Peoples Bank restructuring committee has hired consultants PricewaterhouseCoopers to draw up an information memorandum for the bank.
The consultants will put together key information, which will form the basis for prospective investors to make their bids for the bank.rn
rnThe process will take around six months to complete. rn
rnA World Bank funded consultant B D O Binder, had earlier drawn up a draft terms of reference to engage a consultant to carry forward the restructuring and help in the privatisation process. rn
rnSo far, top firms including John Keells Holdings and Bank of Ceylon have shown interest in buying Peoples Bank, which needs an immediate cash infusion of about Rs. 9 bn in fresh capital.rn
rnThe under capitalised Peoples Bank, has also attracted interest from National Savings Bank and the Employees Trust Fund.rn
rnSources say an international insurance group with a presence in the island is also eyeing the bank with a non-performing loan book of over Rs. 23 bn. rn