HNB finances $ 18 m for Hela’s strategic buy of Foundation Garments

HNB Managing Director/CEO Jonathan Alles (right) shakes hands with the Jinadasa Group’s Chula Jinadasa. Others from left: HNB Account Relationship Manager - Corporate Banking Ravi Fernando, HNB Senior Manager - Corporate Banking  Vijaya Vidyasagara, Hela Clothing Managing Director Intimate Wear Cluster Dilanka Jinadasa, Hela Clothing Chairman Dian Gomes, HNB Chief Operating  Officer Dilshan Rodrigo, and Hela Clothing Managing Director -Casual Wear Cluster  Harsha Guneratne

HNB’s Corporate Banking business, following a very successful 2015, has announced the $ 18 million financing of Hela’s strategic acquisition of Foundation Garments.

With a lending portfolio of over Rs. 250 billion, HNB’s Corporate Banking business is the largest amongst all local and foreign private commercial banks with a diversified portfolio comprising working capital, trade financing and project financing businesses. 

The businesses in 2015 grew its asset book by over 50 billion, supporting large private sector expansion projects in areas such as manufacturing, 

healthcare, agriculture, transportation, education, trading, mixed development, tourism, solar and hydropower. The business has also supported the Government in its infrastructure development projects covering road networks, water projects, etc. 

The depth of its product offering and client relationships as well as a strategic marketing effort encompassing support divisions such as Trade, Treasury, Cash Management and E-banking drove the strong performance of HNB’s Corporate Banking  during 2015. 

These achievements are an endorsement of the success of the bank’s seamless approach of marketing total solutions to its valued customer base across all parts of the country.  

Its Corporate Banking also ventured overseas for the first time, to lend in Cambodia, Uganda and the Maldives.  In the year ahead, the bank will continue to pay particular focus in expanding its business activities in overseas markets.

HNB Managing Director and CEO Jonathan Alles said that the Corporate Banking business of HNB was now recognised as the preferred banking partner of choice for the majority of local corporate businesses.  

He also mentioned that in the year ahead, the bank would continue to invest further to strengthen its client relationship management teams as well as introduce world-class banking experiences to its customers. 

In this regard, the development of a new state-of-the-art electronic banking platform to cater to both the cash management and international trade needs of the bank’s corporate customers is a testament to this commitment. This banking platform, to be launched in early 2016, will be the first of its kind amongst local banks and be on par with electronic banking platforms of all other international banks, which have a presence in Sri Lanka and reinforce and help sustain the bank’s leadership position in the Corporate Banking market. 

The funding of Hela’s acquisition of Foundation Garments is a further testament to HNB’s Corporate Banking business’ support of the growth of the local apparel business in Sri Lanka, and in particular in this instance Hela’s aggressive local and overseas business expansion plans.

Today, 20 years since its inception, Hela Clothing, the British-owned apparel manufacturing group, with its acquisition of Foundation Garments, is poised to contribute significantly to the growth of Sri Lanka’s apparel industry.

In its march to the top, Hela Clothing recently appointed a new chairperson and made the first of a series of acquisitions.

Hela Clothing nominated the charismatic CEO and much accomplished entrepreneur Dian Gomes, who recently completed a successful 25-year stint at MAS Holdings, as its new Chairman. 

Gomes was the Managing Director/CEO of MAS Holdings’ largest business division, MAS Intimates. He has built some of the most influential and globally recognised business brands throughout his career in the apparel industry and is geared to take Hela Clothing to new heights, through continuous growth, development and innovation.  

Joining Gomes in his quest to grow Hela Clothing’s business both locally and internationally are Director Robert Wigley; Director Dominic McVey; Managing Director - Casual Wear Cluster, Harsha Guneratne; Managing Director - Intimate Wear Cluster, Dilanka Jinadasa; Sales and Marketing Director Ananda Weerakoon and Group Manufacturing Director Nipuna Dias.

Wigley, the former Chairman of Merrill Lynch, is an investor, entrepreneur and finance industry veteran. Being the Chairman of Ellestone Apparel and the majority shareholder of Hela, Wigley plays a vital role in providing strategic direction and will spearhead Hela’s aggressive mergers and acquisition plans.

McVey, Britain’s youngest self-made millionaire, made his first million at the age of 15. Being Britain’s second most influential entrepreneur under 30, and Dian’s predecessor, he doubled the top line of Hela and will be involved in executing their new growth strategy.