Mercantile Investments launches in-house Valuation Unit
Thursday, 6 February 2014 00:00
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Taking another leap forward, Mercantile Investments and Finance PLC (MI) established its own Valuation Unit at MI premises, 176, Lake Road, Maharagama.
At the inauguration ceremony held on 23 January, Managing Director, Gerard Ondaatjie emphasised the importance of having such a unit. “Having an in-house valuation unit gears us further in maintaining overall asset quality, to support our core lending business. In countering inflated external valuations particularly for motor vehicles, we understand the necessity to have an internal valuation system that will generate a more justifiable and conservative assessment.”
Closing upon five decades in vehicle financing, MI possesses the required expertise and intelligence to operate such a unit which will separately undertake customer request for valuations as well. Considering the said expertise, all seized vehicle disposal requirements of the company will also be routed through this unit in future. The Unit will cater to MI’s expanding branch network which comprises 18 branches and four service centres with Nittambuwa Service Centre being the latest addition.
Mercantile Investments and Finance PLC is a Licensed Finance Company under the Finance Business Act No. 42 of 2011, listed on the Diri Savi Board of the Colombo Stock Exchange. MI is a public limited liability company incorporated in Sri Lanka on 15 June 1964 under the Companies Ordinance No. 51 of 1938 and re-registered under the Companies Act No. 07 of 2007.
