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Pan Asia Banking gets 3-month extension to raise capital

The Central Bank of Sri Lanka has granted Pan Asia Banking Corp. Plc a three-month extension to raise its interim capital to 7.5 billion rupees from Jan. 1 to March 31.

The bank said Jan. 31 that it expects to meet the capital requirement through a rights issue.

The lender is then required to further increase its capital to 10 billion rupees by Jan. 1, 2018.

As of Feb. 1, US$1 was equivalent to 150.59 Sri Lankan rupees.