TFC regains customer confidence

The Finance Company (TFC) has been placed on a firm footing and normal business activities have commenced, said Chairman, Merchant Bank of Sri Lanka MBSL, Janaka Ratnayake addressing the media this week on TFC new approach.

Ratnayake said new deposits are flowing to the company and customers have resumed transactions with the institution which is the oldest finance company in the country. "Additional capital will not be induced as TFC is a large finance company that could support itself. Funds will generate as depositor confidence has been restored", he said.

TFC was one of the most affected companies of the Ceylinco Group following the Golden Key Credit Card Company crisis that threatened the stability of many financial institutions in the country.

The company's financial status was in severe crisis due to the sudden demand for premature withdrawals which led to the intervention of the Central Bank to appoint Lankaputhra Development Bank to manage TFC.

"MBSL's task was first to ensure that overdue interest payments of FDs and other interest payments are settled.

New products and services have been launched and all units have been activated", Ratnayake said.

TFC has planned to launch an islandwide promotional campaign to create awareness of the company's new products and services. TFC operates under the MBSL Group with minor changes in the previous management.

TFC the pioneer finance company has been providing services in savings, fixed deposits, property development and housing, finance, leasing and hire purchasing.

LF