Sarvodaya Development Finance PLC, Dialog Finance PLC, Asia Asset Finance PLC, Lanka Credit and 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.
In addition, 12 companies have submitted their acquisition/consolidation plans to CBSL and obtained relevant preliminary approvals as follows:
Assetline Leasing Co Ltd – acquisition of finance business license of Kanrich Finance Ltd and settlement of its deposits.
LB Finance PLC – acquisition and subsequent amalgamation of Multi Finance PLC.
SMB Leasing PLC – acquisition of finance business license of Swarnamahal Financial Services PLC and settlement of its deposits.
Commercial Leasing & Finance PLC – acquisition and subsequent amalgamation of Sinhaputhra Finance PLC.
HNB Finance PLC – acquisition and subsequent amalgamation of Prime Finance PLC.
LOLC Finance PLC- amalgamation of Commercial Leasing & Finance PLC.
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.