The Finance reopens historic branch in Jaffna

A significant milestone in the history of The Finance Company (TFC) PLC was marked on 10 February with the continuous strengthening of their local branch network. As part of the Company’s initiative of successfully operating a number of key branches from strategic locations, the pioneering financial organisation will now serve their loyal and long-standing customers of the North from their premises situated at No. 256, Powerhouse Road, Jaffna.

This moment in history is especially poignant and memorable for the Company since it was in Jaffna that the TFC opened its very first national branch on 6 February, 1976, thus setting the archetypical framework for future operations undertaken by the 60 island-wide branches currently in the Company’s portfolio.

From 1995 onwards the Company had to re-locate to new, and at times make-shift premises, due to the escalation in war and threats to security. However it is laudable that the Northern branch has now been re-located to the exact same premise from which it originally functioned, more than 35 years ago. The Jaffna branch maintained close ties with the local community for over three decades, surpassing the challenges imposed by civil war, while TFC remained the only financial institution which operated business during the entire length of the war in the North.

 The Company, which is a household name, has over seven decades of unmatched experience in the non- banking finance sector, serving the Sri Lankan public with steadfast commitment.

Significant reconstruction efforts were undertaken to restore the building which houses the Jaffna branch to its original splendour, in order to provide an exemplary service to the local people.

It is heartening to note that the Governor of the Central Bank Ajith Nivard Cabraal, who was present at the opening, appreciated the Company for having ‘the best building by far compared to any finance institution in the Northern region’.

The new branch is expected to capitalise on the fast growth taking place in the North, while providing strong support and impetus to the overall development occurring in the Northern economic landscape, thus positioning itself as a key stakeholder in the regional economy. The mobilisation of large deposits and an increase in loyal clientele is expected in the coming years.

The new branch premise was declared opened by the Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal, amidst a distinguished gathering of senior Central Bank officials including the Deputy Governor, Ananda Silva, and the Additional Director Non-Bank Supervision, H. M Ekanayake.

The Government Agent of Jaffna, Imelda Sugumar, Chairman of TFC Preethi Jayawardena, and several key Board Members of TFC also graced the occasion. “The city today is fast becoming the economic hub of the North and having our very own building makes our presence in Jaffna more stronger and would also better gear us to meet the needs of this dynamic community,” said Chairman Preethi Jayawardena, at the opening ceremony, adding that the Company will be able to offer its financing and pawning products that have competitive rates in the market, along with very attractive rates for fixed and savings deposits, with the reputable personalised service it’s known for.

The continuing patronage shown by the State regulator demonstrates the confidence placed in the 71 year old finance Company, which is the oldest registered finance institution in the country.