Desperate for a capital infusion, the bank was earlier being dressed up for a partial privatisation. But to keep in line with the new government’s anti-privatisation mantra, the management is now looking for alternatives, with a final report on it due end Aug.
"Nothing is final, but a financial restructuring on the lines of selling our non-performing assets to a special purpose vehicle and then issue zero coupon bonds on the back of our loan loss reserves, is something that we are looking at," People's Bank's new Chairman P Amarasinghe told journalists on Thursday.