Green light from Standard & Poor’s for consolidation of banks

March, 6, 2014

International rating agency has expressed its views on the Sri Lanka Central Bank’s moves of consolidating the country’s financial and banking institutions.

The rating agency has stated that though there could be short term risks involved in this process, on a long term consideration this move is favourable to Sri Lanka’s banking system.

According to rating agency Standard & Poor’s loan analyst Deepali Seth-Chabriya’s speculations, Sri Lanka could gain the opportunity to establish large and strong banks on the long term due to this consolidation process.