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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Merchant Bank amalgamation confirmed

Merchant Bank amalgamation confirmed

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1Merchant Bank amalgamation confirmed Empty Merchant Bank amalgamation confirmed Mon Jun 30, 2014 8:41 pm

Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics


The amalgamation of Sri Lanka Merchant Bank (MBSL), MBSL Savings Bank (MSB) and MCSL Financial Services has received the approval of the respective boards of directors.

While announcing this, MBSL chairman M.R. Shah said only the Sri Lanka Merchant Bank (MBSL) would remain as an institution after the amalgamation.

This amalgamation would be effective from the date specified by the Registrar General of Companies.

Under the amalgamation, every 280.25 MSB ordinary voting share would receive one ordinary voting share of MBSL and every 389.10 ordinary non-voting share would receive one ordinary voting share of MBSL.

Apart from this, every 2.35 of MCSL Financial Services ordinary voting share would receive one ordinary voting share of MBSL.

http://www.adaderana.lk/bizenglish/merchant-bank-amalgamation-confirmed/

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