Two TKS Group entities to merge

In line with Central Bank's (CB) initiative for industry-wide consolidation to strengthen the country's financial sector, the TKS Group will integrate two of its finance sector holdings, TKS Finance Limited (TKSF) and Asian Finance Limited (AFL).

The merged entity will operate as TKS Finance Limited and will continue to offer the highest levels of service to the clients of AFL and TKSF, upon finalisation of the exercise.

TKSF, CEO Rasika Kaluarachchi has been designated as the CEO of the merged entity.

TKS's unification bid has received the consent of the Board of Directors and shareholders of TKSF and AFL. The CB too has approved the modality of this strategic move.

Deputy Chairman, TKSF, Dato Seri Abdul Azim Zabidi said, "The consolidation of the finance business into a single merged company will help the TKS Group better leverage the strengths of both entities and deliver greater value to customers."

"This is part of our long term strategy to grow our presence and establish ourselves as one of the foremost players in Sri Lanka's finance industry," he said.

The shareholders of TKS Finance plan to infuse fresh capital into the company to further strengthen its financial muscle.

Making more efficient use of talent and resources that were earlier spread across the two companies, the consolidation exercise will help TKSF to innovate and grow in line with evolving customer needs and market realities.

With AFL's strong portfolio of complementary products, TKSF will extend greater levels of service to its customers through a wider network of branches spanning Colombo, Ratnapura, Matara, Negombo, Nugegoda, Kandy, Kiribathgoda, Kurunegala, Galle, Ambalangoda, and Trincomalee.

The Board of Directors of TKS Finance Limited comprises Chairman Dato' Seri Tiong King Sing, Deputy Chairman Dato' Seri Abdul Azim Zabidi, Executive Directors Ling Chui Zhen), Lee Chong Pa, Directors T. Dharmarajah, Dr. S. H. A. M. Abeyratne and I. D. Weerasena.