Sri Lankan CB takes over private bank

The Central Bank of Sri Lanka has taken over Seylan Bank, the second largest commercial bank in the country.

The decision was made because of increased deposit withdrawals and suspected liquidity problems, the central bank said in a statement.

"The difficulties of Seylan Bank PLC presented a potential danger to the stability of the financial system," the statement added.

The central bank appointed Bank of Ceylon, a government-owned lender, to ensure that Seylan Bank's business operations continue

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