People's Leasing & Finance PLC (COSE:PLC-N-0000) agreed to acquire remaining 62.9% stake in People's Merchant Finance PLC (COSE:PMB-N-0000) from People's Bank, Redwin Holdings Limited and others on July 8, 2016. The deal is subject to fulfillment of sale by People's merchant Finance of its property located at Nawam Mawatha, Colombo 2 and receipt by People's Merchant Finance and People's Leasing & Finance of all approvals required for the sale of the aforesaid property and the proposed amalgamation. As of March 31, 2017, Central bank of Sri Lanka has granted an extension of one year until March 31, 2018 to effect the merger. As of May 8, 2018, Central bank of Sri Lanka has granted an extension of 6 months till September 30, 2018 to effect the merger.

People's Leasing & Finance PLC (COSE:PLC-N-0000) cancelled the acquisition of remaining 62.9% stake in People's Merchant Finance PLC (COSE:PMB-N-0000) from People's Bank, Redwin Holdings Limited and others on January 10, 2019. The transaction was terminated because Board of Directors of People's Merchant Finance PLC has resolved to proceed with a capital infusion by way of a private placement and right issue of shares.