Preliminary talks on merger between DFCC Bank and NDB
The Boards of Directors of DFCC Bank (DFCC) and National Development
Bank PLC (NDB) in pursuance of the policies announced by the Government
encouraging the consolidation of certain banking businesses, are about
to commence preliminary discussions to achieve such consolidation.
The Boards of DFCC and NDB wish to emphasise there have been no
definite decisions on any aspect of such consolidation and that final
decisions would be dependent, among others, on arrangements being agreed
keeping paramount the interests of customers, employees (which in the
case of DFCC include those of DFCC Vardhana Bank PLC) and other
stakeholders of the banks.
Moreover, consolidation of the two entities will be dependent on
regulatory approvals and possibly, the passage of facilitative
legislation.
The Boards of Directors of DFCC and NDB assure its shareholders, its
employees, the regulatory authorities and the investing public, that
they will keep them informed of the progress in connection with the
proposed transaction as and when necessary. |