiastic senior bankers saw the need to form an association to promote professionalism in the industry, for a forum to meet and discuss topics relating to the banking industry and also to help upcoming bankers to broaden

Association of Professional Bankers new President shares insights

Views - 163 Tuesday, 28 May 2019 00:00

The 30th Annual General Meeting of the Association of Professional Bankers – Sri Lanka was held on Friday 22 March at HNB Towers, Colombo followed by fellowship and dinner. C. Amarasinghe, Deputy General Manager (Sales and Channel Management) of Ba

CA Sri Lanka engages with stakeholders on SLFRS 9 post implementation review

Views - 81 Monday, 27 May 2019 00:50

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) commenced the post implementation review of SLFRS 9 financial instruments with the engagement of key stakeholders. CA Sri Lanka has adopted the full version of SLFRS 9 in 2014 with an

Sampath Bank holds Inter Branch/Department Quiz 2019

Views - 43 Monday, 27 May 2019 00:46

Sampath Bank held the 29th edition of its annual Inter Branch/Department Quiz Competition at Eagles’ Lakeside Banquet and Convention Hall, Attidiya recently. Organised by the Sampath Bank Sports Club, the event was graced by Sampath Bank PLC Senior

HNBA Group delivers strong start for 2019

Views - 55 Monday, 27 May 2019 00:44

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Ltd. (HNBGI) delivered a strong start for 2019, posting a Profit After Tax (PAT) of Rs. 119 million being in line with the business and profit forecast. In reviewing its pe

One year T-bill yield falls below SLFR for first time in over three years

Views - 110 Monday, 27 May 2019 00:41

The shortened trading week ending 24 May 2019 saw the weighted average on the benchmark 364 day bill falling below Central Banks Standing Lending Facility Rate (SLFR) for the first time in over three years, an occurrence which was last witnessed in J

Fitch upgrades Union Bank’s National Long-Term Ratings

Views - 94 Monday, 27 May 2019 00:39

Fitch Ratings Lanka has upgraded the National Long-Term Ratings of Union Bank to ‘BBB-(lka)’ from ‘BB+(lka)’ with a Stable Outlook. The upgrade of Union Bank’s rating reflects its better risk profile through a more diversified loan book, in

Decline in interest rates to boost stock market

Views - 255 Monday, 27 May 2019 00:39

Central Bank Governor Dr. Indrajit Coomaraswamy has hinted a strong possibility of a policy rate cut at the next monetary policy review meeting scheduled on 31 May. According to the Governor, there is a strong case for relaxing monetary policy. “Al

Pan Asia Bank offers 10% cash back on bill payments via internet and mobile banking

Views - 87 Friday, 24 May 2019 00:00

Pan Asia Bank has decided to offer its fast-expanding internet and mobile banking users 10% cash back on bill payments as a part of the bank’s efforts to encourage its customers to enjoy the flexibility and the convenience of using Pan Asia Bank’

First installment waived off from NDB Bank on balance transfer

Views - 73 Friday, 24 May 2019 00:00

NDB Bank yet again has embarked on a drive to take the burden of credit card outstanding balances of prospective customers. These customers have the option of transferring their other bank credit card outstanding balances to an NDB Bank Goodlife Cre

CSE Chief tells Singapore investor forum Sri Lanka will bounce back stronger

Views - 418 Friday, 24 May 2019 00:00

Colombo Stock Exchange (CSE) Chairman Ray Abeywardena this week said Sri Lanka’s equity markets post Easter Sunday terror attacks will bounce back stronger than it was before. He made this optimistic view during his address at the Invest Sri Lanka

Bond yields increase marginally in moderate trade

Views - 79 Friday, 24 May 2019 00:00

 By Wealth Trust Securities The secondary bond market yields were seen increasing marginally yesterday on the back of moderate volumes changing hands. The yields on the liquid two maturities of 15.07.23 and 15.03.24 increased to intraday highs of 9.

Allianz announces senior leadership appointments for Sri Lankan business

Views - 115 Friday, 24 May 2019 00:00

Allianz announced the appointment of Gany Subramaniam as the Chief Executive Officer of Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd. (Allianz Lanka), overseeing the growth strategy of the business and with overall management res

NDB wins 2018 USD Operational Excellence Award from Deutsche Bank New York

Views - 43 Friday, 24 May 2019 00:00

NDB Bank’s payments and settlements process which is one of the best in the market has won international recognition for quality, timeliness and straight through processing of international payments effected. NDB Bank has won the 2018 USD Operation

Today's Columnists

Those who go by social proof are easy prey to crafty schemers

Monday, 17 June 2019

Going after social proof Swiss writer and novelist, Rolf Dobelli, in one of the essays in his 2013 book ‘The Art of Thinking Clearly’, has given a fine warning to his readers. He has warned against going by ‘social proof’ or ‘majority view

Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)

Emperors without clothes: Is Mother Lanka naked too?

Monday, 17 June 2019

The expression ‘The Emperor without clothes’ derives from the Hans Anderson tale that is based on Sufi wisdom. The Emperor in Anderson’s story was without doubt, the finest dressed man in the land and he loved wearing fine clothes and spent al

The confusion of the collision is becoming indescribable!

Monday, 17 June 2019

Strange are the things we are witnessing in the political scene. The fast-evaporating trust and confidence in politicians and the Government are seriously destroying the harmony of the nation. The Prime Minister of the country has admitted that the

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