Peoples Bank is talking to investors to sell off two of its subsidiaries, as part of its ongoing restructuring programme.
Sri Lankas largest state-bank has opted to move out of Peoples Merchant Bank (PMB) and Peoples Venture Investment Co. (PVIC).rn
rnTop officials say a serious buyer for its merchant banking business has not been identified yet.rn
rnThe banks venture capital arm, has however, attracted a serious proposal.rn
rnThe bank is talking to the Janashakthi Group to sell off its 62 percent stake in PVIC. The Janashakthi Group controls the balance 38 percent, through its investments in National Insurance Corp. (NIC).rn
rnPVIC is currently managed by Nextventures. rn
rnPVIC was incorporated on Mach 24, 1992 with an authorised share capital of Rs. 200 million and an issued capital of Rs. 50 million. rn
rnThe venture firm subsequently became an Associate company, when NIC invested Rs. 70 million along with Peoples Bank, which invested a further Rs. 65 million, bringing the PVIC fund bas