Mercantile Investments and Finance celebrates 60th anniversary

Mercantile Investments Managing Director Gerard Ondaatjie (third from right) addresses the media briefing on company’s 60th anniversary, others from left: Finance Director Shermal Jayasuriya, Executive Director Angeline Ondaatjie, Chief Operating Officer Laksanda Gunawardena, CFO Deva Antony and Executive Director Travice J. Ondaatjie – Pix by Lasantha Kumara

Mercantile Investments unveiled a special 60th Anniversary stamp

Mercantile Investments and Finance PLC, a pioneering name in Sri Lanka’s financial sector, celebrated its 60th anniversary in grand celebration at a press conference held at the JAIC Hilton Hotel in Colombo on 14 June 2024. 

The event marked the unveiling of a commemorative stamp and the launch of an innovative new range of financial products, underscoring the company’s unwavering commitment to innovation and growth.

The press conference and celebration were graced by Managing Director Gerard 0ndaatjie, Finance Director (Executive) Shermal Jayasuriya, Director Angeline Ondaatjie, Director Travice Ondaatjie, Chief Operating Officer Laksanda Gunawardena, Chief Financial 0fficer/Director (Non-Board) Deva Anthony, alongside other distinguished guests and stakeholders.

In a heartfelt ceremony during the press conference, Mercantile Investments unveiled a special

Anniversary stamp. This stamp symbolises not only the company’s rich heritage but also its significant contributions to Sri Lanka’s financial landscape over the past six decades. Continuing its tradition of pioneering in financial solutions, Mercantile Investments introduced a new collection of innovative financial products designed to meet the diverse and evolving needs of their clientele.

The new product range includes specialised leasing, gold loans, savings, and green initiatives to encourage sustainable financing.

The newly launched leasing options feature “Lease Draft,” offering competitive terms for general leasing needs, and “Empower” designed to empower women with accessible leasing solutions. For those seeking secure and convenient loan solutions, the “Ran Seettu” gold loan leverages the value of gold to provide attractive loan terms. Recognising the importance of saving from a young age, the revamped “Podiththo” kids Savings plan aims to instill a savings habit in children and ensure their financial future is secure. Additionally, the company launched a series of green initiatives, including financing options for electric vehicles, solar energy projects, and “Govi Diriya,” a program designed to support sustainable agricultural practices.

Founded on 14 June, 1964, Mercantile Investments and Finance PLC has grown into a premier finance company in Sri Lanka. Renowned for its commitment to excellence, innovation, and depositor trust, the company boasts a robust portfolio of financial products and services. For six decades, Mercantile Investments has led the industry in providing comprehensive financial solutions, building a legacy of trust and reliability. Additionally, Mercantile Investments is part of a long-established diversified group of companies that comprise of a strong hotel chain across the country, including the Grand Hotel Nuwara Eliya, Nilaveli Beach Hotel, Tangerine Beach Hotel, Royal Palm Beach Hotel and Fairview Hotel and also Mercantile Fortunes Ltd., a renowned brand in supply and installation of both wood based and marble-based flooring product range in the country.

As Mercantile Investments embarks on its next phase of growth, the Company remains steadfast in its mission to uphold depositor trust and interest while sustainable financial inclusion and economic development in Sri Lanka.

On this day sixty years ago, Mercantile Investments commenced its business operations under the Ieadership of its founder Chairman the late Deshabandu George Ondaatjie – a visionary in the field of automobile dealership, Ondaatjie gained valuable experience by working at Autodrome for ten years, following an initial stint at General Motors. Recognising the growing need for automobile financing in Sri Lanka, he established Mercantile Investments Ltd., on 14 June 1964 to address financing shortfalls for clients purchasing vehicles. At the time, a few dedicated depositors placed their trust in him and the company providing the necessary funding to support its operations. Affectionately known as MI in the market, the company has thrived, always prioritising depositors as key stakeholders and ensuring their interests are safeguarded. Since its inception, MI has been guided by the expertise of the Ondaatjie family. In 2011, Gerard Ondaatjie, the son of the Founder Chairman assumed leadership and significantly enhanced Ml’s financial standing. Today, it is recognised as a premier finance company in the sector and a household name, boasting over Rs. 50 billion in total assets and Rs. 12.4 billion in capital, supported by a robust workforce of over 900 employees and a branch presence in more than fifty prominent Iocations across the island.

Staying true to the company’s foundational values of upholding depositor trust and interest’ Ml’s leadership now consists of seasoned industry professionals who ensure the company continues to make crucial and safe decisions’

The Board of Directors, focused on driving sustainable growth over the next three years towards excellence and market leadership, has set strong targets to boost profitability.

Through committed efforts across all business facets, the Board is confident in positioning. 

MI within the top tier of the LFC sector while consistently prioritising the safety of depositor funds.