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::

* Two major commercial banks of Sri Lanka agree to consolidate
Tue, Mar 25, 2014, 12:42 am SL Time, ColomboPage News Desk, Sri Lanka.

Mar 24, Colombo: Two large commercial banks of Sri Lanka, the DFCC Bank and the National Development Bank (NDB) on Monday have entered into a Memorandum of Understanding (MoU) on amalgamating the two banks.

In a stock market disclosure today, the board of directors of DFCC and NDB announced that "in pursuance to the policies announced by the government to encourage consolidation of certain banking business, the two Boards realizing the positives in this model have taken the initiative to explore the possibilities of amalgamating."

As a step in working towards the proposed amalgamation both banks have entered into the today's MoU.

The Boards of both DFCC and NDB reiterated that there have been no definite decisions on any aspect of consolidation at this stage.

The two boards assured their shareholders and employees, including those of the DFCC Vardhana Bank PLC,the regulatory authorities and the investing public that they will be kept informed of the progress on a possible merge when necessary.

ColomboPage - Recent 10 Stories
Sri Lanka needs to increase revenues to maintain current economic growth - IMF
-- [29 minutes ago]
U.S. Ambassador to Sri Lanka hopes to advance America's interests at the UN
-- [1 hour and 12 minutes ago]
Tamil Nadu CM writes to Indian PM again on Sri Lanka Navy arresting 50 Indian fishermen
-- [6 hours ago]
Malaysian firm to invest in a hybrid power project in Sri Lanka's North
-- [6 hours ago]
Vatican confirms Pope's visit to Sri Lanka January 12 -15
-- [8 hours ago]
Students' Collective at Open University of Sri Lanka lodges a rights complaint
-- [8 hours ago]
Sri Lanka Election Commissioner to meet party secretaries tomorrow on Uva PC elections
-- [9 hours ago]
Conduct an audit regarding seized drugs, opposition asks Sri Lankan government
Malinga decides to play for Mumbai Indians at CLT20
Main opposition to visit Sri Lanka state enterprises without prior notice

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.