‘Bank consolidation should focus on SMEs’
The proposed consolidation of the banking and
finance sector has certain economic objectives and priorities
envisaged by the regulator, said Chairman and Managing Director,
Lanka Financial Services for Underserved Settlements and CEO, CCC
Solutions, Chandula Abeywickrema. He said that the extent of
financial inclusivity in the consolidation plan is not clear as yet.
If the consolidation is to have a major impact on the SME sector,
banking and financial sector inclusivity is paramount.
Tourism sector poised to surpass $ 2b revenue
The tourism sector is optimistic of surpassing
the US $ 2 billion revenue target by end of 2014, if the present
conditions remain stable and the influx of tourists continues to
increase. The Director General of Sri Lanka Tourism Development
Authority, Dr. D.S. Jayaweera said that the steady increase in
tourism numbers to reach half a million by end April (534,132)
recording a 27.6% increase over the corresponding period last year
indicates that the industry is poised to surpass US $ 2 billion in
earnings this year.
'CLSA's investment in CT Smith marks new beginning'
The CLSA Group of Hong Kong bought a 25 percent
stake in CT Smith Holdings Ltd, with an investment of around US $ 2
million, to better sell Sri Lanka to frontier market investors,
officials of the two companies said last week.