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::

* 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
Two Sri Lankan students participate in the CERN Summer Student Programme for the first time
-- [10 minutes ago]
Commercial Bank declared the 'Strongest Bank' in Sri Lanka
-- [24 minutes ago]
LeJ terrorists involved in the attack on Sri Lanka cricket team killed
-- [39 minutes ago]
Sri Lanka Teachers union blames administration for teacher shortage
-- [1 hour and 13 minutes ago]
Sri Lanka peace NGO says OMP is a part of a larger process of transitional justice
-- [2 hours ago]
Sri Lankan PM reveals how Tourist Board funds were used for polls in Uva by previous regime
Peace walk from North to the deep South in Sri Lanka to build reconciliation
Trade agreements needed for Sri Lanka's economic survival - official
Wild elephant attack kills two including child in Sri Lanka
Pakistan expresses commitment to strengthen relations with Sri Lanka

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.