People’s Leasing celebrates 25 years

Chairman Sujeewa Rajapakse

CEO Shamindra Marcelline

Sri Lanka’s pioneering state-owned financial institution, People’s Leasing & Finance PLC (PLC), will be celebrating its 25th anniversary today (31 May). 

The Chairman, CEO and staff members in a statement extended their sincere gratitude to the loyal clientele and stakeholders for unwavering loyalty and trust placed in the organisation over the past 25 years which has served to position it as one of the most trusted, sought-after Non-Bank Financial Institutions (NBFI) in the country.

Since its inception in 1996, PLC has branched out to every part of the country with an impressive network of 112 branches by 2021 to make inclusive finance accessible to all. PLC employs 2,400 persons across different roles and responsibilities which is a progressive expansion from its original team of only three members.

From Rs. 10 million capital in 1996, the group has expanded its capital base to Rs. 30.25 billion as at today. PLC has the most comprehensive and diverse portfolio of customised products and services among finance companies in Sri Lanka today offering Auto Loans, Gold Loans, Business Loans, Education loans, Housing Loans and Personal Loans at competitive interest rates. 

PLC currently has five subsidiaries and is synonymous with friendly service and flexibility which serve to set it apart from competition.

Commenting on the milestone, Chairman Sujeewa Rajapakse said: “People’s Leasing’s long-term goal is to become a sustainable and an admired business model that pioneers in inclusive finance. The uncertainties of the operating environment necessitate focus on improving the management of non-financial risks including operational and compliance practices as this is a fast-evolving aspect of risk management. People’s Leasing hopes to collaborate with industry peers and regulators to promote purposeful lending principles in the Non-Bank Finance landscape to support sustainable economic activity.”

CEO Shamindra Marcelline extended his sincere gratitude to the entire staff, past and present for their dedication and commitment that have served to elevate the organisation to its current standing: “I am thankful to each and every member of my team for working together to uphold the organisational philosophy of customer-centricity at all times.”

Marcelline further commenting on future plans for PLC said that PLC intends to forge ahead by creating a purposeful business that drives responsible stakeholder value creation: “We strive for a more integrated view on our business performance offering more impactful solutions to empower our customers through inclusive financial solutions with best-in-class customer service. We aspire to establish PLC to be a model for Public-Private Partnerships (PPP) in the financial sector. With the strength of state-owned People’s Bank and the private sector vibrancy, there is absolutely no reason why we cannot be.” 

“PLC will digitise for convenience and efficiency because we believe technology can make our services more inclusive, accessible while improving operational efficiency and accuracy. The transformation has already begun and I am hoping the shift will fully materialise within the next 18 months. I hope, then, our stakeholders, the financial sector, the Central Bank and our ultimate owner the Ministry of Finance will hold up PLC as a benchmark for state sector enterprise transformation adapting to the ‘new normal’ compelled by the global pandemic,” Marcelline noted.  In conjunction with the anniversary, several activities have been lined up for the year including unveiling of PLC Tower, issuance of an Anniversary Stamp, Staff Recognition Awards, launching of a Co-Branded Credit Card, introduction of new products and services primarily catering to the female population and the launch of the state-of-the-art digital app to deliver a revolutionary user experience. 

The anniversary celebrations will also coincide with year-round CSR initiatives including presentation of critically required medical and non-medical supplies to improve COVID patient treatment and care at government hospitals with the resurgence of the COVID -19 pandemic. Introduction of renewable energy to power business operations, recognition of responsible business practices and impactful integration of green practices towards a lower carbon footprint will be prioritised companywide. 

People’s Leasing & Finance PLC is a subsidiary of People’s Bank and is a limited liability company listed on the Main Board of the Colombo Stock Exchange (CSE). The Group consists of five subsidiaries, namely: People’s Leasing Fleet Management Ltd., People’s Leasing Property Development Ltd., People’s Leasing Havelock Properties Ltd., People’s Microfinance Ltd., and People’s Insurance PLC.