Commercial Credit on branch expansion drive

Monday, 14 November 2011 00:00 - - {{hitsCtrl.values.hits}}

Commercial Credit PLC, a Registered Finance Company under the Central Bank of Sri Lanka, recently opened its newest branch at No. 06, Mangala Road, Gampaha thus swelling its total network across Sri Lanka to 22.

Present on the occasion were Commercial Credit’s Chairperson Vagdevi Fernando, CEO Roshan Egodage and Working Director Geya Egodage.

Days prior to this, Commercial Credit PLC also opened new branches at No. 231, High Level Road, Nugegoda and No. 115, New Galle Road, Moratuwa.

Commercial Credit thus forges ahead on its trailblazing path, stamping its mark on the country’s financial landscape and continuing its record-breaking story of success and acclaim as it spreads its reach across Sri Lanka.

Chairperson Fernando said: “After Kandy, Nuwara Eliya and Badulla, we’re happy to expand our presence in the Western province.

This will now enable us to extend the same superior levels of service and customer relationship enjoyed by our customers across the country.”

“We’re now fully geared to serve the people of Gampaha, Moratuwa and Nugegoda, and their adjoining areas with a wide portfolio of products and services.

Among them are fixed deposits, leasing, hire purchase, personal loans, gold loans, educational loans, real estate and micro finance.”

A relatively new entrant to the Western Province, the company’s rapid turnaround to become one of the most notable success stories in recent history has garnered the trust, recognition and respect of the industry. Its performance under the new management has proved the strength of its revolutionary strategy.

Operating an asset base of Rs. 1.5 billion at the time of takeover, the company’s current asset base stands at Rs. 6.8 billion.

From a loss making year in 2009 Commercial Credit delivered a profit (before tax) of a staggering Rs. 325 million at the end of the financial year 2010/2011, which is an unprecedented growth.

CEO of Commercial Credit Egodage said: “We’ve been in operation for 29 years.

Through this period we’ve diligently cultivated and promoted the savings habit in people across the geographical boundaries of Sri Lanka. In addition we’ve also supported their business through different forms of financing as a strategic business partner.

I have no doubt that these new openings will enrich our island wide network and parallely be of assistance to the people of those towns and other adjoining areas.”

While increasing its island wide presence to 22 locations, further expansion plans are in the pipeline as the company’s pursues plans to become a nationwide force to reckon within the financial services sector.