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Sunday, 28 September 2014

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Commercial Leasing acquires BRAC Lanka Finance

Commercial Leasing and Finance PLC (CLC), LOLC's subsidiary acquired the controlling stake of 56.3% in BRAC Lanka Finance Company PLC (BLFC).

Completing the transaction with BLFC's previous owner, CLC bought the balance held by BRAC, consolidating its position at 59.33%.

With this acquisition, LOLC Group owns 94.35% of BLFC considering the associate stake in BLFC of 35.02% held by LOLC Micro Investments Ltd. LOLC obtained a finance company license from the Central Bank of Sri Lanka (CBSL) in the latter part of 2011. As a registered finance company, CLC has public deposits of over Rs.9.1 billion within a short period, diversifying its borrowing portfolio.

CLC has a lending book of Rs. 29.1 billion consisting of lease, hire purchase and loans. CLC's lending book grew 4.2 times with a profit growth of 185% over the past few years.

LOLC's strong vision for CLC and its business model has contributed to CLC's consistent performance and the strong financial position. LOLC holds an equity stake of 99% in CLC.

Promoting CBSL's strategy of the financial sector consolidation, CLC acquired BLFC with the long-term vision to grow the micro finance business portfolio.

BLFC was previously known as Nanda Investments PLC and was acquired by BRAC Lanka Investments with LOLC in 2013.

BRAC Lanka Guarantee is a subsidiary of BRAC International Holdings BV, Netherland, one of the largest NGOs in the world.

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