Arpico Finance denied recent media reports that it is to merge with Richard Pieris, stating that discussions are being held at a very preliminary stage between several prospective parties.

Recent newspaper reports indicated that Arpico Finance was to merge with Richard Pieris after which, in an announcement to the Colombo Stock Exchange, Arpico Finance categorically denied the report calling it inaccurate.

“In keeping with the initiative of the Central Bank of Sri Lanka on the consolidation of the NBFI sector Arpico Finance is currently engaging in discussions with several prospective parties”, the statement read.

The statement also confirmed that the discussions were at a very preliminary stage and that no finality had been reached.