Port City Colombo announced that Parliament officially passed two key offshore banking regulations, Offshore Banking and Offshore Banking – Prudent Management and Confidence, on September 4, 2024. This significant development aligns with Port City Colombo’s ambition to establish itself as a prominent regional financial centre, attracting increased Foreign Direct Investment (FDI) into Sri Lanka. Seven
Seylan Bank has unveiled a new addition to its financial services suite with the launch of Seylan Factoring, designed to help businesses access funds by leveraging outstanding trade receivables. Unlike traditional loans that consider a broad range of factors, factoring focuses primarily on the quality and collection of receivables to establish the facility. Seylan Factoring
Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya. Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated
Union Bank has appointed Mr. Dilshan Rodrigo as its new Director/Chief Executive Officer, effective August 16, 2024. With over two decades of experience in the banking sector, Mr. Rodrigo’s leadership marks a pivotal moment for Union Bank as it seeks to navigate Sri Lanka’s evolving banking landscape and focus on innovation and customer-centric strategies in
Amãna Bank has inaugurated its latest self-banking centre at Kattankudy Beach Road, marking a significant expansion in its network. This new facility, located at the Al-Aqsa Mosque Complex, Beach Road, New Kattankudy 03, brings the bank’s total number of access points to 64 nationwide. This includes 33 full-service branches and 31 automated Self Banking Centres.
People’s Leasing & Finance PLC (PLC), a leading non-bank financial services institution and a subsidiary of People’s Bank, has announced the appointment of Sanjeewa Bandaranayake as its new Chief Executive Officer (CEO) and General Manager (GM), effective August 6, 2024. This appointment has received the approval of the Central Bank of Sri Lanka. Bandaranayake, who
Seylan Bank has launched Seylan Factoring, a new financial service designed to help businesses unlock funds by leveraging outstanding trade receivables. This service offers a fresh alternative to traditional lending by focusing on the quality of receivables and their collection process rather than broader repayment factors. Seylan Factoring enables clients to access up to 80%
Multi Finance PLC has officially merged with LB Finance PLC following the approval of a special resolution at an extraordinary general meeting held on June 28. The amalgamation was carried out in accordance with the Companies Act No. 07 of 2007, meeting all regulatory requirements. The Department of Registrar General of Companies (DRGOC) has validated
HNB Finance has expanded its services with the introduction of three new Gold Loan Units in response to increasing demand. The new units are located at Mathara Road, Beliatta; Puttalam Road, Kurunegala; and Madampa Road, Kuliyapitiya. The openings were marked by significant attendance: Deputy General Manager and Credit Head Indunil Jayawardena inaugurated the Beliatta branch,
HNB Assurance (HNBA) has announced a strategic partnership with Cargills Bank, aimed at offering tailored insurance solutions designed to meet the specific needs of their customers. This collaboration marks a significant advancement in HNBA’s commitment to expanding and enhancing its insurance offerings. The partnership leverages Cargills Bank’s strong financial infrastructure alongside HNBA’s industry expertise to