07 Sri Lanka banks and finance companies wrap up consolidation plans in November 2014: Central Bank

Dec 01, 2014 (LBO) – Sri Lanka’s regulator driven consolidation is on track, completing 07 banks and finance and leasing companies’ (NBFIs) given approval for mergers and recapitalization during November 2014 and another 22 NBFIs and 4 banks are in progress for completion in due course, the Central Bank said.

One-to-one meetings chaired by the Governor of the Central Bank were held with the foreign banks to discuss the progress made on their Communications Department 29 November 2014expected contribution under the financial sector consolidation process.

Several regional representatives of foreign banks were also present at these meetings.

Foreign banks in Sri Lanka are expected to demonstrate a greater participation in economic activities and to make significant contribution to the economy. In this regard foreign banks expressed their commitment to operate as intermediaries of their entire international branch network to channel funds and expertise to several sectors of the economy.

Consolidation process of 7 NBFIs has been completed and another 22 NBFIs and 4 banks are in progress for completion in due course. The full statement is reproduced below:-

Financial Sector Consolidation Update – November 2014

During the month of November 2014, further progress was made by banks