HNB enters Distributor Finance Agreement with CBL Group confectionery cluster

From left: HNB RM - Corporate Banking Lahiru Rajapakse, Junior Executive – SME Ruwandhi Perera, Executive - SME Business Channels Chinthake Ranasinghe, Head of SME Products and Partnerships Nithiyantham Kethiswaran,  Deputy General Manager - SME and Micro Finance Rajive Dissanayake, the then HNB Executive Director/COO Dilshan Rodrigo, CBL Director/CEO Nalin B. Karunaratne, Chief Operating Officer Daham Gunasena, Director Sales I. M. Khan, General Manager Sales Jayanga Perera, General Manager Finance Naleen De Silva, Group General Manager - Human Resources Gehan Mendis, and Group Manager - Credit Control Chandus Mahamettiyage 

HNB Plc has inked a momentous Distributor Finance Agreement with Ceylon Biscuits Ltd. (CBL) Group, reinforcing its commitment to fostering economic growth and providing tailored financial solutions to businesses in Sri Lanka.

Under this strategic partnership, HNB Plc has extended its Distributor Financing Scheme to encompass Ceylon Biscuits Ltd., CBL Foods International Ltd., and CBL Exports Ltd. These entities, operating within the confectionery cluster of the CBL Group, are internationally renowned for manufacturing and distributing a diverse array of products, including biscuits, wafers, cakes, and chocolates.

HNB Deputy General Manager, SME and Micro Finance, Rajive Dissanayake said: “Strengthening our financial partnership with CBL Group through the Distributor Finance Agreement is a testament to our commitment to supporting and empowering businesses in Sri Lanka. This strategic partnership reflects our dedication to providing tailored financial solutions, fostering economic growth, and contributing to the overall prosperity of the communities we serve.”

“As we strive to continue to play a pivotal role in the economic development of Sri Lanka, this collaboration underscores the Bank’s dedication to facilitating growth and sustainability within the business community. By tailoring financial solutions to meet the unique needs of its partners, we hope to remain at the forefront of driving economic progress in the region,” Dissanayake added.

HNB’s Distributor Finance initiative, launched in 2015, has become a cornerstone of the Bank’s commitment to supporting businesses. The Bank boasts successful collaborations with 36 corporates and nearly 200 distributors and suppliers, managing a diverse portfolio valued at almost Rs. 6 billion.

The Distributor Finance Agreement with CBL Group signifies a crucial milestone in HNB’s efforts to empower businesses, providing distributors associated with the conglomerate access to working capital at attractive interest rates. Significantly, this financial support will be extended without the need for additional securities, leveraging existing Bank Guarantees based on the distributors’ credit rating.