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* 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.

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