Going Private

People’s Bank has engaged an international consultant B D O Binder to draft the terms of reference to get its privatisation on the road.rn

rnBinder has already submitted a first draft of the terms of reference or TOR, which will be used to engage a consultant to draft an information memorandum.rn

rnThe memorandum will be the basis for receiving bids from potential strategic partners.rn

rnThe bank
quote s chairman says that all options are still open for raising the finance.rn

rnldblquote We have no option but to seek for private capital,
dblquote says People’s Bank Chairman Lal Nanayakkara.rn

rnldblquote But in seeking private capital we are open about the option-it could be an individual, it could be a consortium or could be a public issue- that modalities we have not decided upon. But what is certain is we are privatising with the view to inject private investor capital.
dblquote rn

rnldblquote With the help of the World Bank we engaged a foreign consultant. He has prepared the TOR in draft f