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* Sri Lanka Central Bank cancels license issued to Lankaputhra Development Bank
Mon, Dec 2, 2019, 10:41 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 02, Colombo: The Central Bank of Sri Lanka has cancelled the license issued to the Lankaputhra Development Bank with the completion of its merger with the Pradeshiya Sanwardhana Bank (Regional Development Bank).

The Monetary Board of the Central Bank of Sri Lanka has granted approval in terms of section 76F read with section 9(9) of the Banking Act No. 30 of 1988 (as amended), to cancel the license issued to the Lankaputhra Development Bank Limited in terms of the Banking Act, No. 30 of 1988 (as amended), with effect from 01st April 2019, with the completion of the merger of Lankaputhra Development Bank Limited with Pradeshiya Sanwardhana Bank, as proposed in the Government Budget 2016, the Central Bank said in a release.

Accordingly, all assets and liabilities of Lankaputhra Development Bank Limited was acquired and merged with Pradeshiya Sanwardhana Bank with effect from 01st April 2019, and all banking business carried on by Lankaputhra Development Bank Limited shall be carried on by Pradeshiya Sanwardhana Bank.

Therefore, the licensee issued to Lankaputhra Development Bank Limited in terms of section 76C of the Banking Act, No. 30 of 1988 (as amended) to carry on banking business as specified in Schedule IV of the Banking Act, in the form of domestic banking business, is cancelled with effect from 01st April 2019.

 

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