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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Master Plan on Consolidation of the Financial Sector

Master Plan on Consolidation of the Financial Sector

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Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.cbsl.gov.lk/pics_n_docs/latest_news/speech_20140117e.pdf

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@Gaja wrote:http://www.cbsl.gov.lk/pics_n_docs/latest_news/speech_20140117e.pdf
The Master Plan looks impressive. I hope its implementation goes smoothly.

I was also hoping that CBSL would name the NBFIs and smaller banks that need to get merged or acquired... Which of them are the most attractive takeover targets at current prices?

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Antonym wrote:
@Gaja wrote:http://www.cbsl.gov.lk/pics_n_docs/latest_news/speech_20140117e.pdf
The Master Plan looks impressive. I hope its implementation goes smoothly.

I was also hoping that CBSL would name the NBFIs and smaller banks that need to get merged or acquired... Which of them are the most attractive takeover targets at current prices?

Yes that was am also looking for, specially the group B NBFI name

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Gaja wrote:
@Antonym wrote:
@Gaja wrote:http://www.cbsl.gov.lk/pics_n_docs/latest_news/speech_20140117e.pdf
The Master Plan looks impressive. I hope its implementation goes smoothly.

I was also hoping that CBSL would name the NBFIs and smaller banks that need to get merged or acquired... Which of them are the most attractive takeover targets at current prices?

Yes that was am also looking for, specially the group B NBFI name


What are the Guesses?

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
UNP MP Dr. Harsha de Silva yesterday slammed the new Central Bank Master Plan on Consolidation of the Finance Sector as containing a “hidden agenda”.

Dr. De Silva told the Weekend FT that the sudden focus of the Central Bank in urging the sector to consolidate by mergers and takeovers should be seen in the light of chequered reputations of certain finance companies that were involved in controversial deals as that between The Finance Company and the National Savings Bank (NSB).

“This sudden surge of activity is suspicious. For the longest time the Central Bank kept denying there were any problems, they even ran full page ads on newspapers saying ‘politically motivated economic hitmen’ were spreading false stories to destabilise the economy. That is what they said. Now suddenly everything has changed. They have sent letters to chairmen of finance companies summoning them to a special meeting. The letter was sent on Thursday (16); their presence is ‘required’ on Sunday (19). Why the sudden change of heart?”

He also insisted that under the new measures introduced by the Central Bank, certain financially unsound finance companies could be taken over by State banks.

“I have heard that they are trying to flog The Finance Company to a State bank. This was the same company that overpriced its shares to Rs. 50 and sold it to NSB. It was I who protested and as they say the rest is history. Today the share is less than Rs.10. The losses of this company are mindboggling. They have not met any regulatory requirements of the Central Bank. Losses have grown over the last few years even when it was under the Central Bank restructuring process, even with handpicked directors. Now they are saying it will now be put under a State bank,” he charged.

He alleged that even though the Central Bank insists the finance sector is “hunky-dory,” there are many companies unable to pay their depositors.

“Who are they trying to protect? Are they trying to protect the owners of The Finance Company by bailing them out? So who are they trying to protect? Questions are going to arise.”

Dr. De Silva went on to say that troubled finance companies are headed by people with strong links to the Government, raising more questions over the Central Bank’s newly-unveiled plans.

“This sudden summoning of entire boards is highly questionable. Some financially unsound finance companies continue to take deposits and even floated an IPO. The Central Bank is aware of these issues.

The Central Bank cannot turn a blind eye to these problems. They are answerable to thousands of depositors who cannot get their money back,” he stressed.
http://www.ft.lk/2014/01/18/finance-plan-has-hidden-agenda-says-harsha/

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I think this is not a proposal come from  industry or real bankers

as far as i know no such academic discussion

There may be a hidden agenda

This may be another harmful intervention by govt to financial system



Last edited by D.G.Dayaratne on Sat Jan 18, 2014 8:35 am; edited 1 time in total (Reason for editing : typing error)

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@D.G.Dayaratne wrote:I think this is not a proposal come from  industry or real bankers

as far as i know no such academic discussion

There may be a hidden agenda

This may be another harmful intervention by govt to financial system
Intervention to bail out their supporters, (may be some of your friends) wait and see some famous court cases and rulings in the past will go under the carpet.
Wonder of Asia.

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Some absurd plans!

Do you think the other FINCO's are going to let be merged with Dud companies?

You gotta be joking!
They will get out of the finance business and get into other businesses without losing their shirts.


Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
To my mind their this is a good move. We have so many banks and NBFI's figiting for a very small market. By making them strong those companies will be able to look for other markets. But the way CB is doing this is a bit questionable. There should be a good dialog among all stake holders before jumping to such water.

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