Business Times

Asia Asset Finance poised for expansion in the North

Asia Asset Finance Ltd (AAFL) is extensively increasing its presence in the North following successful operations of their branch in Jaffna which was set up two and half years ago, Rajiv Gunawardena, Chief Executive Officer / Director of Asia Asset Finane told the Business Times.

The company has established two other branches in Oddusuddan in the Mullaitivu District and Kilinochchi recently to cater to the needs of farmer community, he said. "We are supplying agriculture machinery including harvesters and tractors to farmers in these areas on lease basis and this scheme is now being successfully implanted," he revealed.

The company will penetrate non-traditional markets geographically, for example, new markets like Kilinochchi and Mullaitivu or it will offer the market a different product which is not directly competing with the products offered by the standard finance companies," he said.

Their tailor-made and differently structured product offerings to customers include a wide range of services which consists of microfinance, loans for women entrepreneurs, educational loans, cheque discounting and group personal loans amongst many others, Mr. Gunawardena said.

The company targets a net profit of Rs. 100 million during the ongoing financial year, he added Asia Asset Finance plans to invest at least 90% of Rs.301 million raised by the company through its IPO in its core operations including leasing, hire purchase, corporate loans, three wheel, group personal loans, consumer financing, and pawning. Mr. Gunawardena said that the company intends to position itself in the market as an unconventional finance company.

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