Jap. investor looks at Sampath, Commercial

S.B. Investment Holdings, Japan, a company with banking interests in emerging markets such as Vietnam, is looking to buy sizeable stakes in Sampath Bank and Commercial Bank, it’s learnt.
The company is expected to do its due diligence in this regard shortly, with the only “bug” in regard to their possible investments being made quickly are expected future elections here, sources involved in this transaction told The Sunday Leader.
They said that the investor was looking at buying between 5-20% stakes in both of those banks. Local banking law allows an investor to hold upto a 10% stake in a bank. For holdings beyond that, Central Bank of Sri Lanka permission is needed.
Sampath Bank has an issued share capital of 68.9 million shares and Commercial Bank 233.3 million shares. Sampath’s shares closed at  Rs. 185 a share on Friday, while that of Commercial, at Rs. 176.25.