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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Finance Cos. could lose licence if merger proposals are not ready by 31st March

Finance Cos. could lose licence if merger proposals are not ready by 31st March

+2
troy
Sstar
6 posters

Go down  Message [Page 1 of 1]

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics

Finance companies (Non-Bank Financial Institution – NBFI) could lose their licence if they fail to submit their proposals to merge under new rules, before the March 31st deadline.

Industry sources said that the seriousness of this process has been communicated to the relevant NBFIs.

Separately, CB Assistant Governor C. J. P. Siriwardena told the Business Times that by this month end if the identified NBFIs (Category B NBFIs) haven’t submitted ‘concrete’ proposals pertaining to undergoing a suitable consolidation process, CB will ‘find’ a partner/s for them to merge with.

“All Category B NBFIs are to merge with local banks or Category A NBFIs (those who are stronger in their balance sheets like Central Finance), or merge among themselves, so that they fulfill conditions of the Category A NBFIs,” he said, adding that CB will ‘strictly’ adhere to this principle when finding partners. Initially, the local banks and Category A NBFIs will be given a time period of until 31st March, 2014 to identify partners of their choice from within the Category B NBFIs for such mergers/absorptions. There was positive response from the financial institutions and the CB met the Ceylon Bank Employees’ Union and clarified matters. “We are maintaining a close dialogue with the CB approved Panel of Auditors and other Consultants,” Mr. Siriwardena added.

“Discussions were held with the Securities and Exchange Commission and the Colombo Stock Exchange and with the Ministry of Finance and Planning on matters related to taxation.”

Due Diligence (DD) and Valuation of business is in progress, he said, adding that the CB has requested the Panel of Auditors (nine reputed companies) to conduct the due diligence and valuation of business of Category B NBFIs and all other Consultants to work with these Auditors. “These DDs and business valuations will be carried out using acceptable standards and will provide price guidance to buyers and sellers. By next Tuesday they will submit the DDs,” Mr. Siriwardena said.

troy

troy
Moderator
Moderator

what is your source big brother???

greedy007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

troy wrote:what is your source big brother???  

Not providing the source is the present culture of our new forum administrator.

If someone ask more logic question will be banned from this prestiges forum. So better to keep quite. lol! 

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics

greedy007 wrote:
troy wrote:what is your source big brother???  

Not providing the source is the present culture of our new forum administrator.

If someone ask more logic question will be banned from this prestiges forum. So better to keep quite. lol! 


Sunday Times.
I Hope you read daily Papers!!

troy

troy
Moderator
Moderator

yes baby...
if you think all read these papers, why putting this here....????

samanthaperera879


Senior Equity Analytic
Senior Equity Analytic

Any way lets see , Swarnamahal, ETI and Kanrich Proposals by 31st march and See if they will loose the Licenses, CBSL is in a big hurry i wonder why, in which world all the finance companies could merge in Two or Three Months?

SHARK aka TAH

SHARK aka TAH
Expert
Expert

they will get another extension ...  Very Happy 

samcader


Manager - Equity Analytics
Manager - Equity Analytics

31st March is too short a time frame I would not be surprised if the Finance Companies are granted a further extension

SHARK aka TAH

SHARK aka TAH
Expert
Expert

Sstar wrote:
greedy007 wrote:
troy wrote:what is your source big brother???  

Not providing the source is the present culture of our new forum administrator.

If someone ask more logic question will be banned from this prestiges forum. So better to keep quite. lol! 


Sunday Times.
I Hope you read daily Papers!!
it would have been better off if you had put the source link on the original post instead being rude when someone requests.....

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