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Ground Work


The consortium led by Asia Capital will start due diligence work on Thursday, to revive the trouble Pramuka Savings & Development Bank.
The start date follows another round of meetings with Central Bank authorities on Wednesday.rn

rnThe Central Bank allowed Pramuka to resume business on January 22, subject a lengthy list of conditions, which includes a ban on raising public funds.rn

rnThe Asia Capital/Richard Peiris consortium has time till July 22, to infuse cash and resurrect Pramuka.rn

rnWith a new management team on board, Pramuka will also qualify for a commercial banking licence.rn

rn

-LBO Newsdesk: LBOEmail@vanguardlanka.comrn

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