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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to unveil a ‘Master Plan’ to consolidate the financial sector

Sri Lanka to unveil a ‘Master Plan’ to consolidate the financial sector

+5
jonta999
dhanurrox
Jana1
UKboy
Redbulls
9 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal will meet with top executives of Banks and Finance firms on Friday to outline a ‘Master Plan’ that will be put in place to consolidate the financial sector as outlined in the 2014 budget proposals.

Central Bank says this would be followed by one-to-one discussions with all banks and non-bank financial institutions to guide the respective institutions in accordance with the newly announced plan

“The Central Bank will also closely monitor and support the consolidation process in order to ensure that it will be smooth and constructive,” announced the Bank in a statement issued.

The regulator also requests institutions involved in the process to ensure that there will not be any retrenchment of staff in banks and non-bank financial institutions as a result of this consolidation process.

It also directs the respective institutions to align their immediate future business plans, recruitment and capital expenditure to be in line with the new developments that are to take place over the next few months.

Both the 2014 Budget proposals and the 2014 Road Map of the Central Bank outlined a series of proposals aimed at consolidating the country’s financial sector.

It proposes Banks to merge, consolidate or restructure their business operations while Non Bank Financial Sector Institutions were also encouraged to merge towards reducing the number of such companies to 20 from the present 58.

“In order to steer Sri Lanka towards the economic goals set for 2016 and beyond, a stable financial sector with strong and dynamic financial institutions has to be created,” further announced the Bank.
www.news360.lk

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Very good move from CB. I have been waiting so long to see this happenning.
A tiny country like us never neeeded this many banks n FIs.

Hopefully this will eventually help at least few of them to go global in larger scale.

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Good move.. Seems highly undervalued companies have the potential to go up.. Like CDB..

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics

Jana1 wrote:Good move.. Seems highly undervalued companies have the potential to go up.. Like CDB..
I'm hearing this "CDB" word for sometime in the forum.

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

The "TFC DRAMA" might become true after all this  Very Happy 

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

UKboy wrote:Very good move from CB. I have been waiting so long to see this happenning.
A tiny country like us never neeeded this many banks n FIs.

Hopefully this will eventually help at least few of them to go global in larger scale.

Yes, What local banks are doing is tring to acquire the tiny market share in SL. Instead, they can cater the global financial needs if they grow bigger and stronger.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

YEs this is very good move. Far too many bank and Fin companies especially.

These Fin company flops are mainly due to bad management and size of the company. So merging and making them stronger is a good thing.

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Then SEMB merge with SEYB ...???? what is the Value???

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

http://www.ft.lk/2014/01/16/big-is-better/

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