(LANKAPUVATH | COLOMBO) – Under the Masterplan for Consolidation of Non-Bank Financial Institutions (the Masterplan) being implemented by the Central Bank of Sri Lanka (CBSL), nine companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements, the CBSL said.
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 have met the requirements.
In addition, the following 12 companies have submitted their acquisition/consolidation plans to CBSL and obtained relevant preliminary approvals:
1. Assetline Leasing Co Ltd – acquisition of finance business license of Kanrich Finance Ltd and settlement of its deposits.
2. LB Finance PLC – acquisition and subsequent amalgamation of Multi Finance PLC.
3. SMB Leasing PLC – acquisition of finance business license of Swarnamahal Financial Services PLC and settlement of its deposits.
4. Commercial Leasing & Finance PLC – acquisition and subsequent amalgamation of Sinhaputhra Finance PLC.
5. HNB Finance PLC – acquisition and subsequent amalgamation of Prime Finance PLC.
6. LOLC Finance PLC- amalgamation of Commercial Leasing & Finance PLC.
As a result of the above developments, the Non-Bank Financial Institutions sector has witnessed a significant improvement in compliance with regulatory capital requirements and has recorded the lowest non-compliance levels during recent times, the Central Bank said.