State-owned banks should not be privatized

Thursday, 1 August 2019

The state-owned banks should be strengthened at all times and there should never be any attempt to privatize them, President Maithripala Sirisena declared .

President Sirisena was speaking at the 80th anniversary celebrations of the Bank of Ceylon held at the BMICH, Colombo.

The President said that this had been his stance toward state-owned banks throughout his political career. He observed that it was no secret that fraud and corruption, poor management and, exploitative actions of some trade unions, have all dented the productivity of some institutions that generate revenue for the government.

It was the state-owned banks like the BOC that have always supported such affected institutions during difficult times, he pointed out.