By Ravi Ladduwahetty
Ceylon Finance Today: The merger of the three major banks – DFCC Bank, DFCC Vardhana Bank and the NDB Bank will be completed prior to the 2015 national budget, billed to be presented in Parliament in November.
Top sources from the Central Bank, and the two development banks, while confirming this, said that the amalgamation will see the movable, immovable assets and the human resources being brought under one banner, though a common name for the bank has not been determined yet.
They also added that even the management structure of the three merged banks, has also not yet been decided.
Among the other mandatory requirements for the merger, will be the need for the refilling of the DFCC Bank Act, getting the approval of the government and presenting it to Parliament.
The need for the refilling of the DFCC Bank Act (successors to the Development Finance Corporation of Ceylon) has arisen as it was formed following an Act of Parliament. The NDB Bank (successors to the National Development Bank) was formed under the Companies Act.
These sources also said the leadership of the three banks is also seeking the advice of the famous Boston Consulting Group of the USA and also its Indian subsidiary – the Boston Consulting Group ( India) Pvt) Ltd.
The controlling shares of the DFCC Bank, in addition to the government, is being held by business magnate Harry Jayawardena led parties while the controlling shares of the DFCC Bank, in addition to the government, is being held by Deputy Chairman Ashok Pathirage, who is also the Chairman of the Softlogic Group.
The assets of the NDB Bank is higher than the DFCC Bank, albeit the DFCC Vardhana Bank acquisition.
www.ceylontoday.lk
Ceylon Finance Today: The merger of the three major banks – DFCC Bank, DFCC Vardhana Bank and the NDB Bank will be completed prior to the 2015 national budget, billed to be presented in Parliament in November.
Top sources from the Central Bank, and the two development banks, while confirming this, said that the amalgamation will see the movable, immovable assets and the human resources being brought under one banner, though a common name for the bank has not been determined yet.
They also added that even the management structure of the three merged banks, has also not yet been decided.
Among the other mandatory requirements for the merger, will be the need for the refilling of the DFCC Bank Act, getting the approval of the government and presenting it to Parliament.
The need for the refilling of the DFCC Bank Act (successors to the Development Finance Corporation of Ceylon) has arisen as it was formed following an Act of Parliament. The NDB Bank (successors to the National Development Bank) was formed under the Companies Act.
These sources also said the leadership of the three banks is also seeking the advice of the famous Boston Consulting Group of the USA and also its Indian subsidiary – the Boston Consulting Group ( India) Pvt) Ltd.
The controlling shares of the DFCC Bank, in addition to the government, is being held by business magnate Harry Jayawardena led parties while the controlling shares of the DFCC Bank, in addition to the government, is being held by Deputy Chairman Ashok Pathirage, who is also the Chairman of the Softlogic Group.
The assets of the NDB Bank is higher than the DFCC Bank, albeit the DFCC Vardhana Bank acquisition.
www.ceylontoday.lk
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