Last Round

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

A top IFC official who is on a routine visit to Sri Lanka, signed the deal this evening.rn

rnUnder the agreement, IFCs will be represented on Commercial Banks board by a single board seat.rn

rnCommercial Bank will also buy back 5 percent of its shares held by SLIC to start an employee share trust.rn

rnBoth deals are expected to go through early next week, as an off the market transaction.rn

rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares as part of the insurance giants privatisation programme.rn

rnThe balance 9.91 percent parcel will sold off to SLICs eventual investor.rn
The International Finance Corp. on Thursday signed a deal to buy up Sri Lanka Insurance Corp.s 15 percent stake in Commercial Bank for Rs. 165 per share.