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::

* 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.

ColomboPage - Recent 10 Stories
Speaker endorses Provincial Council Amendment Bill, instructs to hold PC elections before January and LG elections before March
-- [1 hour and 1 minutes ago]
Prime Minister says can't allow the extremists to ruin the final opportunity for a political solution
-- [1 hour and 25 minutes ago]
Governors to administer provincial councils ending terms this month until election
-- [2 hours ago]
Sri Lanka Navy training program on preventive medicine and causality care with U.S. Marines concludes
-- [3 hours ago]
Wholesale prices of imported potatoes and big onions decline
-- [3 hours ago]
Special Parliamentary sitting on October 3 to mark 70th anniversary of Sri Lanka parliament
-- [4 hours ago]
India awards Mahatma Gandhi scholarships to 150 Sri Lankan students
-- [4 hours ago]
Sri Lanka's first Social Innovation Lab to be opened next week
-- [4 hours ago]
National Child Protection Authority initiates investigation into forcing school children to take part in wedding
Sri Lanka Customs nab couple attempting to smuggle currency worth nearly Rs. 90 million

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.