People’s Leasing becomes ‘People’s Leasing & Finance PLC’

Wednesday, 3 October 2012 00:04 - - {{hitsCtrl.values.hits}}

At an Extraordinary General Meeting held on 27 September 2012, shareholders of Sri Lanka’s biggest leasing institution, People’s Leasing Company PLC approved the change of its name to People’s Leasing & Finance PLC.

In July this year, the company announced that it has made an application to the Monetary Board of the Central Bank of Sri Lanka to obtain a license to carry on finance business. If granted, this would convert the Company’s status to a Licensed Finance Company and broaden its funding sources to include retail funding which would be an added strength to the Company.

People’s Leasing, the largest non-bank financial institution in Sri Lanka in terms of advances and assets, recently secured the rare distinction of becoming the only Sri Lankan non-banking financial institution to have obtained two international ratings.

Whilst Standard & Poor’s assigned the Company an international rating equal to the Sovereign (‘B+/B” Rating), Fitch Ratings International assigned an international rating one notch below the Sovereign (‘B+’ Rating). The company’s National Long Term rating was also upgraded twice this year, with the current rating at AA-(lka) with a ‘Stable Outlook’.