The International Finance Corporation (IFC), the private sector investment arm of the World Bank, has secured a 14.73% stake in Sunshine Healthcare Lanka Ltd. for Rs. 3.27 billion. Originally announced earlier this year, Sunshine Healthcare confirmed on Friday that the transaction was completed with the issuance of 1.9 million shares on October 3, following the
On October 1, 2024, People’s Bank marked World Children’s Day by relaunching its ‘Ethera Udana Minors’ Foreign Currency Account, now equipped with new features, at its headquarters. The event also saw the relaunch of the bank’s ‘Ethera Isura’ Personal Foreign Currency (PFC) account and People’s Remittance service. During the ceremony, new logos were unveiled for
Dinesh Weerakkody, a highly regarded professional with extensive experience in the banking sector, has been appointed as the new Chairman of Union Bank of Colombo, following the resignation of Nirvana Chaudhary. Chaudhary will continue to serve on the Board as a Director. Union Bank is predominantly owned by Nepalese billionaire Binod Choudhary through Culture Financial
Dhammika Perera will rejoin the board of Hayleys Plc as Co-Chairman and non-executive director, effective October 1. Known as a philanthropist, strategist, and influential business leader, Perera has interests in industries such as manufacturing, banking, finance, leisure, plantations, and hydropower generation, according to a stock exchange filing by Hayleys. Perera currently holds 382,596,970 ordinary shares,
Sri Lanka’s central bank announced that it would maintain policy interest rates between 8.25% and 9.25%, citing the likelihood of deflation in the near term due to easing supply conditions and adjustments to administratively controlled prices. “The Board observed that inflation is likely to remain well below the 5% target over the next few quarters,
People’s Leasing & Finance PLC, a trusted name in Sri Lanka’s non-banking financial sector, has introduced the GoldCash card, an innovative financial tool available to customers from October 1. This new product offers a convenient, flexible, and secure method for individuals to leverage their gold assets for credit. Speaking on the launch, CEO Sanjeewa Bandaranayake
The Central Bank of Sri Lanka (CBSL) issued a statement today clarifying that, although September 23, 2024, is a public holiday, it is not a bank holiday. This announcement comes in response to a special media release from the Director General of the Government Information Department, which noted that the Secretary to the Ministry of
Sri Lanka has reached an agreement in principle to restructure approximately USD 14.2 billion in sovereign debt with International Sovereign Bond (ISB) holders and has also finalized an agreement with the China Development Bank, according to State Minister of Finance, Shehan Semasinghe. Semasinghe announced on Thursday, September 19, that the ISB deal was secured after
The US Federal Reserve has cut its interest rate by 50 basis points, bringing the target overnight rate to 4.75%-5.00%. Fed Chair Jerome Powell stated that inflation and employment are now more balanced. “Inflation is much closer to our target, and we are increasingly confident that it is moving sustainably toward 2 percent,” Powell said
Ceylinco Life has announced its pioneering investment of Rs. 2 billion as the anchor investor in Sri Lanka’s first-ever Green Bond, issued by DFCC Bank. This landmark initiative, opening for subscription today, aims to raise up to Rs. 2.5 billion to fund solar photovoltaic (PV) power generation projects, including ground-mounted, floating, and rooftop solar facilities