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* Two major commercial banks of Sri Lanka considering consolidation
Sat, Jan 11, 2014, 12:32 am SL Time, ColomboPage News Desk, Sri Lanka.

Jan 10, Colombo: Two large commercial banks of Sri Lanka, the DFCC Bank and the National Development Bank (NDB) are considering a merger of the two financial institutions.

In a stock market disclosure today, the board of directors of the two banks said pursuing the policies announced by the government encouraging the consolidation of certain banking businesses, they are about to commence preliminary discussions with a view to achieving such consolidation.

However, the Boards of DFCC and NDB emphasized that there have been no definite decisions on any aspect of such consolidation.

The final decisions, according to the two institutions, will depend among others, on arrangements being agreed keeping the best interests of the customers, employees including those of the DFCC Vardhana Bank , the core subsidiary of DFCC, and other stakeholders of the banks.

Moreover, the consolidation of the two banks will depend on the regulatory approvals and possibly, the passage of facilitative legislation, the banks said.

The Boards of Directors of DFCC and NDB assured its shareholders, employees, the regulating authorities and the investing public to keep them informed of the progress in connection with the proposed transaction as and when necessary.

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