Consolidation

Jan 31, 2014 (LBO) – Sri Lanka’s banks and non-bank firm consolidation was progressing with meeting with individual firms with the regulator with preliminary plans expected to be submitted by March 31. In addition, the Central Bank requested all banks, NBFIs and others who are involved in the process to continue a close dialogue with the Central Bank and obtain guidance if the need arises. In this regard, the members of the special unit headed by the Assistant Governor were introduced to the banks and NBFIs at these meetings. In keeping with the request of the Central Bank, banks and NBFIs agreed to submit their preliminary proposals re. the Consolidation effort by 31March 2014.

A meeting was also held with key office bearers of the Ceylon Bank Employees’ Union, at which all clarifications sought were provided by the Governor of the Central Bank and other senior officials of the Central Bank. The Central Bank also held discussions with leading Consulting firms with regard to their provision of consultancy services in respect of valuations, accounting and other services. These meetings helped to provide a clear understanding of the process which will help all stakeholders to move forward with cla