Merchant Credit celebrates 25 years

Merchant Credit of Sri Lanka (MCSL), a pioneer in the vehicle leasing industry celebrated 25 years recently.

Founded in 1983, Merchant Credit was acquired by the Bank of Ceylon and its subsidiary Merchant Bank of Sri Lanka in 1991 and commenced operations under a new management in 1992.

Merchant Credit's core business is vehicle finance and hire purchase which accounted for 75 per cent of the company's asset base last year. The company offers services such as term loans, deposits, import and export financing and real estate development.

Chairman, MCSL, Janaka Ratnayake said that it was a memorable occasion to celebrate an event which signifies the stability and growth of the company.

"Despite a difficult economic climate, the company recorded a 20 per cent revenue growth for the first 10 months of this year compared to the corresponding period last year. MCSL hopes to end the year on a positive note in terms of profitability", Ratnayake said.

The company plans to open more branches next year in strategic locations. MCSL opened its sixth branch at Wennapuwa on Monday to commemorate the anniversary.

MCSL is a registered finance company regulated by the Central Bank.

The company obtained the Fitch rating of BBB (lka). LF