“CB extends capital requirement deadline for Banks”

Public Bank Berhad has sent the following letter refering to an article published under the above heading in the Business Times last week:

“We refer to the article that appeared in the Business Times on Sunday, January 3, 2010 titled ‘CB extends capital requirement deadline for Banks’. In this article it is mentioned that four banks have requested extensions to comply with the minimum capital requirement including Public Bank Berhad.

We have not requested for any extension from the Central Bank of Sri Lanka to comply with the minimum capital requirement and complying with the minimum capital requirement of the Central Bank of Sri Lanka was never an issue for the bank. We, the Colombo branch, have differed the funding as a strategic measure in line with the revised time frame given by the Central Bank of Sri Lanka.”