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Commercial Bank's Chairman says he is disappointed at the lack of action by the banking sector regulator as a Extra ordinary General Meeting seeking his ouster drew nearer. Analysts speculate that Distilleries and Insurance Corporation controlling shareholder Harry Jayawardene will merge the financial institutions if he gets control of Commercial Bank.
Excerpts from an interview with Mahendra Amarasuriya, Chairman. Commercial Bank:-
Shamindra Kulamannage: How do you respond to criticism that the battle for board control is merely a personal one?
Mahendra Amarasuriya: There could be some personal animosity. Because in 1999, historically, Standard Chartered Bank had 40 percent of Commercial Bank-which was not in keeping with the latest amendments in the Banking Act but because it was historical- it was allowed.
In 1999 I was told by Standard Chartered people from UK that they have decided to sell their stake to Mr. Harry Jayawardene.
They mentioned specifically Mr.
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