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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » consolidation of non-bank financial institutions

consolidation of non-bank financial institutions

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Beyondsenses

Beyondsenses
Manager - Equity Analytics
Manager - Equity Analytics

The Central Bank of Sri Lanka (CBSL) has announced that the master plan for the consolidation of non-bank financial institutions is being fast-tracked. 

Issuing a statement, the CBSL said under the bank’s master plan for consolidation of non-bank financial institutions 9 companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements. 

The companies are Sarvodaya Development Finance PLC, Dialog Finance PLC, Asia Asset Finance PLC, Lanka Credit, Business Finance PLC, People’s Merchant Finance PLC, Softlogic Finance PLC, Merchant Bank of Sri Lanka & Finance PLC, UB Finance Co Ltd, and Richard Pieris Finance Ltd. 

The CBSL said that in addition, the following 12 companies have submitted their acquisition/consolidation plans to the CBSL and have obtained relevant preliminary approvals. 

1.Assetline Leasing Co Ltd – acquisition of finance business licence of Kanrich Finance Ltd and settlement of its deposits. 


2.LB Finance PLC – acquisition and subsequent amalgamation of Multi Finance PLC. 


3.SMB Leasing PLC – acquisition of finance business licence of Swarnamahal Financial Services PLC and settlement of its deposits. 


4.Commercial Leasing & Finance PLC – acquisition and subsequent amalgamation of Sinhaputhra Finance PLC. 


5.HNB Finance PLC – acquisition and subsequent amalgamation of Prime Finance PLC. 


6.LOLC Finance PLC- amalgamation of Commercial Leasing & Finance PLC.


The bank further revealed that as a result of the above developments, the non-bank financial institutions sector has witnessed a significant improvement in compliance with regulatory capital requirements and has recorded the lowest non-compliance levels during recent times. (NewsWire)

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