Most Sri Lanka banks and finance firms submit merger plans: Central Bank
Tuesday, 01 July 2014 - 10:55
Sri Lanka's central bank said 'almost all' banks and finance companies have submitted plans to merge or acquire others in a regulatory driven push to consolidate and reduce the number of financial institutions in the country.
The Central Banks said in a statement these plans will now be reviewed by the Central Bank with a view to facilitating the respective companies to proceed further.
In addition, as requested by the Central Bank, the Panel of Audit Firms continued their transaction management activities to facilitate the negotiation process between financial institutions in an independent manner.