Central Bank directs People’s Merchant Bank

People’s Merchant Bank (PMB) said yesterday that pursuant to instructions received by the Central Bank of Sri Lanka (CBSL) by letter dated 14 January 2011, the Board resolved at the Board Meeting held on 27 January 2011 not to proceed with the decision to take over the assets and liabilities of People’s Merchant Finance Co. Ltd (PMF), a 99.9% owned subsidiary of PMB.

PMF will proceed to independently comply with the notification from the CBSL to list its shares on the Colombo Stock Exchange (CSE) by 30 June 2011.