Tuesday, 4 March 2014 00:40
The Merchant Bank of Sri Lanka (MBSL) yesterday announced that pursuant to the master plan of the Central Bank of Sri Lanka (CBSL) on consolidation of the financial sector, MBSL Savings Bank Ltd. (MSB) is now required by the CBSL to merge with Merchant Bank of Sri Lanka (MBSL) and MCSL Financial Services Ltd. (MCSL) and to operate as a licensed finance company.
MBSL will be the surviving entity. Accordingly, MBSL will not proceed with its earlier decision to merge with MSB and obtain licensed specialised banking status for MBSL. The terms upon which the proposed amalgamation would take effect and the ratios upon which the shares of MSB and MCSL would be swapped for the shares of MBSL will be informed to the Colombo Stock Exchange (CSE) as soon as the same is finalised and approved by the Board of Directors of MBSL.