Merchant Bank of Sri Lanka is planning to merge with MBSL Savings Bank and MCSL Financial Services and become a ‘finance company’. The latest move comes as a part of the latest financial sector consolidation plans laid out by the Central Bank of Sri Lanka. With this decision, MBSL scraps an earlier decision which it planned to merge with the MSB and obtain a specialized banking status for MBSL. MBSL is a unit coming under the state run banking giant BOC.
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