Board approves MBSL amalgamation with MBSL Savings Bank

The Board of Directors has approved the resolution in principle for the proposed amalgamation of Merchant Bank of Sri Lanka (MBSL) with MBSL Savings Bank Ltd.

MBSL will be the surviving entity subject to obtaining the necessary approvals from the Central Bank and such other requisite approvals as well as obtaining a license to carry on business as a licensed specialised bank.

MBSL is in the process of obtaining the necessary approvals and the licence from the Central Bank. It said the terms upon which the proposed amalgamation would take effect and the ratio in which the shares of MBSL Savings Bank would be swapped for the shares of MBSL will be informed in due course once they are finalised and approved by the Board.