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::

* Central Bank of Sri Lanka approves 29 consolidation plans of financial institutions
Fri, Aug 29, 2014, 09:18 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 29, Colombo: The Monetary Board of Sri Lanka's Central Bank in-principle has approved another 10 consolidation proposals submitted by banks and Non-Banking Financial Institutions (NBFIs) in August, bringing the total to 29, the Central Bank said Friday.

So far, the Central Bank has approved 29 proposals of 7 banks and 22 NBFIs to proceed with their merger/acquisition processes while further consolidation plans of 7 NBFIs and one bank are being finalized.

Asian Finance Ltd and TKS Finance Ltd., Capital Alliance Finance PLC and Cargills Bank Ltd., Commercial Credit and Finance PLC and Trade Finance and Investments PLC, Bartleet Finance PLC and Orient Finance PLC, Prime Grameen Micro Finance Ltd and Hatton National Bank PLC, and Senkadagala Finance PLC and Newest Capital Ltd, have made public announcements of agreed consolidation arrangements

The Monetary Board approved the merger of TPG Global LLC, a US - based global private investment firm, which through its subsidiary, has committed a significant capital infusion to Union Bank of Colombo PLC.

Mergers of DFCC Bank, DFCC Vardhana Bank PLC and the National Development Bank PLC, as well as Merchant Bank of Sri Lanka PLC, MBSL Savings Bank Ltd., and MCSL Financial Services Ltd., aim to complete their merger processes by last quarter of this year

The Panel of Audit Firms continued to assist in transaction management, by advising Banks and NBFIs on transactions as well as on the smooth transition, the Central Bank said.

The Central Bank said it is closely monitoring the progress made by banks and NBFIs which are earmarked for consolidation and the timelines indicated in the consolidation plans with a view to expeditiously drive the financial sector consolidation programme.

ColomboPage - Recent 10 Stories
Sri Lankan President links EU decisions to opposition 'conspiracies'
-- [7 hours ago]
Coalition party of Sri Lanka ruling alliance to support a common candidate if Constitution is not amended
-- [9 hours ago]
Two MPs of minor party in Sri Lanka to join the main opposition UNP
Sri Lanka opposition led workers' protests in Colombo tomorrow
Lifting of sanctions will help LTTE to revive in Sri Lanka - Tamil leader
Several foreign countries willing to import fish products from Sri Lanka - Fisheries Minister
Sri Lanka to contest the European Court decision lifting sanctions on LTTE
Sri Lanka develops Standard Operating Procedures for the identification and protection of trafficking victims
INFOTEL ICT exhibition in Sri Lanka to focus on creating a 'Knowledge Hub'
Sri Lanka, India navies discuss maritime issues at IMBL meeting

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.