Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka financial sector consolidation progressing satisfactorily - Central Bank
Sat, May 31, 2014, 07:18 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 31, Colombo: The progress in the consolidation of the financial sector to create a stable financial sector with strong and dynamic financial institutions has been satisfactory during the month of May 2014, the Central Bank said Friday.

Sri Lanka's Central Bank has initiated action on consolidating the financial sector as proposed in the 2014 budget by the President and presented in the Bank's Road Map for 2014.

The global rating agency, Fitch Ratings said Sri Lanka's plan to consolidate banks would boost economic development and raise systemic stability in long-term.

According to a statement released by the Bank, the three mergers between the National Development Bank PLC and DFCC Bank, subsidiaries of Bank of Ceylon and the Merchant Bank of Sri Lanka PLC, and the merger between MBSL Savings Bank Limited and MCSL Financial Services Limited are expected to be completed within the planned timelines.

Non-banking financial institutions (NBFIs) that include finance and leasing companies falling under the same group have also initiated the consolidation process and certain NBFIs have shown interest to infuse fresh capital to enable them to meet the enhanced capital requirements.

All banks and NBFIs were requested to submit their finalized plans for consolidation by 30 June 2014 in order to ensure the consolidation process is completed within the planned timeline.

During the month, senior officials of the Central Bank continued to participate in various forums on financial sector consolidation. The Central Bank said it continued to exchange views with all stakeholders of the consolidation process and closely monitor the progress being made.

ColomboPage - Recent 10 Stories
India - Sri Lanka joint military training exercise 'Mithra Shakthi' 2016 begins next week
-- [8 minutes ago]
Sri Lanka expects GSP+ between March and May 2017 if current reforms continued
-- [28 minutes ago]
Sri Lanka nationwide inflation increases to 4.7 percent in September 2016
-- [56 minutes ago]
Sri Lanka Customs arrests Chinese national attempting to smuggle gems worth over Rs. 11 million
-- [7 hours ago]
Industrial and Technology Development super zone to be established in Kalutara
-- [7 hours ago]
Court lifts enjoining order against 'Usaviya Nihandai' documentary
-- [8 hours ago]
President's permission is mandatory in clearing forests, moving earth
-- [8 hours ago]
High level delegation of Belgian government to visit Sri Lanka next week to promote bilateral relations
-- [9 hours ago]
A Sri Lankan Tamil dies on the way to Tiruchi
Fitch expects strong growth for Sri Lankan Telcos despite higher taxes

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.