PABC says no impact on regular banking biz

Wednesday, 16 August 2017 00:01 - - {{hitsCtrl.values.hits}}

Pan Asia Banking Corporation in a statement yesterday said the bank’s regular banking activities or its ability to deal in government securities in the secondary market are not impacted or limited in any manner due to yesterday's regulatory action of the Central Bank of Sri Lanka.

Pan Asia Bank also clarified to the general public that this action restricts only the bank’s access to the primary auctions for government securities.

Its full statement is as

follows.

Pan Asia Banking Corporation has been advised by the Central Bank of Sri Lanka that Pan Asia Banking Corporation’s Primary Dealer license has been suspended for six months under the provisions of the Registered Securities Ordinance with effect from 15 August.

Pan Asia Bank wishes to clarify to the general public that this action restricts only the bank’s access to the primary auctions for government securities.

Further, Pan Asia Bank wishes to emphasise that the bank’s regular banking activities or its ability to deal in government securities in the secondary market are not impacted or limited in any manner due to the above regulatory action of the Central Bank of Sri Lanka.

Pan Asia Banking Corporation Plc (PABC) is a public limited liability company incorporated in Sri Lanka in March 1995 under the Companies Act No.17 of 1982 and re-registered under the Companies Act No.07 of 2007, a licensed commercial bank under the Banking Act No.30 of 1988 and listed on the Colombo Stock Exchange.

During the past 22 years Pan Asia Bank has become one of the fastest growing local commercial banks in Sri Lanka. The bank offers a comprehensive portfolio of innovative banking solutions for retail, SME and corporate customers across its network of 83 branches throughout the country.