Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Considerable progress in Sri Lanka financial sector consolidation - Central Bank
Tue, Apr 1, 2014, 12:07 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 01, Colombo: A considerable progress has been made in the consolidation of the financial institutions to create a stable financial sector during the month of March 2014, the Central Bank said Monday.

Several banks and finance and leasing companies (NBFIs) have shortlisted potential merger/acquisition counterparts and are carrying out internal evaluations on such companies, according to the Central Bank.

The Bank said it has also approved in principle, certain possible consolidation activities amongst a few banks and finance companies.

Several audit firms appointed by the Central Bank to carry out due diligence and valuation of the companies are in the process of finalizing their reports.

Meanwhile, the Central Bank has granted approval in principle, for strategic investments by investors infusing fresh capital to some of the banks and NBFIs. Such investments are expected to strengthen the balance sheets of those entities while enabling them to expand their business operations, the Bank says.

The Central Bank said it has continued to maintain a close dialogue with all stakeholders of the consolidation process, while senior Central Bank officials have also participated at various public fora on financial sector consolidation, in order to clarify various matters pertaining to the consolidation process.

On Central Bank's request, banks and NBFIs, sticking to the time line of 31 March 2014, have commenced submitting their broad plans on consolidation and greater participation in the economic activities to the Bank.

The Central Bank will review the plans within the coming week, and sent suitable responses to the financial institutions.

Meanwhile, the National Development Bank PLC and DFCC Bank have entered into a Memorandum of Understanding in order to proceed with their merger process.

ColomboPage - Recent 10 Stories
Tamil Prisoners' case transferred to Anuradhapura Court on the request of witnesses - TNA spokesman
-- [1 hour and 12 minutes ago]
Tense situation when Yala National Park reopened for public today
-- [1 hour and 51 minutes ago]
Underworld gang member killed in shootout with police
-- [2 hours ago]
Sri Lanka nationwide inflation rises to 7.9 percent in September 2017
-- [2 hours ago]
Bangladesh Navy ship Somudra Avijan arrives at Sri Lankan port on goodwill visit
-- [3 hours ago]
Sri Lanka issues open international tender to import more rice
-- [3 hours ago]
TRCSL ranks Mobitel's 4G Network as the 'Fastest Broadband Network' in Sri Lanka
-- [4 hours ago]
U.S. Ambassador inaugurates Garment Innovation Center in Sri Lanka
-- [4 hours ago]
New Pakistan envoy affirms desire to further strengthen political, economic and people-to-people relations with Sri Lanka
-- [5 hours ago]
Five new envoys to Sri Lanka present credentials to President
-- [5 hours ago]

Copyright © 2000, 2014 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.