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ComBank adjudged ‘Best Trade Finance Bank in Sri Lanka’ by Asian Banker for 3rd consecutive year

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The Commercial Bank of Ceylon was declared the ‘Best Trade Finance Bank in Sri Lanka’ for the third year in a row at the 2020 Asian Banker Transaction Awards recently, in recognition of its achievements in cash management, payments, and trade finance.

This prestigious accolade was conferred on Commercial Bank following a thorough evaluation by the magazine with an audit-based approach. The rigorous selection process took place over several months and involved feedback and interviews with all constituents in a position to comment on the candidates. It was anchored by a panel of global leaders and subject matter experts as advisors.

A survey of domestic institutions that use Commercial Bank’s trade finance services, corroborated by interviews and an evaluation of changes in the market share of competitors, the size and strategic importance of the transaction business as a percentage of the Bank’s business, the contribution of the transaction business to total income, the growing annuity value of the business, core and recurrent customer base and the benefits of processing efficiencies and cost management that are passed on to the Bank’s clients were among the determining factors that led to the Bank winning this award.

Asian Banker also looked at the unique features of the Bank’s fee-based products and services that are not dependent on credit as the primary relationship and the value they provide to clients, and the key achievements of the Bank in the year under review before bestowing the ‘Best Trade Finance Bank in Sri Lanka’ title on Commercial Bank.

Some of the products and services offered by Commercial Bank that contributed towards winning this prestigious award include the online Sri Lanka Ports Authority Payment Gateway, the ‘Biz Club’ for SME clients engaged in trade, door-to-door delivery of Letters of Credit, import documents and guarantees, financing of offshore business operations of local companies, and organisation of awareness programmes for trade-related clients. Other innovative product offerings introduced in the year to support trade finance operations were provision of foreign exchange market and economic updates, simplifying and providing online exchange rates on trade deals, and expediting the credit evaluation and approvals process by setting up a separate unit.

The winners for the ‘Best Trade Finance Bank’ awards are determined through a combination of surveys, interviews, and field research by The Asian Banker’s research staff assessing over 200 submissions from financial institutions across the Asia Pacific, Middle East, and Africa. The findings of the research are published in a neutral manner, with a scorecard outlining how the different domestic and global players feature in them.

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NSB introduces special credit scheme for shrimp farming industry

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National Savings Bank (NSB), in collaboration with one of its fully owned subsidiary, Sri Lanka Savings Bank(SLSB), has planned to introduce a special loan scheme to offer credit facilities under a lower interest rate with a view to accelerating the development of shrimp farming industry in Sri Lanka.

Shrimp farming industry in Sri Lanka, which came into being around 30 years ago, could be identified as a higher value generating sector among the industries based on aquaculture in the country.

With the objective of achieving a sustainable development in shrimp farming industry in the country, Sri Lanka Aquaculture Development Alliance has been established 15 years back and the permanent members of this organization will be able to obtain loan facilities within a value range of Rs. one Million to Rs. 100 Million under this loan scheme.

This Alliance comprises of 18 farmers’ societies, breeding center societies, seafood societies and shrimp feed societies in Puttlam District, in which the shrimp farming industry is mainly centralized. The Alliance operates the shrimp farming industry, in coordination with the National Aquaculture Development Authority of Sri Lanka, the main state sponsored organization mandated for the task of development of the aquaculture and inland fisheries sector in Sri Lanka and other government institutions. Further, the membership of this alliance represents the entire shrimp farming industry of the country.

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Lanka Realty Investments acquires controlling shares of On’ally Holdings

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CSE turnover almost Rs 3.5 billion

By Hiran H.Senewiratne 

Lanka Realty Investments Plc has acquired 50.8 percent  of the issued capital of Colombo Stock Exchange (CSE)  listed On’ally Holdings Plc for Rs 1.42 billion.

With the transaction Renula Capital and Lanka Reality Investments share prices appreciated significantly yesterday, stock market analysts said.

On’ally Holdings Plc announced that Lanka Realty Investments Plc has acquired 50.8 percent  ( 47,244,050 shares) of the issued capital (93,003,087 shares) of the company with the purchase of shares made on 3rd December 2020 at a price of Rs.30.20 per share. 

Meanwhile, in a separate filing Renuka Capital Plc announced that it has sold and disposed of 40,754,820 Ordinary Shares (43.821 percent ) held by the Company in On’ally Holdings Plc to Lanka Realty Investments Plc at a value of Rs.30.20 per share on the CSE. Renuka Capital PLC is the second largest shareholder of On’ally Holdings Plc.

The turnover stood at Rs 3.44 billion with two crossings mainly; On’ally Holdings crossing which contributed 42 percent to the turnover and Access Engineering. On’ ally 47.2 million shares crossed for Rs 1.43 billion and its share price was Rs 32.20 and Access Engineering one million shares crossed for Rs 25 million and its share price was Rs 25.

With the transaction  Renuka Capital share price appreciated by  more than 50 percent or Rs 2.50 . Its share price startered trading at Rs 5 and at the end of the day it moved upto Rs 7.50. Lanka Reality share Price share price moved up by 13 percent or  Rs 4.60. It’s share price startered trading at Rs 34.40 and at the end of the day it moved up to Rs 39.

In the retail market top five companies that mainly contributed to the turnover were JKH Rs 141.5 million (945,000 shares traded), Expolanka Rs 135.7 million (5.2 million shares traded), Melstacorp Rs 128 million (three million shares traded), Access Engineering Rs 123.3 million (4.9 million shares traded) and Renuka Capital Plc Rs 121.7 million  (18.5 million shares traded).

Amid those developments both indices moved upwards  i.e. All Share Price Index up by 17.26 points and S and P SL20 up by 8.81 points up. The share volume that transacted during the day was 22487.  According to stockbrokers that market sluggish and the latter part of the day  it picked up following the major crossing.

 

 

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SLT and Mobitel launch Green Premier League 2020

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SLT and Mobitel together began an exemplary green initiative project simultaneously with Sri Lankan Premier League (LPL) 2020 called “SLT – Mobitel Green Premier League” (GPL), as a sustainable environmental conservation project. According to the winning score of each team in every match of the LPL, SLT and Mobitel will take necessary actions to plant the equivalent number of plants as forest restoration at Rajawaka forest reserve in Kalthota, Balangoda. Thus, by the end of the LPL tournament, SLT and Mobitel will have taken the necessary actions to plant possibly around 4000 plants in the forest reserve and would have arranged a sustainable maintenance program with the Forest Department in accordance with UN sustainable developments goals. This would be a pioneer project within the context of any cricket premier league in the world!

From the 26th of November 2020 till the 16th of December 2020, SLT and Mobitel will be conducting this remarkable initiative aiming to increase the forest cover in Sri Lanka by planting these trees in 6 hectares in Rajawaka Forest reserve, which has identified as a rich biodiversity site and also the major water catchment area for the Samanalawewa reservoir. With an island-wide reach as the national telecommunications service provider, SLT hopes to inspire sports fans and the youth of the country to undertake their own steps towards environmental conservation and sustainability. SLT will continuously monitor this project in the next two years with the support of the Forest department to ensure the desired outcomes.

 

 

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