People's Leasing takes over Seylan Merchant

People's Leasing Company took over Seylan Merchant Leasing, re-naming it as People's Leasing Finance PLC (PLF).

A fully - owned subsidiary of the State-owned People's Bank (PB), People's Leasing turned the leasing world emerging as market leader on the back of an innovative approach that saw the company posting industry benchmarks. People's Leasing is in the exclusive 'billion profit club' and PLF has a customer base exceeding 25,000 and a deposit base of Rs. 1.35 billion. The news of People's Leasing taking over the controlling stake of Seylan Merchant Leasing, a fully-fledged finance company was an immediate calming factor to existing depositors, allowing for a smooth transition.

With the backing of People's Bank and the approval of the Central Bank of Sri Lanka, People's Leasing Finance is expected to woo the customers of People's Leasing as well, who are now promised the full gamut of financial products in addition to leasing.

The company is listed on the Colombo Stock Exchange and enjoys a positive credit rating of BBB- by Fitch Ratings Lanka.

"It was the longstanding vote of confidence in the People's Leasing name that initially propelled the existing customer base to smoothly transfer business from Seylan Merchant Leasing to People's Leasing Finance," says D. P. Kumarage, the Managing Director - PLF and Chief Executive Officer/General Manager - People's Leasing. "Our promise is to live up to and exceed expectations and provide superlative service to the customers; that's a hallmark of People's Leasing," he further said, also emphasizing his intention to expand Company operations across the island. "Being a subsidiary of state-owned People's Bank is a definite advantage for People's Leasing Finance - the public has the assurance that their investments are in safe hands" commented Sanjeewa Bandaranayake, Deputy General Manager - Finance and Administration, People's Leasing Company.