Regulatory Alerts2020-09-08 | Banking Act Direction No. 9 of 2020Amendment to Banking Act Directions on Ownership of Issued Capital Carrying Voting Rights for Licensed Specialised Banks
The Monetary Board of the Central Bank of Sri Lanka issued Banking Act Directions No. 09 of 2020 to amend ownership limits for licensed specialised banks. The amendment permits Multilateral Financial Organisations, including the World Bank and Asian Development Bank, to acquire up to 20 percent of issued capital carrying voting rights on a case-by-case basis. Acquired interests must subsequently be reduced to 15 percent within ten years of approval, subject to terms deemed appropriate by the Monetary Board.
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