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People’s Bank will receive the first Rs.
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2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets.
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People’s Bank will receive the first Rs. 2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets. A total Rs. 8.5 billion package will come in installments spread over four years and help the government keep ownership of Sri Lanka’s second largest commercial bank.


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People’s Bank Chief Executive and General Manager Asoka de Silva said the government had agreed to pump in some 8 billion rupees to help the bank meet capital adequacy requirements, fulfilling one of the two conditions.
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The second criterion was also fulfilled when the state’s Strategic Enterprises Management Agency (SEMA) accepted the bank’s restructuring programme, de Silva said.

A second Rs. 2 billion installment will come in early 2006 when the bank posts satisfactory financial results including a lowering its loan exposure to the state sector for the full year 2005.



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Bank official say the state giant is already posting satisfactory progress with its

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