Under the Central Bank of Sri Lanka’s (CBSL) Masterplan for Consolidation of Non-Bank Financial Institutions, nine Finance companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements.
The nine Finance 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.
Further, the CBSL announced that 12 other companies have submitted their acquisition/consolidation plans to CBSL and
obtained relevant preliminary approvals as follows:
- Assetline 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.
- 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.