The Cabinet of Ministers has approved a proposal to restructure the Sri Lanka Housing Development Finance Corporation Bank and the State Mortgage and Investment Bank, in a move aimed at ensuring financial stability and safeguarding depositor interests. The proposal, presented by the President, involves transferring the government’s shares in the Sri Lanka Housing Development Finance Corporation Bank to the Bank of Ceylon (BOC), allowing it to operate as a subsidiary of BOC. Similarly, all shares of the State Mortgage and Investment Bank will be acquired by People’s Bank, under which it will continue as a subsidiary. Both institutions are licensed…
Two state-owned housing banks to be restructured
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