Sri Lanka’s Seylan Bank refutes merger talks with NDB

Mar 09, 2016 (LBO) – Sri Lanka’s Seylan Bank on Tuesday said the bank is not engaged in merger talks with National Development Bank or any other entity at present.

Releasing a statement the Bank said its Director Board is of the view that the Bank has robust and sustainable growth potential to continue to deliver optimal stakeholder value.

“Seylan Bank has over the last 5 years delivered a consistent and impressive performance ending with a remarkable 2015.” the Bank said.

Seylan reported a Profit after tax of 3.83 billion rupees with a ROE of 15.62 percent and a ROA (after tax) of 1.4 percent for the year 2015.

However, NDB currently holds 9.8 percent of the total voting share capital of Seylan Bank.

Releasing another statement the NDB clarified that the said investment has been classified as ‘Available for Sale’ in the Books of NDB.

“We further wish to state that as at this point of time, there are no further developments warranting disclosure to the CSE and that we will take the necessary steps to do so, if and when necessary.” the NDB said.