Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Weaker finance companies of Sri Lanka encouraged to merge and consolidate, no new licenses
Wed, Dec 5, 2012, 12:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 05, Colombo: The monetary authority of Sri Lanka will not issue licenses for new finance companies and has encouraged the weaker finance companies to merge with stronger ones and consolidate.

Governor of Central Bank Ajith Nivard Cabraal has told a forum of finance company executives that the monetary board has decided not to issue any new licenses to finance companies in the near future, unless absolutely necessary.

Addressing the Chairmen, Directors and Chief Executive Officers of Licensed Finance Companies (LFCs) and Specialized Leasing Companies (SLCs) Tuesday at the 5th Annual Directors' Symposium for Non-Bank Financial Institutions (NBFI), Cabraal said that the decision was taken in the best interests of the depositors.

"The Central Bank is encouraging weaker finance companies to merge and consolidate with stronger ones. Weak companies cannot remain as weak companies," the Governor told the forum.

The finance and leasing sector has recorded a robust growth recently after a difficult period in 2009 due to the relaxed monetary policies.

The Governor delivered the keynote address at this year's symposium under the theme "Positioning the Non-Banking Sector for the post $4K era".



ColomboPage - Recent 10 Stories
India to contest Sri Lanka court's death sentences of fishermen through legal process
-- [1 hour and 54 minutes ago]
Sri Lanka to establish a new Vessel Monitoring System (VMS) to monitor fishing boats
-- [2 hours ago]
India pledges Rs.10 million as immediate relief for Sri Lanka landslide victims
-- [2 hours ago]
Sri Lanka national carrier receives first of six new A330-300 on order
-- [4 hours ago]
New mission chiefs to Sri Lanka express condolences on Koslanda landslide
-- [4 hours ago]
Catholic Church of Sri Lanka rejects reports of president influencing the church to stop papal visit
-- [5 hours ago]
Madhu Road - Thiruketheeswaram sector of Sri Lanka's Northern Railway line tested
-- [6 hours ago]
Pakistan offers assistance to the Sri Lankan landslide victims
-- [6 hours ago]
Coalition party of Sri Lanka's ruling alliance to abstain from voting for the budget
-- [7 hours ago]
Sri Lanka Opposition Leader visits landslide affected village
-- [7 hours ago]

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.