Demonstrating its identity as a ‘Truly Sri Lankan Bank’ that responds to the needs of SME customers, Pan Asia Bank has launched a new Current Account to coincide with its 25th anniversary. The newly-launched Current Account invites customers to experience the difference of bearing no additional fees until 31st December 2021. When customers open this Current Account they do not have to pay any charges other than inward cheque return charges. All other charges such as Internet banking, cash orders, cheque books, stop payment, balance inquiry, monthly service, monthly statement and outward cheque returns etc will be waived off. To be eligible for the promotion, customers must open the Current Account during the valid promotion period from 1st September to 31st December 2020 and enjoy benefits until 31st December 2021.
Commenting on the new Current Account, Mr Shiyan Perera – Assistant General Manager Retail Credit of Pan Asia Bank says, “We are thrilled to offer the most generous new Current Account in the market that promises to relieve customers from having to pay the usual fees and charges for as long as until 31st December 2021. This will deliver a saving for customers while demonstrating that Pan Asia Bank understands the difficulties they are facing due to the economic impact of COVID-19. Our gesture of waiving all these charges and fees (except inward cheque return charges if applicable) until 31st December 2021 provides much-needed relief to customers until such time that the economy rebounds. As a customer-centric bank, Pan Asia Bank has remained sensitive to customer needs amidst the new normal facing us all today and facilitated the customer in numerous ways. All our innovations for ensuring customer convenience are underpinned by the year 2020 being our 25th anniversary, which showcases that our commitment to customer convenience remains undiminished. In fact, this landmark anniversary fuels our determination to devise products and services that help us widen our customer base, such as the new Current Account that infuses unprecedented convenience into the lives of our customers.” Mr Perera further added.
Individual Current Accounts will require an initial deposit of Rs. 5,000/- and business Current Accounts require an initial deposit of Rs. 10,000/-.Call (011) 4 667 222 to learn more and to open the new Current Account with Pan Asia Bank between 1st September to 31st December 2020 to enjoy its benefits until 31st December 2021.
SEC, CSE and the CFA Society SL aim to strengthen ESG focus in the Sri Lankan capital market
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the CFA Society Sri Lanka (CFASSL) have entered into a Memorandum of Understanding (MoU) to further strengthen Environmental, Social, and Governance (ESG) focus in the Sri Lankan capital market.
The MoU will enable the institutions to jointly deliver initiatives focused on educating local investors on ESG and fostering effective ESG practices and communication by Listed Companies. Furthermore, the MoU will also pave the way for cooperation in improving ESG-related know-how of local market practitioners, encouraging the adoption of the CFA Institute’s Global ESG Disclosure Standards for Investment Products and the introduction of ESG-related new products, standards and regulations.
Commenting on the development, Chairman of the SEC Viraj Dayaratne PC stated “Strengthening ESG focus in regulation, policy-making and in our advocacy efforts among investors, issuers and other market stakeholders is vital in ensuring that the Sri Lankan capital market benefits from the considerable interest in ESG investing observed globally. While capturing the knowledge and expertise of the CFA Society Sri Lanka in our ESG agenda offers considerable value, the MoU also offers a new avenue through which the SEC and CSE could strengthen ties with an institution that represents financial analysts and investment practitioners – professionals who are central to the development of the Sri Lankan capital market.”
Chairman at CSE Dilshan Wirasekara commenting on the MoU said “CSE has over the years maintained a strong commitment to creating ESG related awareness and to encourage the greater adoption of ESG practices and communication by listed companies as it not only creates opportunities for the market, but also creates a positive impact to the environment and society at-large. This MoU offers CSE the opportunity to benefit from the strategic direction and guidance of the industry regulator the SEC and tap into the technical know-how and expertise of CFASSL and its international network during the process of delivering multiple progressive ESG related objectives. The CSE looks forward to creating positive ESG related outcomes for investors, listed issuers and our stakeholders as a result of this collaboration.”
Dinesh Warusavitharana CFA, the President of CFASSL said “The local member society of CFA Institute, which is a global organization that provides education for investment professionals are pleased to collaborate with the SEC and CSE to educate capital market participants on ESG. As sustainable finance has grown rapidly in recent years, a growing number of institutional investors and funds now incorporate various ESG investing approaches to create better long-term financial value. We believe this tripartite collaboration will facilitate knowledge enhancement of the key participants on ESG to prepare them to access global funds dedicated for ESG investing.”
Fuel crisis combines with profit-takings to drag down share market
Hiran H. Senewiratne
Sri Lanka’s shares fell over 1.7 per cent within the first hour of trading, dragged down by weak investor sentiment amid the continuing fuel shortage. These developments combined with month-end profit takings to negatively affect the market yesterday, stock market analysts said.
“It is said that last week we saw the market gaining in four straight sessions solely on the news that a fuel shipment was due to arrive on June 24. However, now the country is unsure when it will receive its next fuel shipment, a top market analyst said.
“Therefore, unless there is confirmation on the fuel supply, I feel the market will continue to fall or move sideways. There are no other factors in the market for it to move up either. Further, the government’s previous night’s announcement on providing fuel to essential services created some issues as the government failed to define the phrase ‘essential services’ clearly. What sectors are being classified as essential? stock market analysts asked. “However, they have mentioned several sectors, such as public transport and health, but not clearly mentioned food supply, market analysts said.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 139.25 points and S and P SL20 declined by 36.76 points. Turnover stood at Rs 815.3 million with one crossing. The crossing was reported in Commercial Bank, which crossed 446,000 shares to the tune of Rs 22.3 million, its shares traded at Rs 50.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Rs 182.8 million (1.1 million shares traded), HNB Rs 81.9 million (one million shares traded), Lanka IOC Rs 72.5 million (1.1 million shares traded), Browns Investments Rs 69.9 million (9.5 million shares traded), Sampath Bank Rs 63.1 million (2.1 million shares traded) Commercial Bank Rs 43.3 million (464,000 shares traded) and LOLC Finance Rs 21.4 million (3.3 million shares traded). During the day 43.9 million share volumes changed hands in 11643 share transactions.
Recommendations made by the Advisory Committee for Revival of Failed Licensed Finance Companies
The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) established the Advisory Committee for Revival of Failed Finance Companies (Committee) in October 2021 to examine possible revival options for five (5) failed finance companies, i.e., Central Investments & Finance Ltd., ETI Finance Ltd., TKS Finance Ltd., The Finance Company PLC and The Standard Credit Finance Ltd, of which licenses have been either cancelled or suspended. The Monetary Board has vested the Committee with the responsibility of recommending possible revival options or recommending liquidation for aforementioned five failed finance companies if such revival options do not seem feasible.
The Committee submitted its final report to the Monetary Board on 31.05.2022, after careful consideration of several proposals submitted by different parties for revival of four (4) of the above- mentioned companies.
The Monetary Board, having considered the Report of the Committee on the said five failed finance companies, noted that the proposals received for perusal of the said Committee were not viable and entailed a number of policy and legal implications, which did not appear to be workable within the existing regulatory framework. Further, given the present economic conditions, the said Committee does not expect any viable proposals to be received from prospective investors. Under these circumstances, the only option concerning the five (05) failed finance companies would be to continue with liquidation proceedings/filing for liquidation. In the light of the above, the Committee in its report has recommended to wind up the Committee. Based on the recommendation of the Committee the Monetary Board decided to dissolve the Committee.
Consequently, actions will be taken to liquidate the aforementioned five failed finance companies in accordance with applicable legal provisions.
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