MBSL celebrates 40 formidable years in Sri Lanka’s financial sector

Reaching another significant milestone in its illustrious journey, the Merchant Bank of Sri Lanka and Finance PLC (MBSL) celebrates its 40th year anniversary on 4 March 2022. Along with a rich financial history as Sri Lanka’s pioneer in merchant banking, MBSL, a subsidiary of the Bank of Ceylon, has been at the forefront of providing a range of customised financial solutions to all segments of society.

In its evolution MBSL was established as a specialised Management Consultancy arm of the Bank of Ceylon in 1980, culminating in the launch of one of Sri Lanka’s first-ever merchant banks in 1982.

Today, as one of the leading corporate entities in the country’s financial sector, MBSL’s product portfolio includes leasing, corporate and retail credit, corporate advisory services, capital market services, margin trading, micro financing, real estate, pawning, as well as savings and deposit products.

MBSL Chairman Kanchana Ratwatte in an official message stated that the institution “is built on a strong foundation backed by the strength of Bank of Ceylon. At a time when MBSL celebrates four decades of business operations, we have set our vision to expand the company’s reach to support the SME sector via innovative solutions which would enrich business development and thereby boost economic development in the country’’.

Issuing a statement on the occasion of MBSL’s 40th anniversary, its CEO Dammika Hapuhinn stated that, ``MBSL has passed many milestones to celebrate the 40th anniversary today. Our success is in the trust that we have built among our valuable customers. While we further aim to develop solutions to reach the dynamic needs of Sri Lankan’s, we are committed to our core value of developing entrepreneurship to support the economy of the country’’. 

Since the inception MBSL has introduced many firsts in Sri Lanka’s financial services industry and over the years the company has been lauded with numerous awards and accolades for achievements in various business segments. In 2017 MBSL received the prestigious International Europe Award for Quality, in addition to being feted with Asia’s Best Employer Brand Award from the World HRD Congress as well as being honoured as the Best Service Provider for SMEs at the South Asia Business Excellence Awards in 2019 and at the Asia Leadership Awards the same year. What’s more, the company has also been recognised for its innovations in the ICT sphere. In the arena of Internet Technology and Software Banking MBSL has been recognised for its excellence in Financial IT at the National Best Quality ICT Awards and at the Asia Pacific ICT Alliance Awards in 2018. 

Underscoring the viability and sound financials of the organisation, MBSL’s overall rating and outlook was upgraded to SL BBB+ and ‘Stable’ by ICRA Lanka in 2021, for achieving stellar results during a downturn. Furthermore, with a brand value worth Rs. 620 million the same year, MBSL was listed by Brand Finance Lanka as one among the Top 100 Most Valuable Brands in the country. 

Last but not least, 2021 proved a landmark year for the Merchant Bank of Sri Lanka with its accomplishment of an impressive Rights Issue that raised an outstanding Rs. 2.1 billion.

Playing a pivotal role in Sri Lanka’s financial services industry, MBSL looks towards upholding the nation’s economy with the launch of innovative products and services along with state-of-the-art digital services that would empower small to medium level entrepreneurs in the times ahead. Within the spectrum of Sri Lanka’s SME Financing, this would undoubtedly raise the financial equilibrium of lesser corporate to a modest standard in the foreseeable future.

As the company prepares to celebrate its 40th anniversary, MBSL is poised to leap into the future, further expanding its presence and reaching out to all Sri Lankans across the nation.