Sri Lanka overhauls banking sector


The Central Bank of Sri Lanka has unveiled plans to concentrate the country's financial assets into the hands of five domestic banks and 20 non-bank financial institutions (NBFIs), in a bid to make the banking sector more resilient to shocks.

Ajith Cabraal, the central bank's governor, says a series of mergers was necessary to help "support the envisaged economic growth of the country" and would also enable "more effective supervision" on the part of the authorities.

Cabraal points to Malaysia a

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