Asia Asset Finance pursues aggressive expansion

• Branch network in 2022 increase by 15 to 70 locations; plans to add 20 more in 2023

Sri Lanka’s only gold-focused financial solutions provider, Asia Asset Finance PLC, has expanded its Island wide reach to 70 locations across the country, adding 15 new locations during 2022.

The network expansion drive comes as Asia Asset Finance seeks to bring accessible and innovative financial services within reach of all Sri Lankans. With a history spanning 52 years, Asia Asset Finance is backed by its parent company, India-based global financial services giant, Muthoot Finance – one of the world’s largest gold financing companies with assets worth nearly Rs. 3 trillion, larger than most commercial banks in Sri Lanka.

In 2022, Asia Asset Finance inaugurated 15 new branches in diverse locations across the island including in Wattegama, Pusellawa, Bogawanthalawa, Grandpass, Kanthale, Potuvil, Welimada, Haputale, Agarapathana, Achchuveli, Cheddikulam, Mattakkuliya, Manipai, Elakanda and Hawaeliya. These locations were strategically chosen as they are hubs for commercial and business activity, while also being home to vibrant populations of Sri Lankans aspiring to achieve their dreams in life. Some are also located at important nexuses on Sri Lanka’s major highways. During 2022, driven by the company’s expansion efforts, Asia Asset Finance staff community also grew by 20%, along with its asset base exceeding Rs. 20 billion, for the first time in the company’s history.

CEO Rajiv Gunawardena said: “We believe that crisis and opportunity are two sides of the same coin, and we choose to focus on the opportunities. This is what has driven us and enabled us, supported by our parent company, to continue to create exceptional value for all stakeholders, even amidst the worst economic environment ever witnessed in Sri Lanka.

“We are one of the few financial institutions to have invested so heavily in branch network, talent expansion, and product development, during 2022, unveiling 15 new branches, expanding our asset base by 22% over nine months, and introducing innovative products to meet current requirements such as Digital Gold Loans. In 2023, we plan to inaugurate a further 20 new locations across the island and continue to develop our product portfolio, as we seek to position ourselves as the most preferred and innovative provider of gold-focused financial solutions in Sri Lanka.”