Nations leasing a major force in the industry

"Nations leasing, the newest entrant into the leasing market is poised to become a major force in the local leasing industry" said Deputy General Manager leasing, Nations Trust Bank, Keshini Jayawardena.

'Nations leasing', the result of the recent merger between Mercantile Leasing Limited (MLL) and Nations Trust Bank has a history of 23 years of leasing in Sri Lanka as MLL was the second leasing company to commence operations 23 years ago.

"We like to think that this merger with Nations Trust Bank, one of the youngest commercial banks in Sri Lanka, creates a fusion of time-tested experience and young dynamism which will make the Nations Leasing brand a force to be reckoned with in the leasing industry", said Jayawardena. "Our new slogan, A meeting of minds, relates to our goal of meeting the specific requirements of our customers through tailor made leasing solutions, as well as to the synergies we can expect through this merger with Nations Trust Bank."

According to Jayawardena, leasing as an industry has seen tremendous growth in Sri Lanka since its inception a little over two decades ago, with the main contributor to the industry being the vehicle market. "The leasing industry to date is valued at over Rs. 65 billion with a significant part of this coming for the leasing of motor vehicles" he said.

Currently there are 20 specialised leasing companies, 11 licensed commercial banks, eight specialised banks and 27 finance companies offering leasing facilities to the public, with automobile companies too setting up their own leasing companies in a form of forward integration in the supply chain", said Jayawardena, adding that the industry needs to be developed for long term sustainability of the industry.