Pan Asia Bank meets core capital requirement

The mid-sized lender, Pan Asia Bank PLC, yesterday said it was able to enhance its core capital requirement within the stipulated time frame by the banking industry regulator, the Central Bank of Sri Lanka (CBSL).

Pan Asia was required to enhance its core capital to Rs.7.5 billion by March 31, 2017 and reach Rs.10 billion in minimum capital by January 1, 2018 as per the revised time frame approve by the CBSL.
“At present the bank’s core capital stands at Rs.8.67 billion after capital infusion of Rs.2.06 billion via a rights issue and the above requirement has been fulfilled accordingly,” the bank informed the Colombo Stock Exchange. 
Sri Lanka’s finance minister in the 2017 budget proposed to double the minimum core capital level of the banking sector to Rs.20 billion from the current Rs.10 billion, though a timeline for this proposal is yet to surface.