Dhammika Perera's investment adviser and the Chairman of the Pan Asia Bank Nimal Perera is said to be the mastermind of the plan.
The merger is based on the recent suggestion put forward by Central Bank Governor Ajith Nivard Cabraal to merge 58 non-bank financial institutions.
Central Bank Governor Ajith Nivard Cabraal has informed the heads of banks and financial institutions to inform the Central Bank regarding their decisions on merging before March 31.
He has further stated that the Central Bank will mediate and set up required merging plans for the institutions which fail to do so.
According to economists, Cabraal put forward the particular suggestion with the ulterior motive of leaving the banks and financial institutions on the hands of few individuals.
They have further stated that such strategy of providing only few individuals with financial power is a method used by countries under dictatorial rule.
According to Forbes Asia magazine the wealthiest man in the island is Dhammika Perera.