A&M to advise the Sri Lankan government on the divestiture of the Sri Lankan Insurance Corporation, in partnership with Capital Alliance

London, 5th September 2023 – Leading global professional services firm Alvarez & Marsal (A&M) has been appointed by the Government of Sri Lanka’s State-Owned Enterprise Restructuring Unit (SRU) to advise on the divestiture of the Government’s shareholding in the state-owned Sri Lanka Insurance Corporation (SLIC). A&M has been mandated in partnership with Capital Alliance (CAL), the Colombo-headquartered investment bank, to manage the divestment of all, or part of, the shareholding of SLIC, one of seven state-owned enterprises currently being targeted for divestiture of government ownership by the SRU.

The A&M team delivering the mandate will be led by Dr. Reza Baqir, Global Head of the firm’s Sovereign Advisory Services (SAS) practice, former Governor of the State Bank of Pakistan, and previously a senior official of the IMF. The CAL team will be led by the head of the firm’s Investment Banking practice, Nishok Goonasekera, a former Executive Director of Morgan Stanley Asia in its Institutional Securities business.

The mandate is part of the government’s overall reform program to enhance competitiveness, productivity and efficiency across the economy and to assist in the country’s socio-economic development and fiscal consolidation efforts.

Dr. Reza Baqir, Managing Director and Global Practice Leader of A&M’s Sovereign Advisory Services said: “We are delighted to support the Government of Sri Lanka’s economic reform program and its efforts to divest government ownership in identified state-owned enterprises. The goal of SAS is to provide a holistic offering to sovereigns to help them with their needs in sovereign finance, operational and financial performance improvement in state-owned enterprises and financial services, and related challenges. We will be working closely with our partners at CAL on this mandate.”

Ajith Fernando, Founder and Director of CAL, said: “CAL is pleased to be partnering with A&M on this strategic collaboration, which signifies a powerful fusion of our on-the-ground knowledge and A&M’s deep restructuring experience. This is a welcome opportunity to support the Sri Lankan Government in achieving its economic reform policy objectives.”

Tariq Hameed, Managing Director in A&M’s Financial Services Practice, added: "The appointment of A&M and CAL on this mandate is testament to the holistic approach of our Sovereign Advisory Services offer. A&M’s heritage in corporate restructuring and financial services and CAL’s local capital markets expertise makes us well-positioned to jointly lead this economically important mandate.”