Under the Master plan for Consolidation of Non-Bank Financial Institutions of the Central Bank of Sri Lanka, nine financial companies in Sri Lanka have raised a total of LKR 12.5 billion in new capital.
The nine companies’ party to the master plan include,
∙ Sarvodaya Development Finance PLC
∙ Dialog Finance PLC
∙ Asia Asset Finance PLC
∙ Lanka Credit & Business Finance PLC
∙ People’s Merchant Finance PLC
∙ Softlogic Finance PLC
∙ Merchant Bank of Sri Lanka & Finance PLC
∙ UB Finance Co Ltd.
∙ Richard Pieris Finance Ltd.
It was also revealed that an additional 12 companies have submitted their acquisition and consolidation forms to which they have obtained preliminary approval. The capital raised indicates that the Non- Banking sector has improved its compliance with regulatory capital requirements.
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