Sri Lanka to sell stock in Bank of Ceylon, People’s Bank

ECONOMYEXT – Sri Lanka’s state-run Bank of Ceylon and People’s Bank will be allowed sell shares to the public to raise equity and boost capital, Finance Minister Mangala Samaraweera said.

Bank of Ceylon and People’s Bank, will be sell shares, provided customers and employees are also allowed to buy stock, Samaraweera said presenting a budget for 2018.

State banks such as National Savings Bank and Bank of Ceylon had already tapped international capital markets, he said.

He said the banks needed boost capital to meet Basle III standard.

Deputy Policy Minister Harsha de Silva said last week that up to 10 percent of stock in state banks could be sold down.  (Colombo/Nov09/2017)
 

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