Sri Lanka’s NDB buys into Seylan Bank

COLOMBO (EconomyNext) – Sri Lanka’s National Development Bank (NDB) Tuesday bought a stake in Seylan Bank in a deal on the Colombo bourse, market sources said.

The Seylan Bank share ended at 100 rupees, up three rupees or three percent.

Sources said 11.7 million shares of Seylan Bank, an almost seven percent stake, traded at 106 rupees each in a deal worth 1.24 billion rupees.

Lanka Securities said a total of 14.1 million shares of Seylan Bank changed hands at 99 – 106 rupees a share in crossings or off-the-floor negotiated deals.

"Seylan Bank emerged as the top contributor to the total turnover with 1.6 billion rupees and accounted for 66 percent of the total turnover," they said.

Market sources said the sellers in Seylan Bank may be reducing their stake to better comply with Central Bank rules limiting shareholdings in banks.