FactChecked

“Sri Lanka’s state-owned insurer SLIC has invested over Rs. 31 Billion in country’s 5 Major Listed Licensed Commercial Banks” – Rating ‘True and Correct’

28th June 2017, FactCheck Sri Lanka.

CLAIM

“As at the end of 2015, Sri Lanka’s state-owned insurer SLIC has invested over Rs. 31 Billion in country’s 5 Major Listed Licensed Commercial Banks ”

RATING
FactCheck True         

ORIGIN

The latest Annual Report released by Sri Lanka’s largest insurance company – Sri Lanka Insurance Corporation (SLIC) – a state-owned enterprise – highlights on page 90 that the company has over Rs. 31.2 billion invested in country’s 5 major listed licensed commercial banks as at 31st December 2015.

SLIC 1

Accordingly, SLIC owns 76.73 shares of Commercial Bank of Ceylon PLC (COMB) which is valued at Rs. 10.7 billion, whilst 47.63 million Hatton National Bank PLC (HNB) shares held by SLIC had been valued at Rs. 10.09 billion. Further SLIC has 26.5 million shares of DFCC Bank PLC (DFCC) which is valued at Rs. 4.47 billion and 26.3 million shares of Seylan Bank PLC (SEYB) valued at Rs. 2.5 billion. SLIC also has 17.19 million National Development Bank PLC (NDB) shares valued at Rs. 3.3 billion.

Therefore it is evident that the state owned insurer SLIC has over Rs. 31 billion investments made in country’s 5 major Listed Licensed Commercial Banks namely – CMB, HNB, DFCC, SEYB, NDB being a major shareholder of those banks too.

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