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Peoples Bank plans to sell off its merchant banking unit through the governments privatisation arm endash the Public Enterprise Reform Commission.
Chairman Lal Nanayakkara told Lanka Business Online that firm dates have not been set to dispose its 39 percent stake in Peoples Merchant Bank.



But a decision has been taken to sell it off through PERC, to infuse transparency to the deal.

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rnldblquote We have decided in principle that we want to divest our shares. Its part of the governments overall policy to sell off its subsidiaries, dblquote Nanayakkara said.

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rnThe merchant banks other significant shareholders are the DFCC Bank and Hatton National Bank.rn

rnNanayakkara says both shareholders are not in a hurry to sell out either. rn

rnldblquote A final decision on the timing will depend on Peoples Banks commercilisation. We have to find out if there is greater value addition if we keep it or sell it before we commercialise Peoples Bank, dblquote he said.

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rnBut the timing will depend on h