MBSL helps TFC recover

Indian Film Director and actor Anupam Kher, Chairman MAS Holdings Mahesh Amalean and CEO Cargills Ceylon Ranjit Page with their awards with President Mahinda Rajapaksa. Minister Economic Development Basil Rajapaksa and Deputy Minister Economic Development Lakshman Yapa Abeywardena look on. Pic. Chaminda Hittatiya

The Finance Company (TFC) is fast recovering with renewed confidence of depositors said Chairman, TFC, M.R.Shah addressing a ceremony to mark 70 years of service by TFC.

He said TFC will regain its lost prestige and be in the forefront of business within a year. Good governance should prevail to achieve this task. “TFC faced many upheavals and overcame the worst turbulence in its history. A new journey has commenced and there is much to be done to make for lost ground”, Shah said.

Set up in 1940 TFC is the oldest finance company in the country operating a large branch network.

The company is the biggest non-banking financial institution with the largest fixed deposit base in the country.

Merchant Bank of Sri Lanka (MBSL) was appointed the managing agent of TFC a year ago following the crisis in the Ceylinco Group.

MBSL revived operations at the TFC within a short period. TFC’s target is to breakeven and be a profitable establishment within a short period. CEO, TFC, Kamal Yatawara said the timely intervention by the Central Bank to appoint a new management helped TFC to resume business.

The company’s upward curve is due to the support of MBSL. LF