Sri Lanka’s financial sector expands
Sri Lanka’s financial sector expanded and
strengthened playing a key role in supporting the growth momentum of
the economy. This was highlighted in the annual Financial System
Stability Review presented by the Central Bank’s 2012 issue. It
further stated that despite challenging global as well as domestic
market conditions, the risk absorbency capacity and the overall
soundness of the financial sector improved with higher levels of
capital, adequate liquidity buffers, healthy earnings, enhanced
supervisory and regulatory frameworks, integrated risk management
frameworks. Further, public confidence improved with financial
safety net mechanisms and consumer protection measures in place.
Although asset growth moderated responding to the ceiling on credit
growth in force during the year, access to finance increased with
the extension of branch networks specifically in the regional areas.
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MBSL debentures get listing on CSE today
The debentures of Merchant Bank of Sri Lanka PLC
(MBSL) will be listed today on the Debt Securities Main Board of the
CSE. The listing follows the MBSL’s successful raising of Rs 2
billion via the issuance of Unsecured Redeemable Debentures for the
purpose to raise long term funds required for increasing the lending
portfolio and for the settlement of short term borrowings of the
company. This debenture issue was oversubscribed on the opening
date.
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Bank of Ceylon international bond sale begins
An international bond of sale of Sri Lanka’s
state-run Bank of Ceylon has got underway with an initial price
guidance issued to investors by lead managers, a media report said.
Sri Lanka’s state-run Bank of Ceylon has sold a 500 million dollar
5-year sovereign bond to yield 6.875 percent a year with the
investors oversubscribing the issue 7.7 times.
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