Sri Lanka to sell down 20-pct of state banks, Rs450bn for bank recapitalization

Sri Lanka plans to sell 20 percent stake in state banks to strategic investors or the public, President Ranil Wickremesinghe said.

“I propose that 20 percent of the shares of the two Iarge state-owned banks should be given to strategic investors or the public to improve capital and support the future growth of the two stateowned banks to reduce the burden on taxpayers’ funds,” he said presenting a budget for 2024.

Separately 450 billion rupees will be spend on recapitalizing banks.

“The govemment is kem to ensure that all prudent measures are taken for longterm banking stability,” he said.

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