FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» McDonald’s අපේ නෙමෙයි අපේ බෝස්ගේ – අබාන්ස් කියයි
by ChooBoy Today at 10:19 am

» AI Assistance for Stock Market Research and Analysis
by ChatGPT Today at 7:12 am

» Comparative Analysis of the Insurance Sector
by God Father Tue Mar 26, 2024 11:46 pm

» Sri Lanka: Why Pay Exorbitant Taxes?
by ChatGPT Tue Mar 26, 2024 10:52 pm

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by K.R Tue Mar 26, 2024 3:15 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Tue Mar 26, 2024 9:11 am

» SIYAPATHA FINANACE PLC (SLFL.N0000)
by ChatGPT Tue Mar 26, 2024 7:58 am

» FINANCE AND LEASING SECTOR
by ChatGPT Mon Mar 25, 2024 6:45 am

» LOLC FINANCE PLC (LOFC.N0000)
by ChatGPT Mon Mar 25, 2024 6:36 am

» CIC HOLDINGS PLC (CIC.N0000)
by ChatGPT Mon Mar 25, 2024 6:18 am

» UNION ASSURANCE PLC (UAL.N0000)
by ChatGPT Mon Mar 25, 2024 6:15 am

» First Capital Holdings PLC: Current Financial performance and future outlook
by God Father Sun Mar 24, 2024 10:58 pm

» LankaBizz: Sri Lanka's First ever Artificially Intelligent (AI) Business and Research Assistant
by God Father Sun Mar 24, 2024 7:27 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Wed Mar 20, 2024 7:22 am

» CIC Holdings Good Times Ahead
by ashan silva Mon Mar 18, 2024 11:00 am

» EPF Fund keep eye on low P/E Shares
by K.R Mon Mar 18, 2024 8:45 am

» SINS - the Tailwind effects of a crisis hit Economy
by Hawk Eye Mon Mar 18, 2024 8:37 am

» Ceylon cold stores
by Hawk Eye Mon Mar 18, 2024 8:25 am

» Asha securities Provide buy signal for CIC
by ddrperera Fri Mar 15, 2024 1:10 am

» CSE ready for another Downtrend?
by D.G.Dayaratne Thu Mar 14, 2024 11:24 am

» LankaLAW Forum : Sri Lanka’s #1 Discussion Platform for Legal Questions and Answers
by blindhog Thu Mar 14, 2024 9:14 am

» Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite
by samaritan Wed Mar 13, 2024 1:31 pm

» LOLC hotels
by Maharaja Tue Mar 12, 2024 2:34 pm

» AEL target price ?
by suku502 Mon Mar 11, 2024 11:26 am

» WAPO 200% UP
by LAMDA Sun Mar 10, 2024 10:33 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

BOC Chairmanship: Don’t appoint political stooge, says outgoing chief

4 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

* Namal had nothing to do with it: Achieved targets, higher authorities’ lack of vision cited for resignation

State owned banking giant Bank of Ceylon (BOC) Chairman Dr. Gamini Wickramasinghe says he would resign from the bank on January 08, after President Mahinda Rajapaksa, whom he is related to, accepted his resignation which he had tendered last August.

"Since I took over in 2007, BOC’s profits, assets, deposits and trade have all grown more than three times. I have achieved all my targets so I have decided to resign. Another reason for my resignation is the Treasury’s inability to increase the bank’s capital. Without adequate capital the bank cannot reach greater heights, such as expand overseas. Each year, one third of the profit is ploughed back into capital and this would be enough to maintain the status-quo. Unaudited accounts for 2012 indicates a profit of Rs. 20 billion, no other entity in this country can come close to this. I have brought the bank to such a level that anyone (as chairman) can comfortably continue the good work," Dr. Wickramasinghe told journalists yesterday (01).

Dr. Wickramasinghe said BOC’s capital adequacy was well within the regulatory requirement.

"Without fresh capital it would be impossible for the bank to reach greater heights and realise its true potential. We submitted a proposal to the Treasury before the budget, suggesting methods that can be used which would not burden the Treasury or the bank, but unfortunately we did not get a favourable response," the BOC Chairman said not elaborating, although hinting at a bond issued up to US$ 500 million, which the bank was quite capable of achieving.

He said his resignation was tendered to President Mahinda Rajapaksa in August but agreed to stay on until a suitable replacement was found.

"My only request to the President was that a political henchman should not be appointed because this could unravel all that we have achieved. There have always been pressure from politicians for jobs and loans but we have always mitigated this and did things by the book, otherwise the bank cannot survive," Dr. Wickramasinghe said.

Media reports hinted at some friction between Dr. Wickramasinghe and the President’s son Namal Rajapaksa MP, allegedly over jobs or loans, which we cannot verify.

"He is a young politician and you know how young people are. He asked me a certain question and I gave him a suitable answer but that was that. There is no friction or problem between us," he said in response to a question whether his resignation had anything to do with Namal Rajapaksa.

Dr. Wickramasinghe said the only future for the bank was expansion overseas.

"If we expand domestically, smaller banks, and even some of the larger ones, could get hurt given our size and function. The only option is to invest in overseas expansion which would bring in foreign currency into the country.

"We had plans to open branches all over the world wherever a Sri Lankan community can be found, not just in the Middle East but in Europe and North America as well. We planned to increase our branch network in India. We had plans to be a regional player, providing third party banking services to Bangladeshis, Indians and Pakistanis. To do all this, we need more capital," he said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=69465

http://sharemarket-srilanka.blogspot.co.uk/

sriranga

sriranga
Co-Admin

2007

1. Raised USD 210 million, the largest internationally syndicated debt by an Sri Lankan issuer.

2. Appointed co-manager of historic USD 500 million debut bond issued by the Government of Sri Lanka

3. Commences "Gam Udana" Village Development Programme for deposit mobilization

2008

1. Raised Rs. 4.2 billion via a listed subordinated rupee debenture of five years

2. Raised USD 21.6 million via a private placement of a five year subordinated dollar debenture.

3. Extends online banking to the Maldives enabling expatriate customers to access their accounts

4. First SMS based mobile scheme introduced by BoC, partnered with Paymate – available free of charge to BoC customers

5. BoC Annual Report 2007 wins Gold at the prestigious annual ARC awards held in New York.

2009

1. Celebrated 70th Anniversary

2. The first State Bank to launch an Islamic Banking Unit, which operates through island wide network.

3. Brought in Kilinochchi, Mankulam and Mulllativu branches into online branch network, the operations of which were disrupted during the war.

4. In aftermath of war, set up mobile banking centres for IDPS offering free bank services thereby coming to their aid after they endured many years of suffering.

5. Established a post conflict corporate plan titled One10Twelve to raise 10 billion in profits and 1 trillion in assets by the year 2012

6. Commenced operations of 24 hour Call Centre enhancing customer service commitment

2010

1. Converted London Branch to an independent fully owned subsidiary of BoC operating in the UK.

2. Established a successful investment banking unit.

3. Bank successfully raised Rs. 5 billion in the second public issue of unsecured, subordinated, redeemable five year debentures.

4. First State Bank to establish a 24 hour Service Point

5. Achieved profit target of 10 billion two years ahead of schedule.

2011

1. Fitch Ratings Lanka Ltd upgrades BoC’s National long term rating to AA+ stable outlook, which is the highest rating given to a local commercial bank

2. Became 17th Strongest Bank in Asia Pacific out of 500, as rated by Asian Banker.

3. Introduces online leasing system

4. Opens Premier Banking Centre

5. Doramadalawa – agricultural village that promotes organic farming techniques

2012

1. In a span of almost six years, we have tripled our assets, deposits, loans and shareholder’s equity, and have seen our profits grow seven fold.

2. Hold’s market leadership in assets, deposits, profits, inward remittances, NRFC deposits, trade finance, shareholder’s equity and treasury operations.

3. Rated No. 1 Brand in the country by Brand Finance Lanka for the past four consecutive years

4. Fulfillment of 2009 corporate target One10Twelve. Achieved 1 trillion balance sheet in May, seven months ahead of schedule. Became the first institution and first bank in Sri Lanka to have a trillion rupee balance sheet.

5. First bank in Sri Lanka to successfully raise USD 500 million through a listed senior unsecured bon in May 2012 from the international market. Bond was oversubscribed nearly eight times proving great success.

6. Bank’s rupee debenture issue of Rs. 6 billion was successfully concluded in November

7. Came in Banker’s prestigious top 1000 bank list in the world.

8. Expanded share of assets from 21% in 2007 to 25% in 2012

9. Now has well over 1100 service points including branches, extension offices and ATMS islandwide; 1000th service point opened in Puthukudiyiruppu (Northern Province) in July this year.

10. Have more than 10 SME Centres in the seven provinces

11. Set up Yalpanam Dairy Ltd in Kilinochchi

12. Set up Thurusaviya Loan scheme for rubber smallholders

13. Have financed over Rs 130 billion development projects in Northern and Eastern Provinces after the war.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=69467

http://sharemarket-srilanka.blogspot.co.uk/

bakapandithaya

bakapandithaya
Vice President - Equity Analytics
Vice President - Equity Analytics

Hidden story, no one knows Mad

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

bakapandithaya wrote:Hidden story, no one knows Mad
ayin wenna kiyala ati...... Smile ehema netnam metuma ma ida deela ayin wela ati ne Shocked

mehema wechi eka hondai netnam tawa nadagam balanna tibuna...idiriyata Crying or Very sad

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Dr wicramasinghe has done very good job.

But New chairman Mr Razeek Zarook know how to tackle people and manage the institution
properly. Balance minded manager
.Most people agree that BEST MANAGEMENT PERIOD OF THE CWE
HAD BEEN UNDER MR ZAROOK(From 1978 to1987)



Last edited by D.G.Dayaratne on Wed Jan 02, 2013 1:46 pm; edited 1 time in total (Reason for editing : typing mistake)

Sponsored content



Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum