**Corporate News** ### Reasoning: While the news mentions a "wealth management business," the core of the announcement is a **corporate development** regarding Sampath Bank's structure and strategy. * **Corporate Strategy & Governance:** The decision was made by the **Board of Directors** and involves the creation/utilization of a **wholly owned subsidiary**, which is a significant change in corporate structure and strategy. * **Regulatory Clearance for Entities:** The focus is on the bank obtaining **regulatory approval** (CBSL and SEC) to operate a new business entity, rather than the launch of a specific consumer-facing product or the details of the service itself. * **Business Expansion:** Under the categorization guidelines, significant structural moves like establishing subsidiaries for new business segments fall under **Corporate News**, as they relate to how the corporation is managed and its long-term strategic direction.

Sampath Bank Receives CBSL Approval for Wealth Management Expansion 📈

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• Banking Sector Update: Sampath Bank PLC has officially received the green light from the Central Bank of Sri Lanka (CBSL) to enter the wealth management industry. • Structural Setup: The bank plans to conduct these operations through a wholly owned subsidiary, marking a strategic move to diversify its financial service offerings beyond traditional banking. • Regulatory Roadmap: While CBSL approval is a major milestone, the commencement of operations is still subject to: • Obtaining regulatory clearance from the Securities and Exchange Commission (SEC) of Sri Lanka. • Finalizing other necessary statutory approvals. • Strategic Context: This move signals a push toward high-value financial services and capital market participation, aiming to capture growth in the investment management space. • Status: Currently in the preparatory stage; further details on the official launch will follow pending final clearances.

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