The DFCC and NDB Banks are to be annulled, reports say.
The nullifying is to be done related to the Central Bank's decision to merge the two entities to set up a new bank, using all resources of DFCC and NDB, reports add.
However, a final decision with regard to the name or the management structure of the new bank is yet to made.
The DFCC was founded under a special Act while the NDB was established under the Banking Act.
It is said that in order for the merger to take place, the Parliament Act on which the DFCC was established, should be amended in Parliament, reports say.
The biggest stakeholders of both entities are state corporations, Employees' Provident Fund (EPF) and the Employees' Trust Fund (ETF).
From the private sector based stakeholders, Harry Jayawardena's Distilleries Group take the lead in DFCC bank while at the NDB, it is Ashok Pathirage, MD / Chairman of the Softlogic Group.www.srilankamirror.lk
The nullifying is to be done related to the Central Bank's decision to merge the two entities to set up a new bank, using all resources of DFCC and NDB, reports add.
However, a final decision with regard to the name or the management structure of the new bank is yet to made.
The DFCC was founded under a special Act while the NDB was established under the Banking Act.
It is said that in order for the merger to take place, the Parliament Act on which the DFCC was established, should be amended in Parliament, reports say.
The biggest stakeholders of both entities are state corporations, Employees' Provident Fund (EPF) and the Employees' Trust Fund (ETF).
From the private sector based stakeholders, Harry Jayawardena's Distilleries Group take the lead in DFCC bank while at the NDB, it is Ashok Pathirage, MD / Chairman of the Softlogic Group.www.srilankamirror.lk
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