Seylan to reduce lending to Ceylinco

Seylan Bank, recently taken over by the Central Bank, plans to cut lending to the Ceylinco Group.
Officials said the whole purpose of the management take-over was essentially for this purpose.
One official said the "the new strategic plan the new board will be implementing in the short term will be to reduce lending to Ceylinco subsidiaries."

Management of the bank, owned by Ceylinco, has been handed over to the Bank of Ceylon which in turn has appointed a new board of directors chaired by Eastman Narangoda.

The official declined to comment when asked to what extent companies in the Ceylinco Group including Golden Key owe money to Seylan Bank.