Business, News

Central Bank cancels licence issued to Lankaputhra Development Bank

02 Dec, 2019

The Monetary Board of the Central Bank of Sri Lanka has granted approval in terms of section 76F read with section 9(9) of the Banking Act No. 30 of 1988 (as amended), to cancel the licence issued to Lankaputhra Development Bank Limited.

The licence was cancelled in terms of the Banking Act, No. 30 of 1988 (as amended), with effect from 01st April 2019, with the completion of the merger of Lankaputhra Development Bank Limited with Pradeshiya Sanwardhana Bank, as proposed in the Government Budget 2016.

Accordingly, all assets and liabilities of Lankaputhra Development Bank Limited was acquired and merged with Pradeshiya Sanwardhana Bank with effect from 01st April 2019, and all banking business carried on by Lankaputhra Development Bank Limited shall be carried on by Pradeshiya Sanwardhana Bank.

Therefore, the licence issued to Lankaputhra Development Bank Limited in terms of section 76C of the Banking Act, No. 30 of 1988 (as amended) to carry on banking business as specified in Schedule IV of the Banking Act, in the form of domestic banking business, is cancelled with effect from 01st April 2019.

Recommended For You

Feature Image

Moody’s downgrades Sri Lanka’s ratings as political crisis continues

Moody’s Investors Service (“Moody’s”) has today downgraded the?Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and low reserve adequacy, exacerbated most recently by a political crisis which?seems likely to have a lasting impact on policy even if ostensibly resolved

20 Nov, 2018

Feature Image

GSK to divest Horlicks, other Consumer Healthcare nutrition products to Unilever

Following the completion of its previously announced strategic review, GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (?Unilever?) and the merger of GSK Consumer Healthcare Limited (?GSK India?) with Hindustan Unilever Limited (?HUL?) for a total consideration valued at approximately ?3.1 billion based on the 15-day volume weighted average price (VWAP) ending Friday 30 November 2018 of HUL shares of IN

03 Dec, 2018

Feature Image

Sri Lanka?s first state-of-the art 5G Innovation Center to be established

Dialog Axiata PLC, Sri Lanka?s premier connectivity provider, in partnership with Ericsson, the world leader in communications technology and services along with the Ministry of Telecommunication, Digital Infrastructure and Foreign Employment, signed a Memorandum of Understanding to establish Sri Lanka?s first state-of-the-art 5G Innovation Center. The first of its kind in the country, the Innovation Center will encourage Sri Lankans to collaborate and create next generation IoT and ICT innovat

22 Oct, 2018