DFCC, NDB start discussions on merger
View(s):DFCC Bank (DFCC) and National Development Bank (NDB) have begun ‘preliminary’ discussions on merging and consolidation of the two development banks under Central Bank guidelines, according to a joint statement issued on Friday.
The proposal to merge the two banks was announced in the 2014 Budget.
According to Friday’s statement, the boards of the two banks said there has been no definite decision on “any aspect of such consolidation and that the final decision would be dependent, amongst others, on arrangements being agreed keeping paramount the interests of customers, employees (which in the case of and other stakeholders of the banks”.
The two banks have promised to keep all stakeholders informed of the progress of these discussions.