Friday Sep 20, 2024
Friday Sep 20, 2024
Wednesday, 26 February 2014 00:00 - - {{hitsCtrl.values.hits}}
The year was 1979 and the then Government saw scope in the open economy and business began to boom with this culture. They raised the curb on vehicle imports and both new and re-conditioned vehicles began to flow in to the island. A large majority of these vehicles required finance and Sinhaputhra was able to offer hire-purchase to these entrepreneurs. Hire-purchase finance still continues to be one of its prime aspects of business.
Sinhaputhra continued to grow in stature over the years despite several obstacles but integrity and excellent ethics on the part of the Board of Directors has held the company steadfast. With rapid business development the company changed its name to Sinhaputhra Finance Ltd. and with the expansion of business the need to recruit staff and office space became a necessity. The company made the first move to change its premises in to a more resourceful building abutting the Sri Dalada Maligawa.
Business began to develop and although the country was in the grip of two civil wars business was always positive. The untiring effort on the part of the staff at levels contributed immensely.
In 1997 Ravana Wijeyeratne took over the reins of Sinhaputhra as Joint Managing Director. By this time the company had shifted in to its own building at Hill Street, Kandy. A new concept of business began with this move and with its policy ‘small is beautiful,’ Sinhaputhra diversified from its traditional hire-purchase finance business to real estate and lease finance business and personal loans with its principle funding source being fixed deposits. Sinhaputhra are sub-agents for all insurance companies the Western Union Money transfer system and Forex. The company plays a significant role in Corporate Social Responsibility and has carried out several projects over the years.
Another change took place in 2007 when Chairman and Joint Managing Director Kitsiri Wanigasekera relinquished his appointment and Ravana Wijeraretne was appointed by the Board in his stead.
With the collapse of certain organisations of the same fraternity in 2008 and the chaos that followed Sinhaputhra kept itself abreast and stood tall on the podium. It served all its customers with due promptness and never did it have occasion to turn a client away.
Apart from the aforementioned aspects of business Sinhaputhra is involved in pawning, the import and sale of vehicles, hiring vehicles and a host of other business activity. Apart from its City Office based at the Liberty Plaza Shopping Complex in Colombo, Sinhaputhra has branched into many important places in the island for the convenience of its clientele. Branches/marketing offices are based at Anuradhapura, Bandarawela, Dambulla, Katugastota, Kundasale, Kurunegala, Matale, and Trincomalee.
The company has a deposit and savings base of well over Rs. 4 billion which will increase as a result of unmatched customer confidence. Regular repeat customers and new investors patronise Sinhaputhra and much could be attributed to a friendly and efficient team of customer service officers.
Sinhaputhra has a spacious four-storey building with a rooftop garden and ample parking space situated at 11 Hill Street, Kandy. It lets the auditorium for seminars, weddings and other functions.
As Sinhaputhra turns another page in its history the company is confident that it is cemented by its conservative asset growth averaging 30% annually over 35 years, always surpassing GDP growth rates by over 400%.
