Lanka Credit and Business Finance to expand branch network

Monday, 18 October 2021 01:44 - - {{hitsCtrl.values.hits}}

Lanka Credit and Business Finance Ltd. (LCBF) CEO/Executive Director K.G. Leelananda stated at a press interview that LCBF, the fastest growing finance company, planned to expand the branch network by establishing branches at Kuliyapitiya, Akuressa, Tangalle and Deiyandara during the financial year 2021/2022.

Due approval of the Central Bank of Sri Lanka (CBSL), has been obtained for the expansion, which will increase the total number of branches of the company from eight to 12 during the aforesaid period.

He also stated that the management was progressing to implement the five-year strategic business plan ‘2022/2026’ of the company, which was adopted by the Board of Directors and involves, among others, expanding the branch network to reach 38 branches by 2025/2026, via the successful completion of the said business plan. Commenting on the business plan of the company, Leelananda stated that the important next step was the listing of the shares of company on the DiriSavi Board of the Colombo Stock Exchange. The Initial Public Offer (IPO) is scheduled for 26 October. This involves increasing the core capital of the company from its current level of Rs. 2.1 b up to Rs. 2.6 b to comply with the minimum core capital requirement as at 31 December 2021 envisaged by the CBSL.

He also stated that the business plan of the company is focused on increasing the profitability of the company through sustainable growth, improve returns on the investments of the shareholders of the company. Through the expansion of the branch network and product offering, the business plan is focused on continuously increasing the asset base and the profitability of the company. Therefore, he is of the view that the branch expansion for the next five years would play a vital role towards achieving the goals set out in the business plan.

In conclusion he added that the Board of Directors, the senior management and all staff members were committed to build a resilient finance company in Sri Lanka, through their aspiring business plan whilst, safeguarding the interest of all stakeholders including shareholders, depositors and the customers utilising the products and services of the company.