Monday, 1 December 2014 00:42
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The Central Bank said during the month of November further progress was made by banks and finance companies and leasing companies (NBFIs) on the financial sector consolidation process.
It said the consolidation process of seven NBFIs had been completed and another 22 NBFIs and four banks were on course for completion in due time.
The proposed amalgamation of the Merchant Bank of Sri Lanka PLC, MCSL Financial Services Ltd. and MBSL Savings Bank Ltd. has reached the final stage of completion. The necessary shareholder approvals were obtained and the merged entity will operate as a licensed finance company from 2015.
The Act to facilitate the proposed merger of the three banks, viz., DFCC Bank, National Development Bank Plc and the DFCC Vardhana Bank Plc, was enacted.
The Ministry of Finance has made arrangements to issue the gazette notification in relation to the exemption of stamp duty for issue of share certificates for mergers and acquisitions under the financial sector consolidation process.
