Orient Capital ventures into money broking business

Wednesday, 4 April 2012 00:04 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance-linked entity buys 20% stake in First Alliance

Orient Capital Ltd. has recently entered into a joint venture with First Alliance Money Brokers Ltd., one of the key providers of inter-bank money and foreign exchange broking services to the finance industry in Sri Lanka.

By acquiring 20% equity stake in First Alliance, Orient Capital will be creating a new window of access to the banks and financial institutes – especially large scale; and in turn provide further strength and stability to the operations of First Alliance as well.

The joint venture between Orient Capital and First Alliance was signed last week with the view to consolidating their varied strengths to provide a wider range of opportunities for the finance sector in Sri Lanka.

Orient Capital Ltd., formerly the venture capital company known as People’s Venture Investment Company Ltd. and owned by Peoples Bank, was transformed into an investment bank backed by the insurance giant Janashakthi Insurance Company Plc – a leading corporate entity in Sri Lanka.

Orient Capital is currently in the process of integrating various types of finance related companies to form the Orient Capital Group.

Since the companies in the finance industry are interdependent, Orient Capital will be in an advantageous position to benefit from the group synergies arising from its member companies as Orient Capital intends to meet their clients’ financial and investment demands under one roof with reliability – and this joint venture with First Alliance is a firm step towards achieving that objective. Orient Capital is also expected to list in Colombo Stock Exchange by June 2012 through an IPO with an objective of financing its strategic investments.

First Alliance Money Brokers Ltd., (FAMB) formerly known as Capital Alliance Money Brokers (CAMB) has been an inter-bank money and foreign exchange broker for over a decade with a mission to be the ‘preferred partner in capital markets.’

First Alliance offers inter-bank money and foreign exchange services through fixed income instruments, foreign exchange and money market services to the leading banks and financial institutions in Sri Lanka.