CB still undecided over Seylan

Financial Times

CB still undecided over Seylan

By Duruthu Edirimuni Chandrasekera

The Central Bank (CB) is taking time in deciding on a strategic partner for crisis-hit Seylan Bank with LOLC, the only bidder forced to be on the sidelines.

A CB source said that discussions over concerns on both sides, were on-going, but it was not clear what the CB plans to do next.

Ishara Nanayakkara, Managing Director, LOLC did not wish to comment.

CB called for Expressions of Interest (EoI) from local, international parties and / or consortiums to acquire 33 1/3% and invest Rs 5.7 billion while being a strategic partner of Seylan in early April when John Keells Holdings (JKH), NDB, LOLC and Sampath Bank submitted EoI along with two other investors to recapitalize Seylan while being a strategic partner.

Only LOLC and Sampath bid at the time, but CB decided to call for fresh bids from the original five who were finally short-listed, which saw only LOLC bidding.

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