At least 10 banks and finance and leasing companies (NBFIs) have finalised plans to merge or acquire counterparts under the Central Bank’s financial sector consolidation initiative, official sources told Business Times. Without revealing the number of companies, the Central Bank announced this week that several financial institutions have shortlisted potential merger/acquisition counterparts and are carrying [...]

The Sundaytimes Sri Lanka

At least 10 financial institutions ready to merge

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At least 10 banks and finance and leasing companies (NBFIs) have finalised plans to merge or acquire counterparts under the Central Bank’s financial sector consolidation initiative, official sources told Business Times.

Without revealing the number of companies, the Central Bank announced this week that several financial institutions have shortlisted potential merger/acquisition counterparts and are carrying out internal evaluations on such companies.

It is learnt that several strategic investors have indicated their willingness to infuse fresh capital to some of the banks and NBFIs, and such investments are expected to strengthen the balance sheets of those entities while enabling them to expand their business operations. The Central Bank has also granted approval in principle, for such strategic investments.

Consolidation plans submitted by banks and NBFIs adhering to the already announced time line of 31 March 2014 is being reviewed by the Central Bank.

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