Wednesday, October 4, 2023

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 Consolidation of Non-Bank Financial Institutions expedited

 Sri Lanka’s Masterplan for Consolidation of Non-Bank Financial Institutions is now being implemented expeditiously, Central Bank announced to day (Monday 31)   

Under this   Masterplan nine finance companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements. 

These companies are   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.

 According to the Central Bank among these companies were Ass tline Leasing Co Ltd – acquisition of finance business licence 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 licence of Swarnamahal Financial Services PLC and settlement of its deposits. 

Other companies are 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 these 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, Central Bank stated in a media release.

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