Oct 13, 2018

Cabinet approval for sale of BOC, People’s Bank shares! Featured

Cabinet approval has been granted for 20% of the country’s two main commercial banks in the country the People’s Bank and Bank of Ceylon shares to be sold on the Stock Exchange, it is reported.

This move is to be taken with the aim of increasing their capital and a certain portion of the shares is also expected to be given to the employees of these banks, it is said.

Although the employees of these banks would not be charged for the shares, they would be prohibited to sell these shares.

The sale of shares of these banks had been a controversial issue during the recent past and it is said that Cabinet approval had been obtained during the October 9th Cabinet meeting.