Sri Lanka shrinks number of finance companies, banks
By EconomyNext News
Nov 29, 2014 06:13 AM GMT+0530 | 0 Comment(s)
Nov 29, 2014 (EconomyNext) - Sri Lanka has shrunk the number of independent finance companies, making them be acquired or merged with larger lenders and three banks are also on track to be merged, the regulator said.
Sri Lanka's Central Bank said 7 non-banker lenders have been acquired or merged and 22 others are on the process of doing so.
National Development Bank, DFCC Bank and DFCC Vardhana Bank were also on the path to be merged with their governing Act of Parliament being amended.
Senkadagala Finance will acquire Newest Finance Plc, Commerical Leasing and Finance, BRAC Lanka Finance Ltd, Citizens Development and Business Finance Laugfs Capital Ltd and Orient Finance Plc, Bartleet Finance Plc.
Other acquisitions and mergers were also in progress.
Associated Mortor Finance Plc, will acquire Arpico Finance Co Plc, Deshodaya Development Finance Co Ltd will acquire George Stuart Finance Plc and Richard Pieris Arpico Finance Plc, Chilaw Finance Plc.
Central Finance will merge with Isuru Finance Leasing Plc after its acquisition, Commercial Credit and Finance Plc Trade Finance and Investments Plc and Cargills Bank Capital Alliance Finance Plc.
Assetline Leasing had already bought Lisvin Investments Ltd, TKS Finance Asian Finance Ltd, Hatton National Bank Prime Grameen Micro Finance and Commercial Bank had acquired Indra Finance Ltd.
State run Merchant Bank of Sri Lanka will merge with MCSL Financial Service and MBSL Savings Bank Ltd.