Melsta Regal to widen footprint

Melsta Regal Finance will set up around 12 branches this year and expand its footprint to the North and the East, Melsta Regal Finance Ltd, Managing Director, Amitha Gooneratne said. He said that the company has the backing of Melstacorp Limited, a subsidiary of Distilleries Company of Sri Lanka PLC, one of the largest listed entities on the Colombo Stock Exchange. Melsta Regal Finance was launched last week, increasing the number of finance companies to 53. It will begin operations in Colombo and branch out islandwide within a year.

Gooneratne said that banking with convenience and constant innovation will make Melsta Finance stand out from the rest of the finance companies.“Our reputation as a subsidiary of a pioneering company in the country and the dynamic team comprising professionals in the banking sector will help us to grow fast and be among the top finance companies in the country,” a company official said.

The company collected deposits up to Rs. 20 m on the day it was launched officially. Melsta Regal Finance commenced operations in August complying with the regulations of the Central Bank.

The company will offer leasing, hire purchase, loans, debt factoring, trade finance, corporate finance and fixed deposits. The interest for fixed deposits is 15.5 percent. “Not all finance companies offer a full gamut of finance services under one roof.

Melsta Regal Finance will offer a complete product range to all sectors,” Gooneratne said.Melsta Regal, Finance Director and CEO, Nishaman Karunapala said that the company will focus on financing the SME sector which is a vital cog in the country's economy.

The SME sector is not adequately financed and we hope to support the sector with new products.“Melsta Regal will reach a wide spectrum of customers and institutions.Our focus is to facilitate growth and development in rural communities with incentives and promote financial literacy,” he said.

-LF