Business
BOC’s international ratings further upgraded two notches by Fitch
Bank of Ceylon’s (BOC) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) have been upgraded to ‘CCC+’ from ‘CCC-’ by Fitch Ratings (Fitch) in their latest rating review. Further, the Viability Rating (VR) was also upgraded to ‘ccc+’ from ‘ccc-’ and affirmed Short-Term IDR at ‘C’.
According to the latest announcement made by Fitch upgrading BOC’s international ratings, Fitch has considered the following factors in order to support their rating action;
Fitch highlighted that the successful completion of debt restructuring has reduced sovereign-related stress on Sri Lankan banks’ operating environment and as well as on BOC’s overall credit profile. In terms of Bank’s risk profile, it is expected that the conclusion of sovereign debt restructuring and the Bank’s focus on expanding private-sector lending will moderate the exposure to the sovereign in the medium term.
Fitch has further upgraded BOC’s business profile score considering the Bank’s continued strong market position as the largest bank in Sri Lanka and the potentials to expand the business fostered by the improved operating environment. The Bank’s profitability will be further improved in line with the finalized restructuring terms and conditions of sovereign instruments.
Moreover, foreign currency funding and liquidity score of the Bank has upgraded reflecting the significant improvement in the liquidity profile and will be further strengthen with the restoration of the sovereign’s creditworthiness, subsequent to the successful debt restructuring and thereby providing the Bank, the access to foreign currency wholesale funding.
The asset-quality of the Bank will be further enhanced due to better economic conditions of the country and the potential capacity of the Bank to enrich its credit portfolio. Additionally, Fitch has noted that the reduced risk of sovereign default and the stabilizing economy alleviate solvency risk for BOC and thus, revised upward the Bank’s capitalization and leverage score.
BOC, being the No. 1 Bank in Sri Lankan Banking industry, its commitment goes beyond mere financial transactions and extends to building lasting relationships, fostering financial empowerment and steering the economic growth.
Envisioning to be “Nation’s preferred financial partner” for customers and by offering innovative financial solutions and unwavering support for economic stability and growth over eight decades as “Bankers to the Nation”, BOC has continuously interacted with individuals from diverse roots in Sri Lanka, demonstrating a steadfast commitment to generate value for all stakeholders. (BOC)
Business
Pan Asia Bank’s Rs. 5 b debenture issue oversubscribed
Pan Asia Banking Corporation PLC’s Senior Listed Rated Unsecured Redeemable Debenture issue of up to Rs. 5 billion was oversubscribed following its opening reflecting strong investor interest.
The debentures, with a par value of Rs. 100 each, will be listed on the Colombo Stock Exchange (CSE). The three-year debentures offer an interest rate of 12.75% interest payable annually, while the five-year debentures offer 13.50% interest payable annually.
The issue has been assigned a BBB+ (Stable) rating by Lanka Rating Agency.
The debenture issue was managed by the Investment Banking Unit of Commercial Bank of Ceylon PLC, with SSP Corporate Services (Private) Limited serving as the Registrar to the Issue.
The Bank said the strong investor response demonstrates continued confidence in Pan Asia Bank and its approach to creating long-term value for its stakeholders.
Pan Asia Bank, which positions itself as ‘The Truly Sri Lankan Bank’, continues to strengthen its role in supporting the financial requirements of individuals and businesses while contributing to the development of Sri Lanka’s economy.
Business
SLIIT International and Liverpool John Moores University inaugurate dedicated international learning facility
The Sri Lanka Institute of Information Technology (SLIIT) and Liverpool John Moores University (LJMU), United Kingdom, recently inaugurated SLIIT International in Collaboration with LJMU, a dedicated international learning facility located at No. 17, Dickmans Road, Colombo 04, marking a significant milestone in a partnership spanning more than a decade and reinforcing their commitment to providing Sri Lankan students with access to internationally recognised UK higher education qualifications.
The Grand Opening Ceremony was attended by Andrew Patrick, British High Commissioner to Sri Lanka, who graced the occasion as Chief Guest, alongside senior representatives from SLIIT, Liverpool John Moores University, the British Council, academia, industry and other stakeholders, marking the next chapter of the longstanding SLIIT–LJMU collaboration. The new facility is particularly significant as Sri Lanka’s first academic facility dedicated exclusively to the delivery of LJMU degree programmes, reflecting the strength, maturity and long-term commitment of the partnership.
Over the past decade, the SLIIT–LJMU partnership has established a growing network of more than 1,500 alumni, while providing Sri Lankan students with opportunities to gain internationally recognised UK qualifications locally. The new dedicated facility has been designed to provide a world-class learning environment exclusively for LJMU programmes, supporting future programme expansion, strengthening the student experience and creating opportunities for deeper academic collaboration, innovation, research and student engagement.
Commenting on the milestone, Prof. Lalith Gamage – Vice-Chancellor, Managing Director and Chief Executive Officer, SLIIT, stated, “The launch of SLIIT International in Collaboration with Liverpool John Moores University represents an important new chapter in our longstanding partnership with Liverpool John Moores University. Our vision is to provide Sri Lankan students with a world-class education and student experience right here in Sri Lanka, while equipping them with the global outlook, critical thinking, professional capabilities and career readiness required to succeed in an increasingly interconnected world. This dedicated facility strengthens the student experience while providing a strong foundation for the continued growth of our collaboration with LJMU.”
Prof. Timothy Nichol, Pro-Vice-Chancellor, Faculty of Society and Culture, Liverpool John Moores University, said, “The opening of Sri Lanka’s first facility dedicated exclusively to LJMU degree programmes represents a significant milestone for the University and our partnership with SLIIT. It reflects the strength of our collaboration and our shared commitment to delivering a high-quality LJMU educational experience in Sri Lanka. The new facility also creates exciting opportunities for deeper academic collaboration, innovation, research and student engagement as we look towards the next phase of our partnership.”
A key highlight of the Grand Opening Ceremony was the panel discussion titled “Beyond Borders: The Role of British Higher Education in Developing Globally Competitive Graduates.” The discussion examined the growth of international educational opportunities in Sri Lanka, the future expansion of UK degree programmes, maintaining the quality and integrity of UK qualifications, developing future-ready graduates with global competencies, and the role of international higher education in strengthening graduate employability. The panel brought together Prof. Lalith Gamage; Prof. Timothy Nichol; Mr. Sajeewa Meepage, Representative of the British Council; and Dr. Harsha Cabral, Board Member of SLIIT.
The panelists further emphasized on emerging trends in areas including law, business, psychology and artificial intelligence, as well as the contribution of UK higher education to Sri Lanka through internationally recognised qualifications that uphold global academic standards.
The discussion explored the history and future of the SLIIT–LJMU partnership, the strategic significance of the new SLIIT International facility, academic quality, graduate employability and the long-term growth of LJMU programmes in Sri Lanka.
The ceremony also featured a special address by Andrew Patrick, British High Commissioner to Sri Lanka, followed by an address by Mrs. Clare Sears, Country Director, British Council Sri Lanka. The evening also included the ceremonial exchange of the partnership document between SLIIT International and Liverpool John Moores University, symbolising the continued commitment of both institutions to strengthening their collaboration and expanding international educational opportunities for Sri Lankan students.
Business
Dijital Team and WinSYS City University launch two-year partnership
Dijital Team has signed a two-year partnership with Winsys City University, strengthening the skills and capabilities of its team members to support Managed Service Providers and IT service providers while elevating tech talent to immediate industry-readiness. With a Memorandum of Understanding (MOU) signed recently, the partnership was formally launched on 9 September 2026 at Dijital Team’s office premises, Colombo.
Combining Dijital Teams’ international employer network and understanding of the capability requirements of MSPs and IT service providers across Australia, New Zealand and the United Kingdom with Winsys City University’s training heritage of 21 years, the joint programmes create legitimate classroom-to-international-career pathways, offering structured learning and certification avenues that support deeper capability across cloud, cybersecurity, automation, AI and emerging technologies.
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