Financial Times

New course for Ceylinco Group firms

 

Several finance, real estate and leasing companies and a bank under the Ceylinco Group have undergone structural, management and name changes over the past six months after the collapse of the Golden Key (GK) Credit Card Company.

Industry sources told The Sunday Times FT that Ceylinco Insurance still remains the strongest in group. Immediately after the GK crisis, panicked investors and depositors began pulling out their money from Seylan Bank, and to prevent a run, the Central Bank (CB) stepped in and asked Bank of Ceylon to take over its management.

Ceylinco finance and leasing companies have also been affected. In a move to rescue the finance industry, the CB introduced a bailout package worth Rs.4.2 billion for finance companies and leasing companies affected by the general crisis. Several Ceylinco Group finance companies made use of the package. As a result, the CB appointed the Merchant Bank of Sri Lanka (MBSL) as the managing agent of The Finance & Guarantee Company Ltd and The Finance Company.

The MBSL also acquired ABC Insurance and Ceylinco Savings Bank, both of which are now known as MBSL Insurance and MBSL Savings Bank respectively. Lankaputhra Development Bank was appointed as the managing agent of Ceylinco Investment and Realty Ltd. Seylan Merchant Leasing Company has signed a non-disclosure agreement with People’s Leasing Company Ltd. Ceylinco Shriram Capital Management Services Co. (Pvt) Ltd. sought the expertise of Wealth Lanka Management (Pvt) Ltd to evaluate the assets and liabilities of two companies it manages -- Ceylinco Capital Investment Company (Pvt.) Ltd and CLC Asset Management (Pvt.) Ltd and to formulate a repayment program to meet its liabilities to creditors. Ceylinco Shriram Asset Management Ltd whose name was changed to Entrust Investments Ltd is now in a phasing-out operation. Ceylinco Shriram Securities Holdings Ltd was changed to Entrust Ltd. and Ceylinco Shriram Securities Ltd to Entrust Securities Ltd.

Ceylinco Finance made changes to its board of directors by bringing in a new non-executive Chairman and a non-executive Director. Independent Financial News & Views (Pvt) Ltd, a subsidiary of the F&G Group also changed its board of directors and name to Ceylanka Publications.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Fresh challenge to oil hedge payments
> CSE investigates Eswaran's transaction in Asia Capital
> Hayleys has no stake in Lighthouse
> New course for Ceylinco Group firms
> IRD changes suspended
> Online electricity bill calculator to cross-check bills
> Innovative entrepreneurs!
> COMMENT- Opportunity for sustainable development
> Facilities Management – a global profession
> Legal action against GK credit card defaulters
> Sri Lanka Telecom 1Q09 Net Profit down 42%
> Students’ murals for a brighter future
> Hiran Cooray to head PATA next year
> UNDP, Ceylon Biscuits sign MoU to promote honey production
> Best practices training programme for medical reps
> Lankan economy seen accelerating by 2010-HSBC research report
> New solutions to buying water, plastic bottle pollution
> Triad sets the stage for the next 15 years
> Exports from local ICTs may reach billion dollars as early as 2015
> Nokia’s email phones open new vistas
> Ceylinco Finance needs capital infusion
> Corporate citizenship and diversity
> ComBank turnover up, but profits ease
> MTI completes HNB Assurance assignment
> Lankan named Equity Analyst
> Commercial Bank helps Matara Hospital
> CNCI Achievers Awards 2009 for industrial and service excellence was recently launched in Colombo
> Banking sector to take off
> Sampath Bank helps IDPs
> Malaysia to increase FDI in Sri Lanka
> JKH chairman says 2008/09 most difficult period for group
> CSE index seen rising to 3,000 level in medium term
> JKH chairman says 2008/09 most difficult period for group
> F&G depositors pushing CID investigation
> Priority SLT service for security forces
> Ceylon Tea Trails featured on National Geographic
> MBSL to revive TFC in 6 months
> IMF funding tied to political developments-Citi Research
> Several foreign investors, contractors seeking business
> International trade seminar
> Renuka Holdings post-tax profit jumps to Rs. 656.3 mln

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution