Sarvodaya Development Finance proposes acquisition of Sri Lanka Savings Bank
Wednesday, 21 June 2023 00:22 – – 254
Sarvodaya Development Finance (SDF), has expressed its interest in acquiring Sri Lanka Savings Bank (SLSB).This strategic move aims to revitalise the banking sector, promote financial stability, and drive inclusive growth. Sources said in response to SDF’s proposal, the Ministry of Finance (MOF) has shown a positive inclination, signalling a promising step forward in this potential acquisition. SDF is the first Development Finance Company in Sri Lanka.
The SLSB, a licensed specialised bank, has faced challenges in recent years, including financial instability and operational inefficiencies. Recognising the need for intervention, SDF has come forward as a potential acquirer to breathe new life into the bank and catalyse sustainable development by becoming a development bank.
As a part of the Sarvodaya Movement, sources said SDF places a strong emphasis on social development by providing rural communities with access to financial services and entrepreneurship development through 5400 village-based societies.
Through this acquisition, SDF plans to expand its reach, positively impacting the lives of a larger segment of the population by extending financial services and support to underserved communities, in order to foster economic empowerment and social progress.