A top IFC official who is on a routine visit to Sri Lanka, signed the deal this evening.rn
rnUnder the agreement, IFCs will be represented on Commercial Banks board by a single board seat.rn
rnCommercial Bank will also buy back 5 percent of its shares held by SLIC to start an employee share trust.rn
rnBoth deals are expected to go through early next week, as an off the market transaction.rn
rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares as part of the insurance giants privatisation programme.
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rnThe balance 9.91 percent parcel will sold off to SLICs eventual investor.
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The International Finance Corp. on Thursday signed a deal to buy up Sri Lanka Insurance Corp.s 15 percent stake in Commercial Bank for Rs. 165 per share.