Sri Lanka’s NDB keen on merger with DFCC

COLOMBO (EconomyNext) – Sri Lanka’s National Development Bank is interested in taking forward a planned merger with DFCC Bank, which has already been conveyed to a committee reviewing financial sector consolidation, a top official said.

"We have given our views as to why we believe that the journey we embarked last year is a valid one," Chief Executive Rajendra Theagarajah told a business forum in Colombo.

He said the report of a committee appointed by the new regime on the consolidation would was expected in April, when the process would be taken forward.

In the meantime the bank was pushing ‘organic growth’ with credit growth for this year targeted at 20 percent.

"But let me on behalf of the board and management re-iterate that our quest for inorganic growth remains as strong as ever," Theagarajah said.

DFCC and NDB were already co-ordinating branch new branch openings.

He said the mergers has to be finally approved by shareholders.

The bank’s liability under the so-called ‘super gains tax’ is estimated around 800 million rupees, though the number is still not final.

Update II





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