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Sri Lanka to merge small state banks into National Development Banking Corporation

ECONOMYNEXT – Sri Lanka will merge a number of small state banks into a National Development Banking Corporation, Prime Minister and Finance Minister Mahinda Rajapaksa said.

State-run Regional Development Banks and Housing Mortgage banks will be merged to create one entity, Rajapaksa told parliament presenting a budget for 2021.

Sri Lanka will also revamp a finance company regulation and merge existing ones.

Banks which own finance companies will be required to merge with the units, Rajapaksa said.

Investment relief will be given for the cost of acquisition. (Colombo/Nov17/2020)

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