Seylan Merchant Leasing builds Rs 1.3b in deposits

In 12 months since it received its finance company licence, Seylan Merchant Leasing PLC (formerly SMLL) has built a deposit base of Rs 1,360 million and disbursed nearly Rs 2,000 million in leases and loans, emerging as one of the strongest new players in the sector.

Describing the period since its conversion from a specialised leasing company to a registered finance company as 'eventful,' the company said that its fixed deposit base had exceeded Rs 1.3 billion since the launch of its first fixed deposit product in March 2007.

The company has also built a savings deposit base of Rs 57 million between June 2007 and February 2008 and now has the third largest savings base among local finance companies, Seylan Merchant Bank Group Deputy Chairman Rohan Senanayake said.

"Our first year has been extremely positive in terms of the public response to our fixed deposit products and our savings schemes, despite the difficult market conditions that prevailed," Senanayake said.