Stability Measure

Dec 29, 2008 (LBO) – Sri Lanka’s Seylan Bank’s board of directors has been dissolved by the monetary board of the Central Bank and its operations brought under state-run Bank of Ceylon, a senior bank official said.

The Bank of Ceylon is expected to appoint a board and oversee the operations of Seylan, the official said. The Ceylinco group has already announced that it was planning to sell out of the bank to repay depositors of Golden Key Credit Card Company, which ran into a liquidity crisis.