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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Banks and Finanance company Merge Proposal in Budget 2014

Banks and Finanance company Merge Proposal in Budget 2014

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nkuda


Manager - Equity Analytics
Manager - Equity Analytics
අයවැය යෝජනා ඉදිරිපත් කරමින් ජනාධිපති මහින්ද රාජපක්ෂ මහතා පැවසුවේ වර්තමානයේ මෙරට ඇති මූල්‍ය සමාගම් 58 ක ප්‍රමාණයෙන් රුපියල් බිලියන 20 කට වඩා වැඩි වත්කම් ඇත්තේ මූල්‍ය සමාගම් 20 කට පමණක් බවයි.

මීට අමතරව, වාණිජ බැංකු ශක්තිමත් කිරීම සඳහා බැංකු විසින් පවත්වාගෙන යනු ලබන මූල්‍ය සමාගම් එම බැංකු හා ඒකාබද්ධ කිරීමටද යෝජනා කර තිබේ.

Source : http://vimasuma.com/new_full_story.php?subcatcode=2&newscode=2036151655.

Members,
PLC is a subsidiary of People's bank, According to budget proposal PLC need to Merge with People's Bank ?

nkuda


Manager - Equity Analytics
Manager - Equity Analytics
@nkuda wrote:අයවැය යෝජනා ඉදිරිපත් කරමින් ජනාධිපති මහින්ද රාජපක්ෂ මහතා පැවසුවේ වර්තමානයේ මෙරට ඇති මූල්‍ය සමාගම් 58 ක ප්‍රමාණයෙන් රුපියල් බිලියන 20 කට වඩා වැඩි වත්කම් ඇත්තේ මූල්‍ය සමාගම් 20 කට පමණක් බවයි.

මීට අමතරව, වාණිජ බැංකු ශක්තිමත් කිරීම සඳහා බැංකු විසින් පවත්වාගෙන යනු ලබන මූල්‍ය සමාගම් එම බැංකු හා ඒකාබද්ධ කිරීමටද යෝජනා කර තිබේ.

Source : http://vimasuma.com/new_full_story.php?subcatcode=2&newscode=2036151655.

Members,
PLC is a subsidiary of People's bank, According to budget proposal PLC need to Merge with People's Bank ?
Hi Forum members,
Please share your view on this Smile 

sriranga

sriranga
Co-Admin
By Crystal Koelmeyer

Sri Lanka’s overcrowded non-banking finance sector, which presently consists of 59 registered finance companies, is likely to undergo a phase of consolidation in future with the Budget 2014 proposal to encourage the move. According to a research analyst, once merged and consolidated under the proposals, about ten finance companies are likely ‘to go out of the picture’.

The Budget presented last week by President Mahinda Rajapaksa has requested finance companies which subsidiary companies are owned by a main company to be merged by the main company and consolidate operations. Apart from the banks, finance companies have also been encouraged to consolidate their operations by acquiring the finance companies within the group, a move that would further strengthen the banks.

To support this initiative, the Budget has announced qualifying payment status for acquisition expenditure of banks or companies, if they have acquired any finance company. The merger cost incurred by banks which have finance company subsidiaries and finance companies which have another finance company as a subsidiary are allowed to be claimed as qualifying payment deduction over a three year period.

“This is likely to result in increased Mergers and Acquisitions within the industry and could result in synergies. Further, it might also provide an opportunity to provide a lifeline to ailing finance companies,” analysts at Asia Securities (Private) Limited indicated in their 2014 Budget Synopsis.

Commenting further Manager Research, Softlogic Stockbrokers (Private) Limited Dimantha Mathew said that by merging, all banking and finance counters with such subsidiaries will benefit as they will become larger, stronger and more stable.

“Although the companies have been asked to voluntarily merge as per the proposal, the banks might not readily opt to do so because they might not want forego the high margins they make via these subsidiaries (NBFIs),” Mathew, however, pointed out.

On the other hand, he believed that in the ensuing years the government might decide to make consolidation mandatory with a view to creating a more conducive environment in Sri Lanka for such mergers and acquisitions which are commonly seen in the banking fronts of developed nations.

Meanwhile, the Central Bank of Sri Lanka issuing a statement on Friday said guidelines in relation to the merger and consolidation finance companies would be issued at the time of the release of the Central Bank Roadmap 2014 and Beyond, on January 2, 2014.

“These new measures would be in addition to the series of measures taken by the Central Bank since 2009, where finance companies that were facing liquidity constraints have undergone restructuring processes under the supervision of the Central Bank. Such restructuring schemes included the appointment of Managing Agents, restructuring of balance sheets, and the infusion of capital by new investors. The Central Bank also introduced a liquidity support scheme from the Deposit Insurance Fund in September 2013. As a result, the finance companies facing liquidity constraints are now conducting normal business operations and the new measures are expected to strengthen those companies further,” the statement further added.
- See more at: http://www.nation.lk/edition/biz-news/item/23016-budget-2014-finance-firms-brace-for-mergers.html#sthash.T6DOxuqn.dpuf

http://sharemarket-srilanka.blogspot.co.uk/

anges


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rainmaker


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