People's leasing acquires Seylan leasing

People's Leasing Company Limited, the market leader in Sri Lanka's leasing industry has acquired 80 per cent stake in Seylan Merchant Leasing PLC. This move, which has the fullest co-operation and support of the Central Bank, now brings SMLL under the ownership of People's Leasing and has served to reinstate confidence among stakeholders and the financial services industry within the country.

With the acquisition of SMLL, a registered finance company, People's Leasing now has three subsidiaries under its growing umbrella, which also includes People's Leasing Fleet Management Limited and People's Leasing Property Development Limited. People's Leasing has continued as market leader in Sri Lanka for seven years, displaying financial stability, consistent customer confidence and the backing of the State owned People's Bank as distinct advantages that have contributed towards its significant growth performance.

The upheavals seen in the financial services industry during the latter of 2008 saw an immense erosion of confidence among customers and other stakeholders about the industry in general and the privately owned companies within the industry in particular.