Sunday Observer Online


Sunday, 9 February 2014





Marriage Proposals
Government Gazette

Seminar on Consolidation in financial institutions

As already set out in the Road Map 2014 and beyond, the Central Bank conducted a seminar recently to explain the need and the rationale for the consolidation in the banking and non-banking financial institutions (NBFIs) beginning this year.

Chairmen and Chief Executive Officers of banks and non-bank financial institutions (NBFIs), key management of the audit firms which are eligible to audit banks and NBFIs, and representatives of the Institute of Chartered Accountants of Sri Lanka and the Institute of Personnel Management were present.

The Central Bank's senior management held one-on-one meetings with almost all boards of directors and senior management of the local banks and NBFIs, at which the expectations of the Consolidation process was further clarified and specific issues pertaining to particular institutions were discussed in detail.

The Central Bank also informed the banks and NBFIs to approach the Consolidation process in a professional manner by seeking specialised IT, legal, tax and HR services to ensure the objectivity and integrity of the process. In addition, the Central Bank called upon all banks, NBFIs and others who are involved in the process to continue a close dialogue with the Central Bank and obtain guidance if the need arises.

In this regard, the members of the special unit headed by the Assistant Governor were introduced to the banks and NBFIs at these meetings. In keeping with the directive of the Central Bank, banks and NBFIs agreed to submit their preliminary proposals regarding the consolidation effort by March 31.

A meeting was also held with key office-bearers of the Ceylon Bank Employees' Union, at which all clarifications sought were provided by the Governor Ajith Nivard Cabraal and senior officials of the Central Bank.


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