EXCLUSIVE: The Boston Consulting Group, the globally renowned US firm experienced in such amalgamations has been picked for the amalgamation of NDB and DFCC banks, the first ever such amalgamation in Sri Lanka, say reliable sources.

Since the amalgamation of these two banks would create the precedent in the amalgamation programme of other financial institutions in Sri Lanka, attention has been focused towards implementing this on highly specialized advice.

Begun in 1963, Boston Consulting Group is a global management consultancy firm with 81 offices in 45 countries and is also one among the world’s largest three consultancy firms.

A memorandum of understanding was signed recently between NDB and DFCC banks to carry forward their amalgamation and they also agreed to study the opportunities involved in the process.

The Central Bank of Sri Lanka recently discussed the amalgamation of financial institutions with regional representatives and higher managements of foreign banks operating in Sri Lanka and these banks pledged to engage more actively with Sri Lanka’s economy.