The Finance celebrates 75 years of service
The Finance, the pioneer of the finance industry of Sri Lanka, celebrated its 75th anniversary yesterday at its head office in Colombo 4. The event was graced by many eminent personalities from both political as well as the corporate sectors who came together to recognize the services rendered by The Finance over a period of 75 years since its inception in 1940.
The Finance was first initiated at a time, when economic or financial freedom was not adequately accessible to many Sri Lankans. Incepted before the Independence in 1948, many of the financial institutions at the time, including banks focused on catering to customers who already had knowledge and who were well educated in the financial systems in place. As such, many Sri Lankans were deprived of the ability to approach financial institutions to gain access to the much-needed finances that would help them to develop their own businesses and livelihoods. The Finance entered the landscape in 1940 and revolutionized the financial industry by brining ‘the financial freedom’ to the common masses and thus strengthening and elevating their lifestyles.
From that time on, the name of The Finance has been synonymous with commitment and trust where the company has dedicated decades to pioneer novel products, with a focus on providing convenience as well as growth opportunities to customers. The Finance was the first to introduce leasing facilities such as motor leasing, hire purchases, real estate facilities and many more. Though the company faced some difficulties in the past, due to the collapse of the Ceylinco group, The Finance is yet again strongly marching forward, growing from strength to strength and the diamond jubilee of this longstanding company showcased its resilience.
The year 2014 saw significant changes in The Finance, where the company was taken over by the Monetary Board of the Central Bank of Sri Lanka and put through the phases of a restructuring programme, which ensured that the company adhered to the faith that people had invested, that is focused on turning around the company to a fresh start. The new board of directors was appointed by the Monetary Board. And now with t he dynamic leadership and vision of Managing Director Aruna Lekamge and guided by Chairman Dr. S.H.A.M. Abeyratne and the board of directors, t he company is steering towards a new path and is been taken t o new heights.
“The 75th anniversary is a very important day for everyone here at The Finance, even to our customers,” said Lekamge, who is well known in the industry as a restructuring expert having been instrumental in t he restructuring of Sri Lanka Insurance Corporation and having also served as the Senior National Coordinator for relief operations and the head of Technical Support Services Unit of the Red Cross that aided in the rehabilitation and reconstruction in the postTsunami period.
“There is a good news to be shared. After taking over the company, within one year we have been able to reduce the revenue losses by half while all the financial indicators are improving steadily. As such, we are now on the way to reach the break-even point in terms of revenue and in another one to two years we hope to make a profit, with a positive impact on our balance sheets.”
He further mentioned, “We are not just profit motivated but we also look into the needs of the public and how we can aid our nation. We have a social responsibility and we are responsible for our stakeholders, including internal and external customers and shareholders. Now that young blood has come into the company we are looking at ways to increase our revenue and reduce losses by striving to turn non-yielding assets to yielding assets. The Finance is a national asset. And here we are paying attention to how we can regain the number one position in the finance industry with our plan of ‘Regaining The Finance’ while being of service to the nation. And in this plan I have to convey my gratitude to two people. Executive Director Operations Tissa Ekanayake, who is also the longest-serving member in the senior hierarchy and who is a tower of strength when running the day-today operations and the live wire of the company. And the other person is Executive Director Finance Ramesh Abeywickrema, who oversees the finances to ensure a strict accountable financial discipline.”