Sinhaputhra Finance PLC (COSE:SFL.N0000) entered into a term sheet agreement to acquire Nation Lanka Finance PLC (COSE:CSF.N0000) on October 28, 2020. The transaction is subject to valuation which have been commissioned on the two entities and the receipt of approval from the Monetary Board of Sri Lanka. As on December 30, 2021, Nation Lanka Finance PLC submitted proposal to Central bank of Sri Lanka on the merger, which is under scrutiny.

As of September 6, 2021, Central bank of Sri Lanka granted preliminary approval and the merger is subject to many conditions upon Central bank of Sri Lanka will be granting final approval. As of September 28, 2021, Central Bank of Sri Lanka approved the deal.