LCB Finance ready to expand branch network following successful IPO

Saturday, 13 November 2021 00:00 - - {{hitsCtrl.values.hits}}

Executive Director/CEO K.G. Leelananda (left) and DGM – Credit and Recoveries Felician Jayakody

After a very successful IPO LCB Finance is ready to expand the network up to 12 branches before end this year with Kuliyapitiya, Akuressa, Deiyadara and Tangalle. It has planned for another eight branches for the next year by mainly concentrating on upcoming cities.

In a statement LCB Finance CEO/Executive Director K.G. Leelananda said they were extremely happy about their performance at the IPO, which was oversubscribed.

Lanka Credit & Business Finance Ltd. (LCBF), the recipient of the ‘Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021’ in Global Economics UK saw its Initial Public Offer (IPO) oversubscribed with the IPO value of Rs. 500 m.

LCB Finance Ltd.’s IPO saw an overwhelming response from all the category of investors including institutional and retail investors. It was proceeding for an Initial Public Offering (IPO) to raise the core capital to meet the regulatory maximum of Rs. 2.5 billion having met the current prudential regulatory core capital requirement of Rs. 2 billion.

The innovation, customer relationship and reliance on technology have been the key competitive strengths of LCB Finance Ltd. Since the beginning of this year the overall operating efficiency and management procedures of the company has improved remarkably, consequent to the adoption of the new core banking system facilitating entry to the SLIPS thereby improving our customer services as well.

LCB Finance Ltd. has been elected to the Main Board of Lanka Micro Finance Practitioners Association (LMFPA) for the year 2021/2022.

Unlike traditional financial services 90% of LCB finance branches are located outside the Western Province to enable financial services to low- and mid-income level income earners. While targeting Small and Medium Entrepreneurs, LCB Finance caters to non- bankable community in Sri Lanka by delivering financial facilities to approximately 200,000 citizens.

Furthermore, for the first time in Sri Lanka LCB Finance has partnered with LIRIDI Lanka Ltd. to promote micro business to channel development funds into the grass root levels.

Sampath Bank PLC was the Banker to the IPO whilst Corporate Services (Private) Limited was the Registrar and NDB Investment Bank was the manager to the same.