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Sunday, 21 December 2014

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Central Bank provides Rs 6 b to TFC

The Central Bank provided Rs. 6 billion to The Finance Company PLC (TFC)to restructure the company. TFC, being the first finance company to se set up in Sri Lanka, has cultivated a reputation of being a pioneer in not only the finance industry but in many other aspects. Set up in 1940, the company will be celebrating its diamond jubilee in 2015 and has a proud legacy of catering to the needs of the people and building brand equity.

A household brand with 58 branches spread across the island, with time, the company has evolved and diversified to include various companies and products, besides financing, such as real estate, education, investment and SME.

Chairman, The Finance, Dr S H A M Abeyratne said, “In June 2014, the Central Bank of Sri Lanka (CBSL) restructured the company by appointing a new board of directors, which consisted of experienced professionals.

A mandate was given to us which included strengthening the financial status of the company, the branch network and to turn around the company from the status that existed before June so that The Finance will become a profit-making company.”

“It was under this premise that the CBSL approved a Rs. 6 billion credit line to help the company. Before the approval, the company was called upon by the CBSL to present an implementable business plan,” he said.

“Under the purview of Managing Director of the company, Aruna Lekamge, a short-term business plan was drawn-up and implemented where the company achieved all goals that were set out in the plan,” Dr. Abeyratne said.

The short-term plan included testing the people of the company and the customer base, the economy, brand equity and the strength of the new management initiatives that were applied after June 2014. This showcased the capacity of the company to CBSL which persuaded them to provide the necessary financial support for the company.

“When approving the credit line CBSL studied our work programs, inquired about what is in our workplace and tested our short-term business. They realised that The Finance could take a further step by investing this money,” he said.

“At present, the company has a good deposit intake, a good recovery ratio and a net interest income. The company draws its strengths from the diverse assets it holds in terms of land, buildings and educational institutes,” he said.

Aruna Lekamge said, “The Finance was affected by the ollapse of the Ceylinco Group of Companies and as we took over, it was a massive challenge to turn this company around. When we first took over, of the 58 branches only 18 made profits and in the past six months we increased that number to 40.”

“Since the launch of the short-term business plan, the quarter to quarter business growth has been 100%,” he said.

 

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