Financial Times

Ceylinco Finance PLC to be strategically repositioned


The strategic repositioning of Ceylinco Finance PLC gets underway to harness maximum benefits from its core competencies under the guidance of the company’s new chairman N.B.S.B. Balalle. The aim is to expand the company’s internal and external knowledge as well as capabilities to compete more successfully in today’s marketplace, Executive Director Ceylinco Finance PLC, Bede Fernando said.

In an interview with The Sunday Times FT, Mr. Balalle, a former chairman of the National Savings Bank, said that his main priority is to introduce good governance and to manage risks of the Ceylinco Finance PLC strengthening and rebuilding the customer confidence in a transparent manner. He expressed the confidence that he will be able to turnaround the company to achieve greater heights in the financial sector in Sri Lanka. He added that action will be taken to exploit company strengths to meet those customer needs better and quicker than everyone else building a culture around market intelligence and customer focus.

Mr Fernando disclosed that a sum of Rs. 455 million was repaid to customers during the past three months and the company will divest certain selected business /assets including property in Colombo, land and buildings in suburban areas. A decision has been taken to sell one of its subsidiaries Ceylinco Foliage (Pvt) Ltd which is engaged in the export of cut flowers, foliage, rooted plants, and accessories . These measures will be taken to improve the liquidity position of the company, he said.Ceylinco Finance PLC has 10.000 customers with a deposit base of Rs.3 billion.

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