Brac Lanka Finance acquired by financial giant Commercial Leasing
View(s):Commercial Leasing & Finance PLC (CLC), an LOLC subsidiary has acquired the controlling stake of 56.3 per cent 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 per cent. With this acquisition, LOLC Group owns 94.35 per cent of BLFC considering the associate stake in BLFC of 35.02 per cent held by LOLC Micro Investments Ltd.
CLC is one of the largest registered finance companies in Sri Lanka with a 26 year history of strength and stability. Explaining the strategy behind the recent acquisition, CLC’s Chairman and LOLC’s Deputy Chairman, Ishara Nanayakkara said, “We are excited with the acquisition of the controlling stake in BLFC, in which we have been having an associate stake through LOLC’s subsidiary LOLC Micro Investments Ltd.
With our full commitment to the Central Bank’s (CB) financial sector consolidation strategy, it is our intention to capitalise on BLFC’s business fit with our group.”