Lankapage Logo CP 21 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Trade Finance and Investments PLC amalgamates into Commercial Credit and Finance PLC
Mon, Feb 22, 2021, 08:52 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 22, Colombo: Trade Finance and Investments PLC (TFI), a well-established financial service provider in Sri Lanka for over 35 years, has been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF).

The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 November 2020.

The amalgamation was driven by the financial sector consolidation plan initiated by the Central Bank of Sri Lanka in 2014, where CCF acquired majority control of TFI. Further to the request made by the CBSL, the Boards of Directors of both companies resolved to the amalgamation in line with the consolidation plan.

The amalgamation would result in a combined asset base of approximately Rs.90 Billion with a strong asset-base with enhanced core capital ratios which provides CCF with a strong base for future growth.

Furthermore, with the inclusion of TFI’s two-wheeler and three-wheeler dominant loan portfolio into the CCF portfolio, which is also exposed to the same business line, the amalgamated Company is expected to have market leadership in the two and three-wheeler lending segment in the country.

The amalgamated entity will have a branch network of 126 locations enabling it to expand and fill in the network gaps within the CCF network and reach out to its customer base more efficiently with its range of products and high service standards.

Commenting on the milestone, Chief Operating Officer of Commercial Credit Rajiv Casie Chitty said, “The amalgamation is best-suited in keeping with Commercial Credit and Finance PLC’s progressive stance in order to serve our customer base better in fulfilling their dream for a brighter future. This will enable us to penetrate into Trade Finance and Investments’ current geographical locations covered by its branch network and gain leverage on its strengths, while introducing Commercial Credit and Finance’s broader product portfolio in these locations thereby strengthening the asset-base for the betterment of all stake-holders of both entities.”

K Seeds Investments (PVT) Ltd acted as the advisor to the amalgamation process.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka reports five COVID-19 deaths Friday, toll rises to 464
-- [38 minutes ago]
Sri Lanka to vaccinate people above age 30 in high risk areas
-- [59 minutes ago]
Permission to detain and interrogate soldiers caught with Rs. 450 million worth of heroin
-- [1 hour and 15 minutes ago]
Four Police officers suspended for assaulting law student
-- [1 hour and 24 minutes ago]
State Vesak Festival in Jaffna this year
-- [8 hours ago]
Prime Minister Imran thanks the Sri Lankan government for allowing burials of COVID-19 victims
-- [8 hours ago]
Ranil must go to Parliament, UNP seniors say
Finance Secretary says tax relief promised in the budget for businessmen and investors soon
A single prison cell for MP Ranjan Ramanayke
CNN features Sri Lanka Tourism’s ‘bio-bubble’ welcoming visitors

Copyright © 2000, 2020 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.