LNP – NTB shares soar, CEO says HSBC deal underlines global shifts, local ascent

Nations Trust Bank PLC (NTB) shares closed up 22.72% yesterday, up Rs. 72.25 to Rs. 390.25, following Wednesday’s announcement of the bank’s proposed Rs. 18 billion acquisition of Hongkong and Shanghai Banking Corporation’s (HSBC) Sri Lanka retail banking business, which marks one of the largest portfolio transfers in recent years and reflects the broader retreat of global banks from consumer segments in Asia.

Read more

LNP – Local agent tells SC it lacks resources for first tranche payment

Sea Consortium Lanka (Pvt) Ltd, the local agent of the MV X-Press Pearl, has informed the Supreme Court through an affidavit that its directors and principal executive officers, on their own, lack the ability and resources to raise a sum of USD 250 million to make the first tranche payment required by the Supreme Court judgement delivered in connection with the X-Press Pearl disaster.

Read more