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::

* Satisfactory progress in Sri Lanka's bank, finance firm consolidation
Sat, Feb 1, 2014, 01:31 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 01, Colombo: The consolidation process of Sri Lanka's banks and non-banking financial institutions (NBFIs) initiated at the beginning of this year has shown satisfactory progress, the Central Bank said.

As outlined in the Road Map 2014 and Beyond the Central Bank is trying to reduce the number of small banks and NBFIs in the country by consolidating them into larger institutions.

Central Bank conducted a seminar on 17 January 2014 to explain the need and the rationale for such consolidation.

At the seminar, the monetary authority announced the key components of the Consolidation Plan to the Chairmen and Chief Executive Officers of banks and non-bank financial institutions (NBFIs), key management of the audit firms which are eligible to audit banks and NBFIs, and representatives of the Institute of Chartered Accountants of Sri Lanka and the Institute of Personnel Management.

Subsequently, the Central Bank senior management held one-on-one meetings with almost all boards of directors and senior management of the local banks and NBFIs and further clarified the expectations of the Consolidation process and discussed in detail specific issues pertaining to particular institutions.

The Central Bank has requested all banks, NBFIs and others who are involved in the process to continue a close dialogue with it and obtain guidance if the need arises.

In keeping with the Central Bank's request, the banks and NBFIs have agreed to submit their preliminary proposals regarding the consolidation effort by 31March 2014.

The Central Bank meanwhile informs the general public that the Consolidation process will not, in any way, affect their current transactions and deposits with the banks and finance companies, with whom they are presently transacting.

ColomboPage - Recent 10 Stories
Sri Lankan court extends remand of 38 Indian fishermen till December 31
-- [16 minutes ago]
Sri Lanka's John Keels in US$ 445 million deal with Standard Chartered Bank for development project
-- [36 minutes ago]
'After 27 years, we gave you an election', Sri Lankan President tells North
-- [1 hour and 0 minutes ago]
CA Sri Lanka, SEC honours top corporate leaders for demonstrating leadership excellence
-- [7 hours ago]
Sri Lankan court sentences two Pakistani men to death for drug trafficking
-- [8 hours ago]
Construction of houses for Sri Lanka landslide victims to begin today
-- [8 hours ago]
Human Rights Commission of Sri Lanka advises local government authorities to obey election laws
-- [9 hours ago]
Sri Lanka’s Singer PLC’s debenture oversubscribed
Sri Lanka's Sachithra Senanayake achieves career-best ranking
Common opposition candidate challenges Sri Lankan President for a debate on good governance

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.