Dr S H A M Abeyratne, Chairman of The Finance Company revealing about the current status of the Company said, “in June 2014 the Central Bank of Sri Lanka (CBSL) decided to restructure the Company by appointing a new board of directors, which consisted of experienced professionals. When we were appointed a mandate was given to us, which included strengthening the financial status of the company, the branch network and to turn around the company from the status that existed prior to June so that The Finance will become a profit making company yet again. It was under this premise that the CBSL approved a Rupees 6 billion credit line to help the Company along with its plan of strengthening The Finance.”
Before the approval, the company was requested by the CBSL to present an implementable business plan. Under the purview of Aruna Lekamge, Managing Director of the company a short-term business plan was created and implemented. The plan included testing the people of the company as well as the customer base, the economy, brand equity and the strength of the new management initiatives that were applied after June 2014. Aruna Lekamge said, “The Finance was affected by the collapse of the Ceylinco Group of Companies and as we took over, it was a massive challenge to try and see if we can turn this company around. That is also why CBSL came up with this solution to grant a credit line of six billion rupees to restructure the Company. Further when we first took over ,out of the 58 branches only 18 branches had made profits and in the last six months we have been able to increase that number to 40. We have also doubled our stocks in the finance product portfolio and since the initiation of the short-term business plan, the quarter-to-quarter business growth has been 100 percent. If you consider the total growth for the last six months there has been a growth of 22 percent in the whole portfolio. This shows that The Finance can regain its position as number one.”
To strengthen the company and its functions, the credit line was offered to The Finance at a very low rate by the CBSL where the company looks to support the nation, people and to make the livelihood of the people better. A five year plan was presented to the CBSL in which the Company detailed how it will invest the money provided and this plan was created to be in line with the country’s development goals where the Company looks to strengthen and provide the necessary support to develop the livelihood, industries and wealth of the people. Special focus will be given to migrant workers who contribute immensely to the foreign revenue of the country through their remittances.
“We have a broad idea to develop not only the Company but the people in Sri Lanka and the whole economy. This money by CBSL will be used only for investment at a good rate for good and right business,” affirmed Lekamge.
