Upgraded GLCs reinforce LB branch network

LB Finance recently upgraded eight of its Gold Loan Centres (GLCs) into fully-fledged branches. The eight new branches are in Kaduwela, Pitigala, Kurunegala, Homagama, Maskeliya, Malabe, Warakapola and Nawalapitiya. The most recent centre was opened in Kaluwanchikudy in the Batticaloa district.

LB Finance GLCs deal primarily in pawning. Taking loans against gold is a common practice across the country. Gold is seen as a reliable and easy mode of liquidity by most customers.

Leasing, Fixed Deposits, Savings Accounts, Margin Trading, Hire Purchase, Factoring, Power Draft and Islamic Finance facilities along with Gold Loans can be solicited at the branches.

"Standalone centres for gold loans are strategically placed where demand for the product is high," Executive Director LB Finance, Niroshan Udage said.

"However, the ultimate vision of each centre's head and the company's management in general is to allow it to develop in to an operation that has the capacity for full branch-level services," he said.