Written by Bella Dalima
30 Nov, 2014 | 8:55 pm
The Central Bank of Sri Lanka states that further progress was made by banks, finance companies and leasing companies or non-bank financial institutions, on the financial sector consolidation process during the month of November.
The Central Bank notes that the consolidation process of seven NBFIs has been completed and another twenty two NBFIs and four banks are in progress, for completion in due course. The necessary shareholder approvals were obtained and the merged entity will operate as a licensed finance company from year 2015.
The Central Bank further stated that the Act to facilitate the proposed merger of DFCC Bank, National Development Bank PLC and the DFCC Vardhana Bank PLC, has been enacted.
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