Not Yet

June 16, 2009 (LBO) – Sri Lanka’s central bank which offered a third stake of Seylan Bank to a private investor has not awarded it to the sold bidder by Lanka Orix Leasing Company (LOLC) by the previously set deadline of June 16.

Among those who expressed interest was cash rich National Development Bank and John Keells Holdings. “The process for the selection of the strategic partner for Seylan Bank PLC is yet in progress,” the Central Bank said in a statement Tuesday.

“The Central Bank of Sri Lanka will make an announcement in this connection once the final decision is made by the Monetary Board.”

The Central Bank amended the sale conditions for Seylan after three out of five parties that expressed interest dropped out.

In the second round only Lanka Orix Leasing Company submitted a bid, with first round bidder Sampath Bank also staying out.