Investments – FINANCE NEWS

9Aug

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Investments

SMIB announces appointment of new CEO

The State Mortgage and Investment Bank (SMIB), a leading state-owned bank in Sri Lanka with 90 years of history, announced the appointment of an experienced banker, Mr. Thushara Asuramanna, as the new CEO with effect from 01 July 2022. Prior to his appointment as CEO SMIB, Mr. Asuramanna was the Vice President of Commercial Credit Management Unit of Nations Trust Bank (NTB). Starting his banking career in 1999 with National Development Bank Plc, Mr. Asuramanna continued working till 2011 in various capacities attached to SME & Retail segments. He joined NTB in 2011 with exposure to Senior Management, Small and Medium Enterprises (SMEs) & Retail Credit Risk in its Integrated Risk Management Department. Chairman of SMIB Dr. Udayasri Kariyawasam stated: “SMIB is a key player th...

Simplebooks Outlines the Step-by-Step Guided Process in Initiating FDIs in Sri Lanka

2May

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Economy, External Account, Investments, Opinion

Simplebooks Outlines the Step-by-Step Guided Process in Initiating FDIs in Sri Lanka

As a leading private business registration firm in Sri Lanka, Simplebooks has assisted countless companies to set up and grow their businesses. With Foreign Direct Investments (FDI) is becoming crucial for developing nations including Sri Lanka to become a developed nation, Simplebooks professes the importance for the country to welcome Foreign Direct Investments (FDI) looking at a broader perspective beyond foreign inflows or additional funding. “Foreign Direct Investments are a great way for Sri Lankans to accelerate and grow their companies” said Aabith Sabeer, the CEO of Simplebooks. “Looking at it from a local perspective, FDIs could mean more capital for companies and job opportunities for people, companies could adopt foreign methodologies, absorb new knowledge, improv...

Banking Sector Lending Rates Hints a Comeback While Deposit Rates Continues to Fall

2May

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Banking and Insurance, Business, Economy, Finance and Leasing, Investments

Banking Sector Lending Rates Hints a Comeback While Deposit Rates Continues to Fall

Sri Lanka's banking sector's Average Weighted Prime Lending Rate (AWPR) reached a new monthly high of 5.86 percent at-end April by gaining five basis points (bps) compared to the beginning of the month. On a Weekly basis, AWPR for the week ending 30th April increased by 32 bps to 5.86 percent compared to the previous week. At-end April, Sampath Bank had the highest AWPR among local banks at 7.38 percent followed by Seylan Bank at 6.85 percent, Union Bank of Colombo at 6.79 percent. The State-owned Bank of Ceylon, People's Bank along with Hatton National Bank, Commercial Bank of Ceylon, Pan Asia Banking Corporation, and NDB Bank maintained their AWPR below six percent. Among foreign banks, Citi Bank recorded the lowest AWPR of 4.92 percent at-end April. According to avila...

BIS launches second green bond fund for central banks

1Feb

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Banking and Insurance, Investments

BIS launches second green bond fund for central banks

The Bank for International Settlements (BIS) has launched a euro-denominated, open-ended fund for green bond investments by central banks and official institutions. The launch follows the successful introduction of a first BIS green bond fund denominated in US dollars in September 2019. Together, the two BIS green bond funds will manage some $2 billion in green bonds for central banks with the expectation that the funds will continue to grow considerably. The funds have been developed with the support of an advisory committee drawn from a global group of central banks. They are part of the BIS's green bond fund initiative, which helps central banks to incorporate environmental sustainability objectives in the management of their reserves and capital, in line with a growing de...

Sri Lanka’s Banks are unlikly to return to Pre-covid proftiability levels in 2021

18Dec

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Banking and Insurance, Business, Finance and Leasing, Investments

Sri Lanka’s Banks are unlikly to return to Pre-covid proftiability levels in 2021

Sri Lanka's Banks are unlikly to return to Pre-covid proftiability levels next year, Fitch Ratings said in a special report. "We expect this trend to continue in to 2021, albeit at a slower pace. Deteriorating asset quality and the associated higher credit costs are expected to keep banks' profitability lower in 2021 than pre-2019 levels, despite improvement from 2020 profitability," the Rating Agency said. It expects that sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign's weakened credit profile to pose significant downside risks to the operating environment for Sri Lankan banks. The rating Agency lowered its assessment of the operating environment score for Sri Lankan banks to 'ccc' with negative outlook from 'b-' ...

Sri Lanka to introduce new laws to protect investments

1Dec

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Business, Chinese, Economy, Investments

Sri Lanka to introduce new laws to protect investments

Sri Lanka's President Gotabaya Rajapaksa vowed to bring in new laws to protect both local and foreign investors as the government aims to encourage investments to reduce reliance on borrowings. "Our overreliance on loans must come to an end. That is why the focus ofthe Government is on fostering investments. We must attract more Foreign Direct Investment and encourage more local investment to drive our economic growth. With this in view, the Government is bringing in new laws to fully protect investments," Rajapaksa asserted at the Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce. Further, he stressed that the government is committed to enhancing the ease of doing business in Sri Lanka. The President noted that delays in projects funded by foreign parti...