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HSBC withdraws from primary dealership with Central Bank

HSBC relinquished its role as a Primary Dealer with the Central Bank of Sri Lanka (CBSL) with effect from Thursday, June 30, 2005.

This move on the part of the bank is due to the rationalisation of capital, which had to be deployed for general banking asset growth and to support the forecast growth of branch operations.

Although we have withdrawn from Primary Dealership, the move will in no way hamper the bank's dealings with government securities in the secondary market.

We will continue to service customers interested in investing and dealing in government securities. As such, the bank will continue to function as a dealer direct participant in scripless securities and can, therefore, continue to transact in scripless securities on behalf of customers and maintain customer accounts in LankaSecure (the central depository system for scripless securities maintained in the Central Bank). HSBC started operating as a Primary Dealer with CBSL in 2002.

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