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Sri Lanka Equity Forum » Stock Market & Forum Help » Political and Socio-Economic Analysis » Five Large Banks over Rs.1 trillion assets sheet in Sri Lanka under Mahinda Rajapaksa Regime!

Five Large Banks over Rs.1 trillion assets sheet in Sri Lanka under Mahinda Rajapaksa Regime!

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DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Under the Mahinda Rajapaksa government the Central Bank approved the Articles of Association of DFCC Bank which will facilitate the consolidation of the three banks, viz., DFCC Bank, National Development Bank PLC and the DFCC Vardhana Bank PLC which will build a stronger One Development Bank house in Sri Lanka's history with a bid create storng banks that have over Rs.1 trillion in their balance sheets as assets.

These banks, through their internal committees are now working closely to ensure the smooth transition to the combined entity.

The Ministry of Finance has issued the Gazette Notification in relation to the exemption of stamp duty, for the issue of share certificates for mergers and acquisitions under the financial sector consolidation process.

Sarabulathwita

Sarabulathwita
Vice President - Equity Analytics
Vice President - Equity Analytics
@DealKing wrote:Under the Mahinda Rajapaksa government the Central Bank approved the Articles of Association of DFCC Bank which will facilitate the consolidation of the three banks, viz., DFCC Bank, National Development Bank PLC and the DFCC Vardhana Bank PLC which will build a stronger One Development Bank house in Sri Lanka's history with a bid create storng banks that have over Rs.1 trillion in their balance sheets as assets.

These banks, through their internal committees are now working closely to ensure the smooth transition to the combined entity.

The Ministry of Finance has issued the Gazette Notification in relation to the exemption of stamp duty, for the issue of share certificates for mergers and acquisitions under the financial sector consolidation process.

For you man


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