NBFI merger proposals: CB approvals rise to 37

Wednesday, 1 October 2014 01:54 - - {{hitsCtrl.values.hits}}

The Central Bank said yesterday during September 2014, the Monetary Board approved, in principle, another eight consolidation proposals submitted by banks and Non-Bank Financial Institutions (NBFIs), thus bringing the total number of proposals approved so far to 37. At the same time, consolidation plans of another four banks and four NBFIs are also being finalised, and are due to be announced in the near future. “The work relating to the mergers/acquisitions that have already commenced continued to progress, with the respective banks and NBFIs working towards the timelines set at the beginning of the year,” the bank said. The Central Bank held a further round of discussions with selected NBFIs with a view to resolving pending issues on their respective consolidation processes, and at these meetings, necessary guidance was provided for the facilitation of the respective merger plans. In the meantime, the Central Bank’s Internal Committees also reviewed the current regulatory framework for banks and NBFIs with a view to further strengthening financial system stability in the post-consolidation period.

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