People's Leasing now 'People's Leasing and Finance PLC'

At an Extraordinary General Meeting held on September 27, shareholders of People's Leasing Company PLC approved the change of name to Peoples Leasing and Finance PLC, a media release from the company stated.

In July this year, the company said that it had made an application to the Monetary Board of the Central Bank of Sri Lanka to obtain a licence to do finance business. If granted, this would convert the company's status to a Licenced Finance Company and broaden its funding sources to include retail funding.

"People's Leasing recently secured the rare distinction of becoming the only Sri Lankan non-banking financial institution to have obtained two international ratings", a spokesman for the bank said.

While Standard and Poor assigned the company an international rating equal to the Sovereign('B+/B" Rating), Fitch Ratings International assigned an international rating one notch below the Sovereign ('B+' Rating). The company's National Long Term rating was also upgraded twice this year, with the current rating at AA-(lka) with a 'Stable Outlook'.

As a subsidiary of People's Bank, the group enjoys the strength and recognition of its parent and the flexibility of the private sector.