Potential DFCC-NDB merger will ‘not be forced’ assures Theagarajah

Rajendra Theagarajah

The Chief Executive Officer of National Development Bank Plc (NDB), Rajendra Theagarajah last week denied claims by a former head of the bank that the two private development banks, NDB and DFCC have been ‘forced’ by the banking regulator, the Central Bank of Sri Lanka to go for a merger. In a recent interview with The Nation, opposition parliamentarian Eran Wickramaratne had said the Central Bank had compelled the merger by hinting in their Master Plan that their expected outcome in consolidation is where “there will be a large development bank that will provide substantial impetus to development banking activities in the country”.

“Nobody needs to force us into this. I think the comment is coming from an outsider’s point of view and we from inside the Banks can assure that if this happens it wouldn’t be forced on us,” Theagarajah said in response.