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* All financial institutions in Sri Lanka submit consolidation plans to Central Bank
Fri, May 2, 2014, 10:04 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 02, Colombo: All banks and non-banking financial institutions (NBFIs) in Sri Lanka have submitted their broad plans on consolidation to the Central Bank and the Bank has reviewed the plans, the Central Bank said.

Updating the progress on the financial sector consolidation during the month of April, the Central Bank said satisfactory progress was made in the consolidation process and the Bank will hold another round of one-on-one meetings with the respective banks and NBFIs to further discuss their plans.

According to the monetary authority, banks and large NBFIs have shown interest in merging/acquiring many smaller NBFIs and have initiated Board level discussions with the shortlisted merger/acquisition counterparts.

The DFCC Bank and the National Development Bank PLC have continued the preliminary work relating to the merger.

The Merchant Bank of Sri Lanka PLC, MBSL Savings Bank Limited and MCSL Financial Services Limited have also initiated action on the merger of the three entities with the view of forming a single licensed finance company.

The Central Bank has also granted approval for several NBFIs operating within financial groups to proceed in the process of being merged.

The Bank has initiated action to review the existing regulatory framework of banks and NBFIs to ensure that it is strengthened to address the challenges that will arise along with the consolidation of the financial sector.

The Central Bank said it continues to exchange views with all stakeholders of the consolidation process while providing clarifications to queries raised by different parties.

The Governor and other senior officials of the Central Bank have also participated in several forums on financial sector consolidation organized by external parties during the month.

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