Cherry Picking

Peoples Banks restructuring committee is likely to be choosy in its search for a strategic partner who will inject capital to the bank.
ldblquote It wont be an open tender process,
dblquote Bank Chairman Lal Nanayakkara told members of the Public Review Committee at the Finance Ministry on Thursday.rn

rnldblquote Investors will be carefully screened and perhaps even invited to invest, subject to Central Bank approval,
dblquote he said.rn

rnA financial advisor, PricewaterhouseCoopers was appointed in September to prepare a confidential information memorandum to given to prospective suitors.rn

rnNanayakkara says the search for a suitor will begin in the first quarter of 2004, when the advisor is expected to finalize the information memorandum.rn

rnThe restructuring process was originally scheduled to have been completed by end 2003. With political uncertainty rising, the bank may find it difficult to complete the process.rn

rnThe bank needs about three billion rupees to bridge a shortfall in