Multi Finance gears for extensive growth with sustainability

Monday, 18 November 2013 00:01 - - {{hitsCtrl.values.hits}}

Banker Pushpike Jayasundara appointed CEO Multi Finance PLC (MFPLC), one the country’s long-standing finance companies, has revived their growth plans with the appointment of Pushpike Jayasundara as its new Chief Executive Officer. Pushpike having nearly 20 years’ experience in the banking and finance sector is planning to re-structure the company, whilst introducing best practices in the industry. He intends to carry out a total BPR at Multi Finance to develop the company into greater heights in the industry and fulfill the company vision, ‘To be the first choice for financial solutions’, in a much broader way. Pushpike has worked in well-established banks and financial institutions such as HNB, Union Bank and CAL Finance. He was the pioneer in introducing leasing to Union Bank and developed its IT system, which consists of on-line approval to fully automated GL module. Further he is renowned for introducing innovative new products as a first in the industry, some of them being the free health insurance policy for depositors, first free overseas travel package for depositors, reward point scheme for dealers etc. He possesses a wide spectrum of experience in the fields of credit, leasing, hire purchase, recoveries, factoring, pawning, margin trading and project finance.

“Multi Finance clearly aims to enhance shareholder value through financial stability and growth and we want to satisfy our valued customers by providing innovative solutions to their financial needs by training, developing and retaining the skills and knowledge of our staff to give their best to the company. “By re-engineering our processes, Multi Finance expects to achieve superiority in terms of operational efficiency, credit quality, service standards and recovery mechanisms, so as to record a steady growth year on year, where eventually the customers will recognise our expertise and professionalism in this field,” Jayasundara said. Established in 1974 in Kandy, Multi Finance has embarked on a rapid expansion drive by penetrating into regions and expanding their reach to the main cities of the country. With an unblemished history of 39 years, the company has created a very positive and strong asset base, providing leasing and hire purchase facilities, business loans, mortgage loans, micro financing together with pawning activities for its customers. Apart from this, the company mobilises funds by way of fixed deposits and savings accounts. The hard-working and dedicated team at Multi Finance has played a key role in placing the company on a top position, which in turn has motivated to face every challenge with a positive mindset. In the financial year 2012/13, Multi Finance has embarked on several promising initiatives such as expanding their operations, relocation of Gampaha and Kurunegala branches, enhancing its services and expanding their product portfolio etc. Jayasundara assures that the results of all these initiatives will be evident in the near future and the company will continue to capitalise on new opportunities that will arise in the sector. According to Multi Finance Annual report for 2012/13, the company’s deposit base developed significantly during the year, recording a growth of Rs. 139 million (38%) to reach Rs. 505 million as at end March 2013. The company’s interest earning portfolio also witnessed notable gains, rising by 46% from Rs. 969 million to Rs. 1.4 billion. The total assets of the company grew by an impressive 49% – from Rs. 1.1 billion to Rs. 1.6 billion. These developments clearly reflect the growing customer confidence towards Multi Finance PLC. “We are well geared to face the future, with large scale expansions and developments in the company, helping to strengthen and upkeep service standards, uphold branding initiatives and customer satisfaction. With our 40th year of service looming, I would say Multi Finance is clearly on the right path with a bright future ahead of it,” said Jayasundara.