Shareholders of the troubled MERC Bank have agreed to sell up to 90 percent of the company to DFCC Bank for just under Rs. 60 mn.
MERCs shareholders will sell their Rs. 10 share for Rs. 2.65, effectively pocketing Rs. 59.6 mn in the process.rn
rnEconomic Reforms Minister, Milinda Moragodas family is currently the largest shareholder commanding a 20 percent stake.rn
rnWhile giving its blessing for the marriage, the Central Bank is believed to have asked DFCC Bank to pump in a further Rs. 600 mn over the next few years to resurrect MERC.
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rnThe privately held small commercial bank had its Rs. 250 mn capital wiped off due to high start up costs, a lack of foreign exchange licence and the absence of effective management. rn
rnIts also carrying accumulated losses of just over Rs. 300 mn, with liabilities of over Rs. 100 mn. Nearly half of its lending portfolio has gone bad.rn
rnMERCs Rs. 260 mn deposit base of some 8,000 customers includes some of the large state institutions like Samurdhi, Natio