12. Amendment of section 17 of the principal enactment

Section 17 of the principal enactment is hereby amended by the insertion of the following, immediately after subsection (4) thereof:-

“(4A) Any licensed commercial bank having a non-financial subsidiary that does not provide services to such licensed commercial bank or its banking group as at the appointed date, shall divest its ownership in the equity share capital of such subsidiary within a period of five years from the appointed date, after notifying the Central Bank of such decision and the manner in which such bank will discontinue the business carried out by such subsidiary.”.