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Nine months after it acquired Indra Finance Ltd., the Commercial Bank of Ceylon PLC has announced the re-naming of its fully-owned subsidiary as Serendib Finance Ltd.
Acquired by Commercial Bank on 1 September 2014, the company will henceforth operate under its new name and a new corporate logo, the announcement said.
While retaining its share in the motor vehicle leasing market as well as in hire purchase, mortgage loans and consumer finance, Serendib Finance – which operates 11 branches in Sri Lanka – will, with the backing of the country’s largest private bank, seeks to consolidate and expand its reach, the bank said.
The acquisition of Indra Finance and the re-launch of the company under a new name would also benefit the bank by enabling it to further extend its leasing operations and penetrate new customer segments to enhance its strengths in leasing through its ability to offer lower priced finance options to customers who finance vehicles through Serendib Finance, Commercial Bank Managing Director/CEO Jegan Durairatnam said.
“Commercial Bank had identified leasing as an area for development as part of its strategic expansion to reach untapped market segments and business lines, and saw the potential of Indra Finance in this context,” Durairatnam said. “The acquisition is therefore expected to be beneficial to both the customers and the stakeholders of the renamed Indra Finance.”
The adoption of the new name Serendib Finance is supported by a re-branding initiative which included redesigned signage at the Head Office and branches of the company and the launch of a new logo.
With assets in excess of Rs. 800 billion, Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years and has the highest market capitalisation among Sri Lankan banks. It operates a network of 242 branches and 610 ATMs in Sri Lanka and has won multiple awards as the country’s best bank over several years; been adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014 and been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. Commercial Bank has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by LMD.
Indra Finance Ltd was incorporated in 1987. The company was licensed as a Specialised Leasing Company in 2007 and then as a Licensed Finance Company in 2013. The company’s principal activities are granting lease facilities, hire purchase, mortgage loans and other credit facilities.
